Annual report [Section 13 and 15(d), not S-K Item 405]

SEGMENT REPORTING (Tables)

v3.25.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 18,063  $ 657  $ (110) $ 18,610 
Cost of goods sold (18,972) (608) 110  (19,470)
Selling, general and administrative expenses (515) (28) —  (543)
Net periodic benefit credits other than service cost component 223  —  —  223 
Excluding depreciation, depletion and amortization 1,204  31  —  1,235 
Other segment items1
(19) 1  —  (18)
Total Adjusted EBITDA $ (16) $ 53  $ —  $ 37 
Interest expense, net $ (594)
Income tax benefit 581 
Depreciation, depletion and amortization (1,235)
EBITDA from noncontrolling interests2
76 
Idled facilities charges (239)
Changes in fair value of derivatives, net (45)
Currency exchange 37 
Severance (25)
Loss on extinguishment of debt (10)
Gain on sale of business 9 
Loss on disposal of assets (7)
Amortization of inventory step-up 6 
Acquisition-related costs (1)
Other, net (18)
Net loss $ (1,428)
Capital additions $ 670  $ 10  $ —  $ 680 
Assets $ 19,416  $ 596  $ —  $ 20,012 
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.
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $50 million and the exclusion of depreciation, depletion, and amortization of $26 million.
Year Ended December 31, 2024
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 18,620  $ 656  $ (91) $ 19,185 
Cost of goods sold (18,612) (606) 96 (19,122)
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 $ 715  $ 53  $ 5  $ 773 
Interest expense, net $ (370)
Income tax benefit 236 
Depreciation, depletion and amortization (951)
EBITDA from noncontrolling interests2
76
Idled facilities charges (217)
Changes in fair value of derivatives, net
 (41)
Currency exchange (20)
Severance (16)
Loss on extinguishment of debt
 (27)
Loss on disposal of assets (16)
Amortization of inventory step-up
 (26)
Acquisition-related costs (44)
Arbitration decision
 (71)
Net loss $ (714)
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.
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 (20,073) (627) 77  (20,623)
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 $ 1,855  $ 43  $ (5) $ 1,893 
Interest expense, net $ (289)
Income tax expense (144)
Depreciation, depletion and amortization (973)
EBITDA from noncontrolling interests2
83
Severance (11)
Gain on sale of business 28 
Loss on disposal of assets (15)
Acquisition-related costs (12)
Goodwill impairment
 (125)
Other, net 1 
Net income $ 436 
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.
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.
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) 2025 2024 2023
Revenues:
United States $ 15,887  $ 17,340  $ 20,000 
Canada 2,071  1,067  1,046 
Other countries 652  778  950 
Total revenues $ 18,610  $ 19,185  $ 21,996 
Property, plant and equipment, net:
United States $ 8,173  $ 8,622  $ 8,816 
Canada 1,307  1,319  78 
Other countries 1  1  1 
Total property, plant and equipment, net $ 9,481  $ 9,942  $ 8,895