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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | NOTE 5 - SEGMENT REPORTING We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products - Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment - Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer with focus on value-added sheet products, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. Corporate assets and capital additions are primarily related to and support the operations of the Steelmaking segment and therefore have been incorporated within the Steelmaking segment total assets and capital additions below. We allocate Corporate Selling, general and administrative expenses to our operating segments. Our CODM, Lourenco Goncalves, Chairman, President and CEO, evaluates performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by our CODM, management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, our CODM believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business. The following tables provide our results by segment as well as a reconciliation from consolidated Adjusted EBITDA to our consolidated Net income (loss):
| Year Ended December 31, 2024
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 18,620 |  |  | $ | 656 |  |  | $ | (91) |  |  | $ | 19,185 |
Cost of goods sold | (18,605) |  |  | (606) |  |  | 96 |  |  | (19,115) |
Selling, general and administrative expenses | (457) |  |  | (29) |  |  | — |  |  | (486) |
Net periodic benefit credits other than service cost component | 247 |  |  | — |  |  | — |  |  | 247 |
Excluding depreciation, depletion and amortization | 919 |  |  | 32 |  |  | — |  |  | 951 |
Other segment items 1 | (2) |  |  | — |  |  | — |  |  | (2) |
Total Adjusted EBITDA | $ | 722 |  |  | $ | 53 |  |  | $ | 5 |  |  | $ | 780 |
Interest expense, net |  |  |  |  |  |  | $ | (370) |
Income tax benefit |  |  |  |  |  |  | 235 |
Depreciation, depletion and amortization |  |  |  |  |  |  | (951) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 76 |
Weirton indefinite idle |  |  |  |  |  |  | (217) |
Arbitration decision |  |  |  |  |  |  | (71) |
Acquisition-related costs |  |  |  |  |  |  | (44) |
Changes in fair value of derivatives, net |  |  |  |  |  |  | (41) |
Loss on extinguishment of debt |  |  |  |  |  |  | (27) |
Amortization of inventory step-up |  |  |  |  |  |  | (26) |
Loss on currency exchange |  |  |  |  |  |  | (20) |
Loss on disposal of assets |  |  |  |  |  |  | (16) |
Other, net |  |  |  |  |  |  | (16) |
Net loss |  |  |  |  |  |  | $ | (708) |
Capital Additions | $ | 812 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 817 |
Assets | $ | 20,327 |  |  | $ | 620 |  |  | $ | — |  |  | $ | 20,947 |
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests and the Arbitration decision from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $46 million and the exclusion of depreciation, depletion, and amortization of $30 million.
| Year Ended December 31, 2023
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 21,413 |  |  | $ | 665 |  |  | $ | (82) |  |  | $ | 21,996 |
Cost of goods sold | (20,055) |  |  | (627) |  |  | 77 |  | (20,605) |
Selling, general and administrative expenses | (549) |  |  | (28) |  |  | — |  |  | (577) |
Net periodic benefit credits other than service cost component | 204 |  | — |  |  | — |  |  | 204 |
Excluding depreciation, depletion and amortization | 938 |  | 35 |  | — |  |  | 973 |
Other segment items 1 | (78) |  |  | (2) |  |  | — |  |  | (80) |
Total Adjusted EBITDA | $ | 1,873 |  |  | $ | 43 |  |  | $ | (5) |  |  | $ | 1,911 |
Interest expense, net |  |  |  |  |  |  | $ | (289) |
Income tax expense |  |  |  |  |  |  | (148) |
Depreciation, depletion and amortization |  |  |  |  |  |  | (973) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 83
Acquisition-related costs |  |  |  |  |  |  | (12) |
Loss on disposal of assets |  |  |  |  |  |  | (15) |
Goodwill impairment |  |  |  |  |  |  | (125) |
Other, net |  |  |  |  |  |  | 18 |
Net income |  |  |  |  |  |  | $ | 450 |
Capital Additions | $ | 782 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 785 |
Assets | $ | 16,880 |  |  | $ | 657 |  |  | $ | — |  |  | $ | 17,537 |
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $51 million and the exclusion of depreciation, depletion, and amortization of $32 million.
| Year Ended December 31, 2022
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 22,462 |  |  | $ | 606 |  |  | $ | (79) |  |  | $ | 22,989 |
Cost of goods sold | (20,004) |  |  | (557) |  |  | 90 |  |  | (20,471) |
Selling, general and administrative expenses | (439) |  |  | (26) |  |  | — |  |  | (465) |
Net periodic benefit credits other than service cost component | 212 |  | — |  |  | — |  |  | 212 |
Excluding depreciation, depletion and amortization | 994 |  | 40 |  |  | — |  |  | 1,034 |
Other segment items 1 | (136) |  |  | 6 |  |  | — |  |  | (130) |
Total Adjusted EBITDA | $ | 3,089 |  |  | $ | 69 |  |  | $ | 11 |  |  | $ | 3,169 |
Interest expense, net |  |  |  |  |  |  | $ | (276) |
Income tax expense |  |  |  |  |  |  | (423) |
Depreciation, depletion and amortization |  |  |  |  |  |  | (1,034) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 74
Acquisition-related costs |  |  |  |  |  |  | (1) |
Loss on extinguishment of debt |  |  |  |  |  |  | (75) |
Loss on disposal of assets |  |  |  |  |  |  | (22) |
Other, net |  |  |  |  |  |  | (36) |
Net income |  |  |  |  |  |  | $ | 1,376 |
Capital Additions | $ | 1,003 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 1,033 |
Assets | $ | 17,918 |  |  | $ | 837 |  |  | $ | — |  |  | $ | 18,755 |
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $41 million and the exclusion of depreciation, depletion, and amortization of $33 million.
Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Revenues: |  |  |  |  |
United States | $ | 17,340 |  |  | $ | 20,000 |  |  | $ | 20,991 |
Canada | 1,067 |  |  | 1,046 |  |  | 963 |
Other countries | 778 |  |  | 950 |  |  | 1,035 |
Total revenues | $ | 19,185 |  |  | $ | 21,996 |  |  | $ | 22,989 |
Property, plant and equipment, net: |  |  |  |  |
United States | $ | 8,622 |  |  | $ | 8,816 |  |  | $ | 8,981 |
Canada | 1,319 |  |  | 78 |  |  | 88 |
Other countries | 1 |  |  | 1 |  |  | 1 |
Total property, plant and equipment, net | $ | 9,942 |  |  | $ | 8,895 |  |  | $ | 9,070 |

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