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Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT REPORTING (Tables)

v3.25.0.1
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract] Ìý
Summary of Results by Segment
The following tables provide our results by segment as well as a reconciliation from consolidated Adjusted EBITDA to our consolidated Net income (loss):
Year Ended December 31, 2024
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 18,620Ìý $ 656Ìý $ (91) $ 19,185Ìý
Cost of goods sold (18,605) (606) 96Ìý (19,115)
Selling, general and administrative expenses (457) (29) —Ìý (486)
Net periodic benefit credits other than service cost component 247Ìý —Ìý —Ìý 247Ìý
Excluding depreciation, depletion and amortization 919Ìý 32Ìý —Ìý 951Ìý
Other segment items1
(2) —Ìý —Ìý (2)
Total Adjusted EBITDA $ 722Ìý $ 53Ìý $ 5Ìý $ 780Ìý
Interest expense, net $ (370)
Income tax benefit 235Ìý
Depreciation, depletion and amortization (951)
EBITDA from noncontrolling interests2
76Ìý
Weirton indefinite idle (217)
Arbitration decision (71)
Acquisition-related costs (44)
Changes in fair value of derivatives, net (41)
Loss on extinguishment of debt (27)
Amortization of inventory step-up (26)
Loss on currency exchange (20)
Loss on disposal of assets (16)
Other, net (16)
Net loss $ (708)
Capital Additions $ 812Ìý $ 5Ìý $ —Ìý $ 817Ìý
Assets $ 20,327Ìý $ 620Ìý $ —Ìý $ 20,947Ìý
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests and the Arbitration decision from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $46 million and the exclusion of depreciation, depletion, and amortization of $30 million.
Year Ended December 31, 2023
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 21,413Ìý $ 665Ìý $ (82) $ 21,996Ìý
Cost of goods sold (20,055) (627) 77 (20,605)
Selling, general and administrative expenses (549) (28) —Ìý (577)
Net periodic benefit credits other than service cost component 204 —Ìý —Ìý 204Ìý
Excluding depreciation, depletion and amortization 938 35 —Ìý 973Ìý
Other segment items1
(78) (2) —Ìý (80)
Total Adjusted EBITDA $ 1,873Ìý $ 43Ìý $ (5) $ 1,911Ìý
Interest expense, net $ (289)
Income tax expense (148)
Depreciation, depletion and amortization (973)
EBITDA from noncontrolling interests2
83
Acquisition-related costs (12)
Loss on disposal of assets (15)
Goodwill impairment (125)
Other, net 18Ìý
Net income $ 450Ìý
Capital Additions $ 782Ìý $ 3Ìý $ —Ìý $ 785Ìý
Assets $ 16,880Ìý $ 657Ìý $ —Ìý $ 17,537Ìý
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $51 million and the exclusion of depreciation, depletion, and amortization of $32 million.
Year Ended December 31, 2022
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 22,462Ìý $ 606Ìý $ (79) $ 22,989Ìý
Cost of goods sold (20,004) (557) 90Ìý (20,471)
Selling, general and administrative expenses (439) (26) —Ìý (465)
Net periodic benefit credits other than service cost component 212 —Ìý —Ìý 212Ìý
Excluding depreciation, depletion and amortization 994 40Ìý —Ìý 1,034Ìý
Other segment items1
(136) 6Ìý —Ìý (130)
Total Adjusted EBITDA $ 3,089Ìý $ 69Ìý $ 11Ìý $ 3,169Ìý
Interest expense, net $ (276)
Income tax expense (423)
Depreciation, depletion and amortization (1,034)
EBITDA from noncontrolling interests2
74
Acquisition-related costs (1)
Loss on extinguishment of debt (75)
Loss on disposal of assets (22)
Other, net (36)
Net income $ 1,376Ìý
Capital Additions $ 1,003Ìý $ 30Ìý $ —Ìý $ 1,033Ìý
Assets $ 17,918Ìý $ 837Ìý $ —Ìý $ 18,755Ìý
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $41 million and the exclusion of depreciation, depletion, and amortization of $33 million.
Summary of Amounts Relating to Geographic Location
Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:
Year Ended December 31,
(In millions) 2024 2023 2022
Revenues:
United States $ 17,340Ìý $ 20,000Ìý $ 20,991Ìý
Canada 1,067Ìý 1,046Ìý 963Ìý
Other countries 778Ìý 950Ìý 1,035Ìý
Total revenues $ 19,185Ìý $ 21,996Ìý $ 22,989Ìý
Property, plant and equipment, net:
United States $ 8,622Ìý $ 8,816Ìý $ 8,981Ìý
Canada 1,319Ìý 78Ìý 88Ìý
Other countries 1Ìý 1Ìý 1Ìý
Total property, plant and equipment, net $ 9,942Ìý $ 8,895Ìý $ 9,070Ìý