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Our results by segment are as follows:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Revenues: |
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| Steelmaking |
$ |
4,419Ìý
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$ |
5,443Ìý |
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$ |
14,361Ìý
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$ |
16,377Ìý |
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| Other Businesses |
150Ìý
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|
162Ìý |
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|
499Ìý
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|
507Ìý |
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| Total revenues |
$ |
4,569Ìý
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$ |
5,605Ìý |
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$ |
14,860Ìý
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$ |
16,884Ìý |
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| Adjusted EBITDA: |
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| Steelmaking |
$ |
113Ìý
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$ |
603Ìý |
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$ |
814Ìý
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$ |
1,608Ìý |
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| Other Businesses |
8Ìý
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|
9Ìý |
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|
43Ìý
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|
32Ìý |
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| Eliminations |
3Ìý
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2Ìý |
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4Ìý
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(8) |
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| Total Adjusted EBITDA |
$ |
124Ìý
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$ |
614Ìý |
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$ |
861Ìý
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$ |
1,632Ìý |
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income (loss) |
$ |
(230) |
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|
$ |
275Ìý |
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$ |
(274) |
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$ |
589Ìý |
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| Less: |
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| Interest expense, net |
(102) |
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(70) |
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(235) |
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(226) |
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| Income tax benefit (expense) |
76Ìý
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(29) |
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|
99Ìý
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(118) |
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| Depreciation, depletion and amortization |
(235) |
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(249) |
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|
(693) |
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|
(738) |
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| Total EBITDA |
31Ìý
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623Ìý |
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|
555Ìý
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1,671Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
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20Ìý
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|
20Ìý |
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56Ìý
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|
60Ìý |
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Weirton indefinite idle2
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(2) |
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—Ìý |
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(219) |
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—Ìý |
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| Loss on extinguishment of debt |
—Ìý
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—Ìý |
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(27) |
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—Ìý |
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| Acquisition-related costs |
(14) |
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(3) |
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(14) |
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(5) |
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| Changes in fair value of foreign currency contracts, net |
(7) |
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|
—Ìý |
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|
(7) |
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|
—Ìý |
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| Arbitration decision |
(71) |
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|
—Ìý |
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|
(71) |
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|
—Ìý |
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| Other, net |
(19) |
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|
(8) |
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|
(24) |
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|
(16) |
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| Total Adjusted EBITDA |
$ |
124Ìý
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$ |
614Ìý |
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$ |
861Ìý
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$ |
1,632Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
12Ìý
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$ |
11Ìý |
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$ |
33Ìý
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$ |
35Ìý |
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| Depreciation, depletion and amortization |
8Ìý
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|
9Ìý |
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23Ìý
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|
25Ìý |
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| EBITDA of noncontrolling interests |
$ |
20Ìý
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$ |
20Ìý |
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$ |
56Ìý
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$ |
60Ìý |
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2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
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The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Depreciation, depletion and amortization: |
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| Steelmaking |
$ |
(228) |
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$ |
(241) |
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$ |
(669) |
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$ |
(711) |
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| Other Businesses |
(7) |
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|
(8) |
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|
(24) |
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|
(27) |
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| Total depreciation, depletion and amortization |
$ |
(235) |
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$ |
(249) |
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$ |
(693) |
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$ |
(738) |
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Capital additions1:
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| Steelmaking |
$ |
211Ìý
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$ |
217Ìý |
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$ |
554Ìý
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$ |
503Ìý |
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| Other Businesses |
—Ìý
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—Ìý |
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3Ìý
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|
3Ìý |
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| Corporate |
—Ìý
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|
1Ìý |
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—Ìý
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|
2Ìý |
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| Total capital additions |
$ |
211Ìý
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$ |
218Ìý |
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$ |
557Ìý
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$ |
508Ìý |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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