|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Sales Tons) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Sales volume (in thousands): |
|
|
|
|
|
|
|
Steel and Manufacturing (net tons) |
619 |
|
|
— |
|
|
818 |
|
|
— |
|
|
|
|
|
|
|
|
|
Mining and Pelletizing sales (long tons) |
4,759 |
|
|
6,227 |
|
|
6,893 |
|
|
7,777 |
|
Less: Intercompany sales (long tons) |
(1,041 |
) |
|
(38 |
) |
|
(1,824 |
) |
|
(38 |
) |
Mining and Pelletizing consolidated sales (long tons) |
3,718 |
|
|
6,189 |
|
|
5,069 |
|
|
7,739 |
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
Steel and Manufacturing net sales to external customers |
$ |
715.1 |
|
|
$ |
— |
|
|
$ |
932.6 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Mining and Pelletizing net sales1
|
489.0 |
|
|
747.2 |
|
|
718.4 |
|
|
904.2 |
|
Less: Intercompany sales |
(111.4 |
) |
|
(4.0 |
) |
|
(199.2 |
) |
|
(4.0 |
) |
Mining and Pelletizing net sales to external customers |
377.6 |
|
|
743.2 |
|
|
519.2 |
|
|
900.2 |
|
|
|
|
|
|
|
|
|
Total revenues |
$ |
1,092.7 |
|
|
$ |
743.2 |
|
|
$ |
1,451.8 |
|
|
$ |
900.2 |
|
|
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
|
|
Steel and Manufacturing |
$ |
(104.0 |
) |
|
$ |
(1.1 |
) |
|
$ |
(115.1 |
) |
|
$ |
(1.9 |
) |
Mining and Pelletizing |
82.4 |
|
|
280.5 |
|
|
164.2 |
|
|
328.0 |
|
Corporate and eliminations |
(60.4 |
) |
|
(31.0 |
) |
|
(108.4 |
) |
|
(56.5 |
) |
Total Adjusted EBITDA |
$ |
(82.0 |
) |
|
$ |
248.4 |
|
|
$ |
(59.3 |
) |
|
$ |
269.6 |
|
1 Includes Realization of deferred revenue of $34.6 million for the six months ended June 30, 2020.
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
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|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) |
$ |
(108.1 |
) |
|
$ |
160.8 |
|
|
$ |
(156.7 |
) |
|
$ |
138.7 |
|
Less: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
(68.6 |
) |
|
(26.3 |
) |
|
(99.7 |
) |
|
(51.4 |
) |
Income tax benefit (expense) |
24.7 |
|
|
(22.0 |
) |
|
76.1 |
|
|
(18.3 |
) |
Depreciation, depletion and amortization |
(77.1 |
) |
|
(21.0 |
) |
|
(111.5 |
) |
|
(40.9 |
) |
Total EBITDA |
$ |
12.9 |
|
|
$ |
230.1 |
|
|
$ |
(21.6 |
) |
|
$ |
249.3 |
|
Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
$ |
20.5 |
|
|
$ |
— |
|
|
$ |
25.1 |
|
|
$ |
— |
|
Gain (loss) on extinguishment of debt |
129.4 |
|
|
(17.9 |
) |
|
132.6 |
|
|
(18.2 |
) |
Severance costs |
(16.6 |
) |
|
— |
|
|
(35.9 |
) |
|
(1.7 |
) |
Acquisition-related costs excluding severance costs |
(1.8 |
) |
|
— |
|
|
(25.0 |
) |
|
— |
|
Amortization of inventory step-up |
(36.2 |
) |
|
— |
|
|
(59.4 |
) |
|
— |
|
Impact of discontinued operations |
(0.4 |
) |
|
(0.4 |
) |
|
0.3 |
|
|
(0.4 |
) |
Total Adjusted EBITDA |
$ |
(82.0 |
) |
|
$ |
248.4 |
|
|
$ |
(59.3 |
) |
|
$ |
269.6 |
|
1 EBITDA of noncontrolling interests includes $15.8 million and $19.3 million for income and $4.7 million and $5.8 million of depreciation, depletion and amortization for the three and six months ended June 30, 2020, respectively.
The following table summarizes our capital additions by segment:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Capital additions1:
|
|
|
|
|
|
|
|
Steel and Manufacturing |
$ |
55.6 |
|
|
$ |
155.1 |
|
|
$ |
178.8 |
|
|
$ |
237.5 |
|
Mining and Pelletizing |
17.4 |
|
|
35.6 |
|
|
51.6 |
|
|
82.4 |
|
Corporate and Other |
— |
|
|
0.9 |
|
|
0.3 |
|
|
1.0 |
|
Total capital additions |
$ |
73.0 |
|
|
$ |
191.6 |
|
|
$ |
230.7 |
|
|
$ |
320.9 |
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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