|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Revenues: |
|
|
|
| Steelmaking |
$ |
5,126Ìý
|
|
|
$ |
5,794Ìý |
|
| Other Businesses |
169Ìý
|
|
|
161Ìý |
|
| Total revenues |
$ |
5,295Ìý
|
|
|
$ |
5,955Ìý |
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
| Steelmaking |
$ |
240Ìý
|
|
|
$ |
1,424Ìý |
|
| Other Businesses |
8Ìý
|
|
|
29Ìý |
|
| Eliminations |
(5) |
|
|
(1) |
|
| Total Adjusted EBITDA |
$ |
243Ìý
|
|
|
$ |
1,452Ìý |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Net income (loss) |
$ |
(42) |
|
|
$ |
814Ìý |
|
| Less: |
|
|
|
| Interest expense, net |
(77) |
|
|
(77) |
|
| Income tax benefit (expense) |
13Ìý
|
|
|
(237) |
|
| Depreciation, depletion and amortization |
(242) |
|
|
(301) |
|
|
264Ìý
|
|
|
1,429Ìý |
|
| Less: |
|
|
|
EBITDA of noncontrolling interests1
|
23Ìý
|
|
|
22Ìý |
|
| Loss on extinguishment of debt |
—Ìý
|
|
|
(14) |
|
| Asset impairment |
—Ìý
|
|
|
(29) |
|
|
|
|
|
| Other, net |
(2) |
|
|
(2) |
|
| Total Adjusted EBITDA |
$ |
243Ìý
|
|
|
$ |
1,452Ìý |
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
$ |
15Ìý
|
|
|
$ |
13Ìý |
|
| Depreciation, depletion and amortization |
8Ìý
|
|
|
9Ìý |
|
| EBITDA of noncontrolling interests |
$ |
23Ìý
|
|
|
$ |
22Ìý |
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Depreciation, depletion and amortization: |
|
|
|
| Steelmaking |
$ |
(231) |
|
|
$ |
(291) |
|
| Other Businesses |
(11) |
|
|
(10) |
|
| Total depreciation, depletion and amortization |
$ |
(242) |
|
|
$ |
(301) |
|
|
|
|
|
Capital additions1:
|
|
|
|
| Steelmaking |
$ |
127Ìý
|
|
|
$ |
175Ìý |
|
| Other Businesses |
1Ìý
|
|
|
6Ìý |
|
|
|
|
|
| Total capital additions |
$ |
128Ìý
|
|
|
$ |
181Ìý |
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|