|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2021 |
|
2020 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
3,919
|
|
|
$ |
337 |
|
| Other Businesses |
|
|
|
|
130
|
|
|
22 |
|
| Total revenues |
|
|
|
|
$ |
4,049
|
|
|
$ |
359 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
537
|
|
|
$ |
44 |
|
| Other Businesses |
|
|
|
|
11
|
|
|
2 |
|
| Corporate and eliminations |
|
|
|
|
(35) |
|
|
(23) |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
513
|
|
|
$ |
23 |
|
|
|
|
|
|
|
|
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2021 |
|
2020 |
| Net income (loss) |
|
|
|
|
$ |
57
|
|
|
$ |
(49) |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
|
|
|
|
(92) |
|
|
(31) |
|
| Income tax benefit (expense) |
|
|
|
|
(9) |
|
|
51 |
|
| Depreciation, depletion and amortization |
|
|
|
|
(217) |
|
|
(35) |
|
|
|
|
|
|
375
|
|
|
(34) |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
|
|
|
|
22
|
|
|
4 |
|
| Gain (loss) on extinguishment of debt |
|
|
|
|
(66) |
|
|
3 |
|
| Severance costs |
|
|
|
|
(11) |
|
|
(19) |
|
| Acquisition-related costs excluding severance costs |
|
|
|
|
(2) |
|
|
(23) |
|
| Amortization of inventory step-up |
|
|
|
|
(81) |
|
|
(23) |
|
| Impact of discontinued operations |
|
|
|
|
—
|
|
|
1 |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
513
|
|
|
$ |
23 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes $16 million and $3 million for income and $6 million and $1 million for depreciation, depletion and amortization for the three months ended March 31, 2021 and 2020, respectively.
|
The following table summarizes our capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2021 |
|
2020 |
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
133
|
|
|
$ |
154 |
|
| Other Businesses |
|
|
|
|
11
|
|
|
3 |
|
| Corporate |
|
|
|
|
18
|
|
|
1 |
|
| Total capital additions |
|
|
|
|
$ |
162
|
|
|
$ |
158 |
|
|
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|