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]  
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 $ 18,620  $ 656  $ (91) $ 19,185 
Cost of goods sold (18,605) (606) 96  (19,115)
Selling, general and administrative expenses (457) (29) —  (486)
Net periodic benefit credits other than service cost component 247  —  —  247 
Excluding depreciation, depletion and amortization 919  32  —  951 
Other segment items1
(2) —  —  (2)
Total Adjusted EBITDA $ 722  $ 53  $ 5  $ 780 
Interest expense, net $ (370)
Income tax benefit 235 
Depreciation, depletion and amortization (951)
EBITDA from noncontrolling interests2
76 
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 $ 812  $ 5  $ —  $ 817 
Assets $ 20,327  $ 620  $ —  $ 20,947 
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 $ 21,413  $ 665  $ (82) $ 21,996 
Cost of goods sold (20,055) (627) 77 (20,605)
Selling, general and administrative expenses (549) (28) —  (577)
Net periodic benefit credits other than service cost component 204 —  —  204 
Excluding depreciation, depletion and amortization 938 35 —  973 
Other segment items1
(78) (2) —  (80)
Total Adjusted EBITDA $ 1,873  $ 43  $ (5) $ 1,911 
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 18 
Net income $ 450 
Capital Additions $ 782  $ 3  $ —  $ 785 
Assets $ 16,880  $ 657  $ —  $ 17,537 
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 $ 22,462  $ 606  $ (79) $ 22,989 
Cost of goods sold (20,004) (557) 90  (20,471)
Selling, general and administrative expenses (439) (26) —  (465)
Net periodic benefit credits other than service cost component 212 —  —  212 
Excluding depreciation, depletion and amortization 994 40  —  1,034 
Other segment items1
(136) 6  —  (130)
Total Adjusted EBITDA $ 3,089  $ 69  $ 11  $ 3,169 
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 $ 1,376 
Capital Additions $ 1,003  $ 30  $ —  $ 1,033 
Assets $ 17,918  $ 837  $ —  $ 18,755 
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 $ 17,340  $ 20,000  $ 20,991 
Canada 1,067  1,046  963 
Other countries 778  950  1,035 
Total revenues $ 19,185  $ 21,996  $ 22,989 
Property, plant and equipment, net:
United States $ 8,622  $ 8,816  $ 8,981 
Canada 1,319  78  88 
Other countries 1  1  1 
Total property, plant and equipment, net $ 9,942  $ 8,895  $ 9,070