Quarterly report [Sections 13 or 15(d)]

SEGMENT REPORTING

v3.26.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 4 - 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 CEO, 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 March 31, 2026
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 4,797  $ 167  $ (42) $ 4,922 
Cost of goods sold (4,892) (154) 42  (5,004)
Selling, general and administrative expenses (117) (8) —  (125)
Net periodic benefit credits other than service cost component 64  —  —  64 
Excluding depreciation, depletion and amortization 251  8  —  259 
Other segment items1
(23) 2  —  (21)
Total Adjusted EBITDA $ 80  $ 15  $ —  $ 95 
Interest expense, net (148)
Income tax benefit 81 
Depreciation, depletion and amortization (259)
EBITDA from noncontrolling interests2
15 
Idled facilities credits 10 
Currency exchange (14)
Changes in fair value of derivatives, net (10)
Gain on disposal of assets, net 7 
Other, net (6)
Net loss $ (229)
Capital Additions $ 124  $ 2  $ —  $ 126 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and certain idled facilities credits, which is offset by the inclusion of certain items within Miscellaneous – net.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $8 million and the exclusion of depreciation, depletion, and amortization of $7 million.
Three Months Ended March 31, 2025
(In millions) Steelmaking Other Businesses Eliminations Total
Revenues $ 4,495  $ 162  $ (28) $ 4,629 
Cost of goods sold (4,900) (153) 28  (5,025)
Selling, general and administrative expenses (126) (7) —  (133)
Net periodic benefit credits other than service cost component 57  —  —  57 
Excluding depreciation, depletion and amortization 274  8  —  282 
Other segment items1
11  —  —  11 
Total Adjusted EBITDA $ (189) $ 10  $ —  $ (179)
Interest expense, net (140)
Income tax benefit 149 
Depreciation, depletion and amortization (282)
EBITDA from noncontrolling interests2
  18 
Idled facilities charges (44)
Currency exchange (2)
Changes in fair value of derivatives, net (9)
Loss on disposal of assets, net (2)
Amortization of inventory step-up
 7 
Other, net (2)
Net loss $ (486)
Capital Additions $ 123  $ 6  $ —  $ 129 
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and idled facilities charges from Adjusted EBITDA and the inclusion of items within Miscellaneous – net.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $12 million and the exclusion of depreciation, depletion, and amortization of $6 million.
The following summarizes our assets by segment:
(In millions) March 31,
2026		 December 31,
2025
Assets:
Steelmaking $ 19,512  $ 19,416 
Other Businesses 603  596 
Total segment assets $ 20,115  $ 20,012