Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

v3.25.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 5 - SEGMENT REPORTING
We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. We are organized into four operating segments based on our differentiated products – Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment – Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer with focus on value-added sheet products, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. Corporate assets and capital additions are primarily related to and support the operations of the Steelmaking segment and therefore have been incorporated within the Steelmaking segment total assets and capital additions below. We allocate Corporate Selling, general and administrative expenses to our operating segments.
Our CODM, Lourenco Goncalves, Chairman, President and Chief Executive Officer, evaluates performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by our CODM, management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, our CODM believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business.
The following tables provide our results by segment as well as a reconciliation from consolidated Adjusted EBITDA to our consolidated Net loss:
Three Months Ended September 30, 2025
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 4,585  $ 173  $ (24) $ 4,734 
Cost of goods sold (4,643) (163) 26  (4,780)
Selling, general and administrative expenses (123) (7) —  (130)
Net periodic benefit credits other than service cost component 57  —  —  57 
Excluding depreciation, depletion and amortization 279  9  —  288 
Other segment items1
(26) —  —  (26)
Total Adjusted EBITDA $ 129  $ 12  $ 2  $ 143 
Interest expense, net (153)
Income tax benefit 78 
Depreciation, depletion and amortization (288)
EBITDA from noncontrolling interests2
23 
Idled facilities charges 3 
Changes in fair value of derivatives, net (10)
Currency exchange (20)
Severance (5)
Other, net (5)
Net loss $ (234)
Capital Additions $ 205  $ 2  $ —  $ 207 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $17 million and the exclusion of depreciation, depletion, and amortization of $6 million.
Three Months Ended September 30, 2024
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 4,439  $ 150  $ (20) $ 4,569 
Cost of goods sold (4,558) (140) 23  (4,675)
Selling, general and administrative expenses (105) (7) —  (112)
Net periodic benefit credits other than service cost component 62  —  —  62 
Excluding depreciation, depletion and amortization 228  7  —  235 
Other segment items1
45  (2) —  43 
Total Adjusted EBITDA $ 111  $ 8  $ 3  $ 122 
Interest expense, net (102)
Income tax benefit 76 
Depreciation, depletion and amortization (235)
EBITDA from noncontrolling interests2
  20 
Idled facilities charges (2)
Acquisition-related costs (14)
Changes in fair value of derivatives, net (7)
Arbitration decision (71)
Severance (10)
Other, net (9)
Net loss $ (232)
Capital Additions $ 211  $ —  $ —  $ 211 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and the Arbitration decision from Adjusted EBITDA and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $12 million and the exclusion of depreciation, depletion, and amortization of $8 million.
Nine Months Ended September 30, 2025
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 13,888  $ 498  $ (89) $ 14,297 
Cost of goods sold (14,577) (463) 89  (14,951)
Selling, general and administrative expenses (378) (21) —  (399)
Net periodic benefit credits other than service cost component 157  —  —  157 
Excluding depreciation, depletion and amortization 939  24  —  963 
Other segment items1
(9) —  —  (9)
Total Adjusted EBITDA $ 20  $ 38  $ —  $ 58 
Interest expense, net (442)
Income tax benefit 375 
Depreciation, depletion and amortization (963)
EBITDA from noncontrolling interests2
61 
Idled facilities charges (245)
Acquisition-related costs (1)
Changes in fair value of derivatives, net (34)
Currency exchange 26 
Severance (25)
Other, net (3)
Net loss $ (1,193)
Capital Additions $ 478  $ 10  $ —  $ 488 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $42 million and the exclusion of depreciation, depletion, and amortization of $19 million.
Nine Months Ended September 30, 2024
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 14,429  $ 499  $ (68) $ 14,860 
Cost of goods sold (14,139) (457) 72  (14,524)
Selling, general and administrative expenses (326) (21) —  (347)
Net periodic benefit credits other than service cost component 184  —  —  184 
Excluding depreciation, depletion and amortization 669  24  —  693 
Other segment items1
(10) (2) —  (12)
Total Adjusted EBITDA $ 807  $ 43  $ 4  $ 854 
Interest expense, net (235)
Income tax benefit 100 
Depreciation, depletion and amortization (693)
EBITDA from noncontrolling interests2
  56 
Idled facilities charges (219)
Acquisition-related costs (14)
Changes in fair value of derivatives, net (7)
Loss on extinguishment of debt (27)
Arbitration decision (71)
Severance (13)
Other, net (11)
Net loss $ (280)
Capital Additions $ 554  $ 3  $ —  $ 557 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and the Arbitration decision from Adjusted EBITDA and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $33 million and the exclusion of depreciation, depletion, and amortization of $23 million.
The following summarizes our assets by segment:
(In millions) September 30,
2025		 December 31,
2024
Assets:
Steelmaking $ 19,663  $ 20,327 
Other Businesses 627  620 
Total segment assets $ 20,290  $ 20,947