|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
|
|
|
|
2024 |
|
2023 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
5,027
|
|
|
$ |
5,126 |
|
| Other Businesses |
|
|
|
|
172
|
|
|
169 |
|
| Total revenues |
|
|
|
|
$ |
5,199
|
|
|
$ |
5,295 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
395
|
|
|
$ |
240 |
|
| Other Businesses |
|
|
|
|
17
|
|
|
8 |
|
| Eliminations |
|
|
|
|
2
|
|
|
(5) |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
414
|
|
|
$ |
243 |
|
The following table provides a reconciliation of our consolidated Net loss to total Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
|
|
|
|
2024 |
|
2023 |
| Net loss |
|
|
|
|
$ |
(53) |
|
|
$ |
(42) |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
|
|
|
|
(64) |
|
|
(77) |
|
| Income tax benefit |
|
|
|
|
8
|
|
|
13 |
|
| Depreciation, depletion and amortization |
|
|
|
|
(230) |
|
|
(242) |
|
|
|
|
|
|
233
|
|
|
264 |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
|
|
|
|
21
|
|
|
23 |
|
Weirton indefinite idle2
|
|
|
|
|
(177) |
|
|
— |
|
| Loss on extinguishment of debt |
|
|
|
|
(21) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other, net |
|
|
|
|
(4) |
|
|
(2) |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
414
|
|
|
$ |
243 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
|
|
|
|
$ |
14
|
|
|
$ |
15 |
|
| Depreciation, depletion and amortization |
|
|
|
|
7
|
|
|
8 |
|
| EBITDA of noncontrolling interests |
|
|
|
|
$ |
21
|
|
|
$ |
23 |
|
|
|
|
|
|
|
|
|
2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
|
|
|
|
2024 |
|
2023 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
(222) |
|
|
$ |
(231) |
|
| Other Businesses |
|
|
|
|
(8) |
|
|
(11) |
|
| Total depreciation, depletion and amortization |
|
|
|
|
$ |
(230) |
|
|
$ |
(242) |
|
|
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
156
|
|
|
$ |
127 |
|
| Other Businesses |
|
|
|
|
1
|
|
|
1 |
|
|
|
|
|
|
|
|
|
| Total capital additions |
|
|
|
|
$ |
157
|
|
|
$ |
128 |
|
|
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|