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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies |
Commitments and Contingencies | Note 9. Commitments and Contingencies The company has entered into certain commitments with suppliers which are of a customary nature. Commitments have been entered into relating to future expected requirements for commodities such as electricity, water, natural gas and its transportation services, fuel, air products, zinc, and electrodes. Certain commitments contain provisions which require that the company “take or pay” for specified quantities at fixed prices without regard to actual usage for periods of generally up to 5 years for physical commodity requirements and commodity transportation requirements, with some extending beyond, and for up to 15 years for air products and 29 years for water products. The company utilized such “take or pay” requirements during the past three years under these contracts, except for certain air products at the idled Minnesota ironmaking operations. The company believes that production requirements will be such that consumption of the products or services purchased under these commitments will occur in the normal production process, other than certain air products related to our idled Minnesota ironmaking operations. The company’s commitments for these agreements with “take or pay” or other similar commitment provisions for the years ending December 31 are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​
​ | 2023 | ​ | $ | 363,988 | ​
​ | 2024 | ​ | ​ | 85,574 | ​
​ | 2025 | ​ | ​ | 44,934 | ​
​ | 2026 | ​ | ​ | 25,470 | ​
​ | 2027 | ​ | ​ | 25,117 | ​
​ | Thereafter | ​ | ​ | 181,811 | ​
​ | ​ | ​ | $ | 726,894 | ​
​ At December 31, 2022, the company has outstanding commitments of $1.4 billion, of which $1.3 billion are expected to be paid in 2023 and an expected $100 million in 2024, related to ongoing construction of property, plant, and equipment, most significantly our newly announced aluminum flat roll mill, and other steel operations expansion projects. The company’s commitments for operating leases are discussed in Note 12. Leases. The company is involved in various litigation matters, including administrative proceedings, regulatory proceedings, governmental investigations, environmental matters, and commercial and construction contract disputes, none of which are expected to have a material impact on the company’s financial condition, results of operations, or liquidity.

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