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REVENUES | 9 Months Ended
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Sep. 30, 2021
Revenue from Contract with Customer [Abstract] |
REVENUES | NOTE 4 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. Included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement is derivative revenue of $9 million and $14 million for the three and nine months ended September 30, 2020, respectively. The following table represents our Revenues by market:
| (In Millions)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Steelmaking: |  |  |  |  |  |  |
Automotive | $ | 1,149 |  |  | $ | 790 |  |  | $ | 3,577 |  |  | $ | 1,201 |
Infrastructure and manufacturing | 1,603 |  |  | 190 |  |  | 3,889 |  |  | 420 |
Distributors and converters | 2,447 |  |  | 135 |  |  | 5,672 |  |  | 326 |
Steel producers | 670 |  |  | 391 |  |  | 1,572 |  | 919 |
Total Steelmaking | 5,869 |  |  | 1,506 |  |  | 14,710 |  |  | 2,866 |
Other Businesses: |  |  |  |  |  |  |
Automotive | 105 |  |  | 123 |  |  | 306 |  |  | 188 |
Infrastructure and manufacturing | 12 |  |  | 9 |  |  | 33 |  |  | 26 |
Distributors and converters | 18 |  |  | 8 |  |  | 49 |  |  | 18 |
Total Other Businesses | 135 |  |  | 140 |  |  | 388 |  |  | 232 |
Total revenues | $ | 6,004 |  |  | $ | 1,646 |  |  | $ | 15,098 |  |  | $ | 3,098 |
The following tables represent our Revenues by product line:
| (Dollars in Millions, Sales Volumes in Thousands)
| Three Months Ended September 30,
| 2021 |  | 2020
| Revenue |  | Volume 1 |  | Revenue |  | Volume 1
Steelmaking: |  |  |  |  |  |  |
Hot-rolled steel | $ | 1,800 |  |  | 1,332 |  |  | $ | 89 |  |  | 134 |
Cold-rolled steel | 935 |  |  | 728 |  |  | 126 |  |  | 179 |
Coated steel | 1,635 |  |  | 1,291 |  |  | 604 |  |  | 656 |
Stainless and electrical steel | 441 |  |  | 177 |  |  | 296 |  |  | 146 |
Plate steel | 357 |  |  | 244 |  |  | — |  |  | — |
Other steel products | 374 |  |  | 381 |  |  | — |  |  | — |
Iron products | 252 |  |  | 1,426 |  |  | 384 |  |  | 3,703 |
Other | 75 |  |  | N/A |  | 7 |  |  | N/A
Total Steelmaking | 5,869 |  |  |  |  | 1,506 |  |  |
Other Businesses: |  |  |  |  |  |  |
Other | 135 |  |  | N/A |  | 140 |  |  | N/A
Total revenues | $ | 6,004 |  |  |  |  | $ | 1,646 |  |  |
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.
| (Dollars in Millions, Sales Volumes in Thousands)
| Nine Months Ended September 30,
| 2021 |  | 2020
| Revenue |  | Volume 1 |  | Revenue |  | Volume 1
Steelmaking: |  |  |  |  |  |  |
Hot-rolled steel | $ | 4,204 |  |  | 3,900 |  |  | $ | 150 |  |  | 228 |
Cold-rolled steel | 2,352 |  |  | 2,196 |  |  | 242 |  |  | 342 |
Coated steel | 4,338 |  |  | 3,907 |  |  | 995 |  |  | 1,088 |
Stainless and electrical steel | 1,201 |  |  | 512 |  |  | 560 |  |  | 268 |
Plate steel | 929 |  |  | 792 |  |  | — |  |  | — |
Other steel products | 1,009 |  |  | 1,195 |  |  | — |  |  | — |
Iron products | 477 |  |  | 2,875 |  |  | 903 |  |  | 8,772 |
Other | 200 |  |  | N/A |  | 16 |  |  | N/A
Total steelmaking | 14,710 |  |  |  |  | 2,866 |  |  |
Other Businesses: |  |  |  |  |  |  |
Other | 388 |  |  | N/A |  | 232 |  |  | N/A
Total revenues | $ | 15,098 |  |  |  |  | $ | 3,098 |  |  |
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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