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Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.2
REVENUES
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract] Ìý
REVENUES
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues.
Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. Included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement is derivative revenue of $31 million and $6Ìýmillion for the three and six months ended JuneÌý30, 2020, respectively.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Steelmaking:
Automotive $ 1,130Ìý $ 309Ìý $ 2,428Ìý $ 411Ìý
Infrastructure and manufacturing 1,312Ìý 191Ìý 2,286Ìý 230Ìý
Distributors and converters 1,948Ìý 139Ìý 3,225Ìý 191Ìý
Steel producers
 532Ìý 384Ìý 902 528Ìý
Total Steelmaking 4,922Ìý 1,023Ìý 8,841Ìý 1,360Ìý
Other Businesses:
Automotive 96Ìý 49Ìý 201Ìý 65Ìý
Infrastructure and manufacturing 11Ìý 13Ìý 21Ìý 17Ìý
Distributors and converters 16Ìý 8Ìý 31Ìý 10Ìý
Total Other Businesses 123Ìý 70Ìý 253Ìý 92Ìý
Total revenues $ 5,045Ìý $ 1,093Ìý $ 9,094Ìý $ 1,452Ìý
The following tables represent our Revenues by product line:
(Dollars in Millions, Sales Volumes in Thousands)
Three Months Ended June 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 1,485Ìý 1,386Ìý $ 42Ìý 63Ìý
Cold-rolled steel 773Ìý 720Ìý 88Ìý 123Ìý
Coated steel 1,379Ìý 1,247Ìý 301Ìý 333Ìý
Stainless and electrical steel 397Ìý 168Ìý 208Ìý 95Ìý
Plate steel 321Ìý 273Ìý —Ìý —Ìý
Other steel products 345Ìý 411Ìý —Ìý —Ìý
Iron products 155Ìý 849Ìý 377Ìý 3,718Ìý
Other 67Ìý N/A 7Ìý N/A
Total Steelmaking 4,922Ìý 1,023Ìý
Other Businesses:
Other 123Ìý N/A 70Ìý N/A
Total revenues $ 5,045Ìý $ 1,093Ìý
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.
(Dollars in Millions, Sales Volumes in Thousands)
Six Months Ended June 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 2,404Ìý 2,568Ìý $ 61Ìý 94Ìý
Cold-rolled steel 1,417Ìý 1,468Ìý 116Ìý 163Ìý
Coated steel 2,703Ìý 2,616Ìý 391Ìý 432Ìý
Stainless and electrical steel 760Ìý 335Ìý 264Ìý 122Ìý
Plate steel 572Ìý 548Ìý —Ìý —Ìý
Other steel products 635Ìý 814Ìý —Ìý —Ìý
Iron products 225Ìý 1,449Ìý 519Ìý 5,069Ìý
Other 125Ìý N/A 9Ìý N/A
Total steelmaking 8,841Ìý 1,360Ìý
Other Businesses:
Other 253Ìý N/A 92Ìý N/A
Total revenues $ 9,094Ìý $ 1,452Ìý
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.