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

DERIVATIVE INSTRUMENTS AND HEDGING (Tables)

v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING (Tables)
12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amount of Outstanding Hedge Contracts
The following table presents the notional amount of our outstanding commodity purchase swaps:
Notional Amount
December 31,
Hedge Contract Type Classification Unit of Measure Hedged Periods 2025 2024
Natural Gas Commodity purchase swaps MMBtu January 2026 - December 2028 139,300,000 143,250,000
Electricity Commodity purchase swaps Megawatt hours January 2026 - June 2028 1,974,380 3,224,227
HRC Sales swaps Net tons January 2026 - December 2026 220,220
Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value
The following table presents the fair value of our cash flow hedges and the classification on the Statements of Consolidated Financial Position:
December 31,
Balance Sheet Location (In millions) 2025 2024
Other current assets $ 7  $
Other non-current assets 10 
Other current liabilities (24) (41)
Other non-current liabilities (2) (6)