|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Revenues: |
|
|
|
| Steelmaking |
$ |
5,126
|
|
|
$ |
5,794 |
|
| Other Businesses |
169
|
|
|
161 |
|
| Total revenues |
$ |
5,295
|
|
|
$ |
5,955 |
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
| Steelmaking |
$ |
240
|
|
|
$ |
1,424 |
|
| Other Businesses |
8
|
|
|
29 |
|
| Eliminations |
(5) |
|
|
(1) |
|
| Total Adjusted EBITDA |
$ |
243
|
|
|
$ |
1,452 |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Net income (loss) |
$ |
(42) |
|
|
$ |
814 |
|
| Less: |
|
|
|
| Interest expense, net |
(77) |
|
|
(77) |
|
| Income tax benefit (expense) |
13
|
|
|
(237) |
|
| Depreciation, depletion and amortization |
(242) |
|
|
(301) |
|
|
264
|
|
|
1,429 |
|
| Less: |
|
|
|
EBITDA of noncontrolling interests1
|
23
|
|
|
22 |
|
| Loss on extinguishment of debt |
—
|
|
|
(14) |
|
| Asset impairment |
—
|
|
|
(29) |
|
|
|
|
|
| Other, net |
(2) |
|
|
(2) |
|
| Total Adjusted EBITDA |
$ |
243
|
|
|
$ |
1,452 |
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
$ |
15
|
|
|
$ |
13 |
|
| Depreciation, depletion and amortization |
8
|
|
|
9 |
|
| EBITDA of noncontrolling interests |
$ |
23
|
|
|
$ |
22 |
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
| (In millions) |
2023 |
|
2022 |
| Depreciation, depletion and amortization: |
|
|
|
| Steelmaking |
$ |
(231) |
|
|
$ |
(291) |
|
| Other Businesses |
(11) |
|
|
(10) |
|
| Total depreciation, depletion and amortization |
$ |
(242) |
|
|
$ |
(301) |
|
|
|
|
|
Capital additions1:
|
|
|
|
| Steelmaking |
$ |
127
|
|
|
$ |
175 |
|
| Other Businesses |
1
|
|
|
6 |
|
|
|
|
|
| Total capital additions |
$ |
128
|
|
|
$ |
181 |
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|