|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Revenues: |
|
|
|
|
|
| Steelmaking |
$ |
19,901
|
|
|
$ |
4,965 |
|
|
$ |
1,990 |
|
| Other Businesses |
543
|
|
|
389 |
|
|
— |
|
| Total revenues |
$ |
20,444
|
|
|
$ |
5,354 |
|
|
$ |
1,990 |
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
| Steelmaking |
$ |
5,422
|
|
|
$ |
433 |
|
|
$ |
636 |
|
| Other Businesses |
9
|
|
|
47 |
|
|
— |
|
| Corporate and eliminations |
(169) |
|
|
(127) |
|
|
(111) |
|
| Total Adjusted EBITDA |
$ |
5,262
|
|
|
$ |
353 |
|
|
$ |
525 |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Net income (loss) |
$ |
3,033
|
|
|
$ |
(81) |
|
|
$ |
293 |
|
| Less: |
|
|
|
|
|
| Interest expense, net |
(337) |
|
|
(238) |
|
|
(101) |
|
| Income tax benefit (expense) |
(773) |
|
|
111 |
|
|
(18) |
|
| Depreciation, depletion and amortization |
(897) |
|
|
(308) |
|
|
(85) |
|
|
5,040
|
|
|
354 |
|
|
497 |
|
| Less: |
|
|
|
|
|
EBITDA from noncontrolling interests1
|
75
|
|
|
56 |
|
|
— |
|
| Gain (loss) on extinguishment of debt |
(88) |
|
|
130 |
|
|
(18) |
|
| Severance costs |
(15) |
|
|
(38) |
|
|
(2) |
|
| Acquisition-related costs excluding severance costs |
(5) |
|
|
(52) |
|
|
(7) |
|
| Acquisition-related loss on equity method investment |
(31) |
|
|
— |
|
|
— |
|
| Amortization of inventory step-up |
(161) |
|
|
(96) |
|
|
— |
|
| Impact of discontinued operations |
3
|
|
|
1 |
|
|
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Adjusted EBITDA |
$ |
5,262
|
|
|
$ |
353 |
|
|
$ |
525 |
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
|
|
|
|
|
| Net income attributable to noncontrolling interests |
$ |
45
|
|
|
$ |
41 |
|
|
$ |
— |
|
| Depreciation, depletion and amortization |
30
|
|
|
15 |
|
|
— |
|
| EBITDA of noncontrolling interests |
$ |
75
|
|
|
$ |
56 |
|
|
$ |
— |
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
| Steelmaking |
$ |
855
|
|
|
$ |
276 |
|
|
$ |
80 |
|
| Other Businesses |
37
|
|
|
27 |
|
|
— |
|
| Corporate |
5
|
|
|
5 |
|
|
5 |
|
| Total depreciation, depletion and amortization |
$ |
897
|
|
|
$ |
308 |
|
|
$ |
85 |
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
| Steelmaking |
$ |
787
|
|
|
$ |
436 |
|
|
$ |
687 |
|
| Other Businesses |
52
|
|
|
45 |
|
|
— |
|
| Corporate |
18
|
|
|
2 |
|
|
3 |
|
| Total capital additions |
$ |
857
|
|
|
$ |
483 |
|
|
$ |
690 |
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|