Quarterly report [Sections 13 or 15(d)]

REVENUES

v3.26.1
REVENUES
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 3 - REVENUES
We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Revenue by market and product are presented net of intersegment revenues.
The following table represents our Revenues by market:
Three Months Ended
March 31,
(In millions) 2026 2025
Steelmaking
Direct automotive $ 1,368  $ 1,297 
Infrastructure and manufacturing 1,374  1,354 
Distributors and converters 1,463  1,228 
Steel producers
 552  588 
Total Steelmaking 4,757  4,467 
Other Businesses
Direct automotive 138  130 
Infrastructure and manufacturing 9  10 
Distributors and converters 18  22 
Total Other Businesses 165  162 
Total revenues $ 4,922  $ 4,629 
The following tables represent our Revenues by product line:
Three Months Ended
March 31,
(In millions) 2026 2025
Steelmaking
Hot-rolled steel $ 1,410  $ 1,166 
Cold-rolled steel 637  591 
Coated steel 1,431  1,361 
Stainless and electrical steel 465  444 
Plate steel 254  247 
Other steel products 108  247 
Other 452  411 
Total Steelmaking 4,757  4,467 
Other Businesses
Other 165  162 
Total revenues $ 4,922  $ 4,629