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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
SEGMENT REPORTING | NOTE 5 - SEGMENT REPORTING We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through 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 Chief Executive Officer, 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):
| Three Months Ended June 30, 2025
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 4,808 |  |  | $ | 163 |  |  | $ | (37) |  |  | $ | 4,934 |
Cost of goods sold | (5,031) |  |  | (147) |  |  | 35 |  |  | (5,143) |
Selling, general and administrative expenses | (130) |  |  | (7) |  |  | — |  |  | (137) |
Net periodic benefit credits other than service cost component | 43 |  |  | — |  |  | — |  |  | 43 |
Excluding depreciation, depletion and amortization | 386 |  |  | 7 |  |  | — |  |  | 393 |
Other segment items 1 | 7 |  |  | — |  |  | — |  |  | 7 |
Total Adjusted EBITDA | $ | 83 |  |  | $ | 16 |  |  | $ | (2) |  |  | $ | 97 |
Interest expense, net |  |  |  |  |  |  | (149) |
Income tax benefit |  |  |  |  |  |  | 148 |
Depreciation, depletion and amortization |  |  |  |  |  |  | (393) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 20 |
Idled facilities charges |  |  |  |  |  |  | (204) |
Changes in fair value of derivatives, net |  |  |  |  |  |  | (15) |
Currency exchange |  |  |  |  |  |  | 48 |
Severance |  |  |  |  |  |  | (19) |
Other, net |  |  |  |  |  |  | (3) |
Net loss |  |  |  |  |  |  | $ | (470) |
Capital Additions | $ | 150 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 152 |
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income (expense).
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $13 million and the exclusion of depreciation, depletion, and amortization of $7 million.
| Three Months Ended June 30, 2024
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 4,937 |  |  | $ | 177 |  |  | $ | (22) |  |  | $ | 5,092 |
Cost of goods sold | (4,791) |  |  | (160) |  |  | 21 |  |  | (4,930) |
Selling, general and administrative expenses | (96) |  |  | (7) |  |  | — |  |  | (103) |
Net periodic benefit credits other than service cost component | 62 |  |  | — |  |  | — |  |  | 62 |
Excluding depreciation, depletion and amortization | 219 |  |  | 9 |  |  | — |  |  | 228 |
Other segment items 1 | (25) |  |  | (1) |  |  | — |  |  | (26) |
Total Adjusted EBITDA | $ | 306 |  |  | $ | 18 |  |  | $ | (1) |  |  | $ | 323 |
Interest expense, net |  |  |  |  |  |  | (69) |
Income tax benefit |  |  |  |  |  |  | 15 |
Depreciation, depletion and amortization |  |  |  |  |  |  | (228) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 15 |
Idled facilities charges |  |  |  |  |  |  | (40) |
Loss on extinguishment of debt |  |  |  |  |  |  | (6) |
Severance |  |  |  |  |  |  | (1) |
Net income |  |  |  |  |  |  | $ | 9 |
Capital Additions | $ | 187 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 189 |
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $7 million and the exclusion of depreciation, depletion, and amortization of $8 million.
| Six Months Ended June 30, 2025
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 9,303 |  |  | $ | 325 |  |  | $ | (65) |  |  | $ | 9,563 |
Cost of goods sold | (9,926) |  |  | (300) |  |  | 63 |  |  | (10,163) |
Selling, general and administrative expenses | (256) |  |  | (14) |  |  | — |  |  | (270) |
Net periodic benefit credits other than service cost component | 100 |  |  | — |  |  | — |  |  | 100 |
Excluding depreciation, depletion and amortization | 660 |  |  | 15 |  |  | — |  |  | 675 |
Other segment items 1 | 18 |  |  | — |  |  | — |  |  | 18 |
Total Adjusted EBITDA | $ | (101) |  |  | $ | 26 |  |  | $ | (2) |  |  | $ | (77) |
Interest expense, net |  |  |  |  |  |  | (289) |
Income tax benefit |  |  |  |  |  |  | 295 |
Depreciation, depletion and amortization |  |  |  |  |  |  | (675) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 38 |
Idled facilities charges |  |  |  |  |  |  | (248) |
Changes in fair value of derivatives, net |  |  |  |  |  |  | (24) |
Currency exchange |  |  |  |  |  |  | 46 |
Severance |  |  |  |  |  |  | (20) |
Other, net |  |  |  |  |  |  | 1 |
Net loss |  |  |  |  |  |  | $ | (953) |
Capital Additions | $ | 273 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 281 |
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income (expense).
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $25 million and the exclusion of depreciation, depletion, and amortization of $13 million.
| Six Months Ended June 30, 2024
(In millions) | Steelmaking |  | Other Businesses |  | Eliminations |  | Total
Revenues | $ | 9,990 |  |  | $ | 349 |  |  | $ | (48) |  |  | $ | 10,291 |
Cost of goods sold | (9,576) |  |  | (317) |  |  | 49 |  |  | (9,844) |
Selling, general and administrative expenses | (221) |  |  | (14) |  |  | — |  |  | (235) |
Net periodic benefit credits other than service cost component | 122 |  |  | — |  |  | — |  |  | 122 |
Excluding depreciation, depletion and amortization | 441 |  |  | 17 |  |  | — |  |  | 458 |
Other segment items 1 | (55) |  |  | — |  |  | — |  |  | (55) |
Total Adjusted EBITDA | $ | 701 |  |  | $ | 35 |  |  | $ | 1 |  |  | $ | 737 |
Interest expense, net |  |  |  |  |  |  | (133) |
Income tax benefit |  |  |  |  |  |  | 23 |
Depreciation, depletion and amortization |  |  |  |  |  |  | (458) |
EBITDA from noncontrolling interests 2 |  |  |  |  |  |  | 36 |
Idled facilities charges |  |  |  |  |  |  | (217) |
Loss on extinguishment of debt |  |  |  |  |  |  | (27) |
Severance |  |  |  |  |  |  | (3) |
Other, net |  |  |  |  |  |  | (2) |
Net loss |  |  |  |  |  |  | $ | (44) |
Capital Additions | $ | 343 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 346 |
1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and the inclusion of items within Miscellaneous – net and Other non-operating income (loss).
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $21 million and the exclusion of depreciation, depletion, and amortization of $15 million.
The following summarizes our assets by segment:
(In millions) | June 30, 2025 |  | December 31, 2024
Assets: |  |  |
Steelmaking | $ | 19,848 |  |  | $ | 20,327 |
Other Businesses | 623 |  |  | 620 |
Total segment assets | $ | 20,471 |  |  | $ | 20,947 |

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- Definition The entire disclosure for reporting segments including data and tables. 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