REVENUES

3 Months Ended

Mar. 31, 2022

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.

The following table represents our Revenues by market:

	(In Millions)
	Three Months Ended March 31,
	2022		2021
Steelmaking:
Automotive	$	1,607	$	1,287
Infrastructure and manufacturing	1,542		954
Distributors and converters	1,829		1,248
Steel producers	816		430
Total Steelmaking	5,794		3,919
Other Businesses:
Automotive	122		105
Infrastructure and manufacturing	15		10
Distributors and converters	24		15
Total Other Businesses	161		130
Total revenues	$	5,955	$	4,049

The following tables represent our Revenues by product line:

	(Dollars in Millions, Sales Volumes in Thousands of Net Tons)
	Three Months Ended March 31,
	2022			2021
	Revenue		Volume	Revenue		Volume
Steelmaking:
Hot-rolled steel	$	1,194	903	$	895	1,182
Cold-rolled steel	984		651	632		748
Coated steel	1,775		1,242	1,308		1,369
Stainless and electrical steel	551		189	363		167
Plate	421		221	244		275
Other steel products	334		431	289		403
Other	535		N/A	188		N/A
Total Steelmaking	5,794			3,919
Other Businesses:
Other	161		N/A	130		N/A
Total revenues	$	5,955		$	4,049