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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION NOTE 3 - SEGMENT INFORMATION
Aerospace & Transportation (A&T)
A&T operating segment offers a wide range of technically advanced aluminum products including plate, sheet and
extrusions to blue-chip customers in the global aerospace, space, commercial transportation, general industrial and defense
sectors. A&T operates five facilities in the United States, France and Switzerland and had approximately 3,300 employees at
December 31, 2024.
Packaging & Automotive Rolled Products (P&ARP)
P&ARP operating segment includes the production and development of customized rolled aluminum sheet products. We
supply the packaging market with canstock and closure stock for the beverage and food industry, as well as foilstock for the
flexible packaging market. In addition, we supply the automotive market with technically advanced products such as Auto
Body Sheet ("ABS"), heat exchanger materials and battery foil product. P&ARP operates four facilities located in the United
States, France and Germany and had approximately 4,100 employees at December 31, 2024.
Automotive Structures & Industry (AS&I)
AS&I operating segment produces (i) technologically advanced structural solutions for the automotive industry including
crash management systems, body structures, side impact beams and battery enclosure components, (ii) soft and hard alloy
extrusions for automotive, transportation, general industrial applications, and (iii) large profiles for rail and general industrial
applications. We complement our products with a comprehensive offering of downstream technology and services, which
include pre-machining, surface treatment, R&D and technical support services. AS&I operates sixteen facilities located in
North America, Europe and China and had approximately 3,900 employees at December 31, 2024.
Holdings & Corporate (H&C)
Holdings & Corporate includes the costs of our corporate support functions and our technology centers located in the
United States, France and Switzerland.
Intersegment elimination
Intersegment transactions are conducted on an arm’s length basis and reflect market prices.
3.1 Segment Revenue, Segment Costs and Segment Adjusted EBITDA
2024
2023
2022
(in millions of U.S. dollar)
A&T
P&ARP
AS&I
H&C
A&T
P&ARP
AS&I
H&C
A&T
P&ARP
AS&I
H&C
Segment revenue
1,816
4,196
1,432
6
1,868
4,214
1,762
21
1,786
4,900
1,955
—
Inter-segment elimination
(73)
(13)
(29)
—
(15)
(21)
(3)
—
(58)
(9)
(42)
—
External revenue
1,743
4,183
1,403
6
1,853
4,193
1,759
21
1,728
4,891
1,913
—
Cost of metal
(747)
(2,890)
(778)
8
(821)
(2,839)
(959)
(9)
(886)
(3,623)
(1,152)
7
Production costs
(618)
(946)
(461)
(7)
(583)
(939)
(572)
(7)
(524)
(841)
(526)
(2)
Other segment expenses (A)
(93)
(105)
(90)
(40)
(98)
(110)
(99)
(36)
(90)
(99)
(92)
(26)
Segment adjusted
EBITDA
285
242
74
(33)
351
305
129
(31)
228
328
143
(21)
(A) Other segment expenses includes primarily selling, general administrative expenses and research and development expenses.
3.2 Reconciliation of Segment Adjusted EBITDA to Net income
Constellium’s chief operating decision-maker measures the profitability and financial performance of its operating
segments based on Segment Adjusted EBITDA. Segment Adjusted EBITDA is defined as income / (loss) from continuing
operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation, amortization as
adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange
differences on transactions that do not qualify for hedge accounting, metal price lag, share-based compensation expense, non
operating gains / (losses) on pension and other post-employment benefits, expenses on factoring arrangements, effects of certain
purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain
incremental costs and other exceptional, unusual or generally non-recurring items.
Year ended December 31,
(in millions of U.S. dollar)
Notes
2024
2023
2022
A&T
285
351
228
P&ARP
242
305
328
AS&I
74
129
143
H&C
(33)
(31)
(21)
Segment Adjusted EBITDA
568
754
678
Metal price lag (A)
55
(92)
(31)
Depreciation and amortization
11, 13
(304)
(300)
(290)
Impairment of assets (B)
5
(24)
(22)
(16)
Share based compensation costs
22
(25)
(22)
(18)
Pension and other post-employment benefits - non operating
gains
5, 17
11
14
2
Restructuring costs (C)
5
(11)
—
(1)
Unrealized losses on derivatives
5
(1)
(3)
(48)
Unrealized exchange gains / (losses) from the remeasurement of
monetary assets and liabilities – net
5
1
(2)
(2)
(Losses) / gains on disposal (D)
5
(4)
41
(5)
Other (E)
2
(1)
—
Expenses on factoring arrangements
9
(22)
(24)
(16)
Finance costs - net
6
(111)
(111)
(103)
Income before tax
135
232
150
Income tax (expense) / benefit
7
(75)
(75)
165
Net income
60
157
315
(A)Metal price lag represents the financial impact of the timing difference between when aluminum prices included within Constellium's
Revenue are established and when aluminum purchase prices included in Cost of sales are established. The metal price lag will
generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary
aluminum prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of
Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated
at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the
quantity sold in the period.
(B)For the years ended December 31, 2024, 2023 and 2022, impairment related to property, plant and equipment in our Valais operations.
(C)For the year ended December 31, 2024, restructuring costs were related to cost reduction programs in the United States and in Europe.
(D)For the year ended December 31, 2023, gains and losses on disposals net of transaction costs included a $3 million loss related to the
sale of Constellium Ussel S.A.S. which was completed on February 2, 2023 and a $47 million gain related to the sale of Constellium
Extrusions Deutschland GmbH which was completed on September 29, 2023 (See Note 23 - Acquisition and disposal of subsidiaries).
(E)For the year ended December 31, 2024, other was related to $45 million of insurance proceeds and $43 million of losses resulting from
flooding in the Valais facilities at the end of June 2024, $4 million of insurance proceeds related to assets damaged in 2021 and $3
million of gains recognized upon the reevaluation of previously held non-controlling interests of Railtech See Note 23 - Acquisition and
disposal of subsidiaries), as well as $6 million of costs associated with non-recurring corporate transformation projects.
3.3 Segment capital expenditures
Year ended December 31,
(in millions of U.S. dollar)
2024
2023
2022
A&T
(99)
(103)
(77)
P&ARP
(221)
(181)
(134)
AS&I
(74)
(75)
(67)
H&C
(7)
(6)
(6)
Total capital expenditures (A)
(401)
(365)
(284)
(A)Purchase of Property plant and equipment, net of grant received and insurance compensation related to Property plant and equipment.
3.4 Segment depreciation, amortization and impairment
Year ended December 31,
(in millions of U.S. dollar)
2024
2023
2022
A&T
(75)
(72)
(67)
P&ARP
(166)
(156)
(150)
AS&I
(82)
(89)
(84)
H&C
(5)
(5)
(5)
Total depreciation, amortization and impairment expense
(328)
(322)
(306)
3.5 Segment assets
At December 31,
(in millions of U.S. dollar)
2024
2023
A&T
1,172
1,201
P&ARP
2,118
2,045
AS&I
651
736
H&C
313
347
Segment assets
4,254
4,329
Deferred income tax assets
311
337
Cash and cash equivalents
141
223
Fair value of derivatives instruments and other financial assets
28
44
Total assets
4,734
4,933
3.6 Information about major customers
Revenue from sales to the Group’s largest customer, which we serve through a number of contracts across our sites, was
$715 million, $793 million and $882 million for the years ended December 31, 2024, 2023 and 2022, respectively. No other
single customer contributed 10% or more to the Group’s revenue for 2024, 2023 and 2022.