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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Summary of Results by Segment | 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.
Summary of Amounts Relating to Geographic Location | 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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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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