REVENUES

6 Months Ended

Jun. 30, 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)				(In Millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Steelmaking:
Automotive	$	1,644	$	1,130	$	3,251	$	2,428
Infrastructure and manufacturing	1,615		1,312		3,157		2,286
Distributors and converters	1,840		1,948		3,669		3,225
Steel producers	1,077		532		1,893		902
Total Steelmaking	6,176		4,922		11,970		8,841
Other Businesses:
Automotive	124		96		246		201
Infrastructure and manufacturing	14		11		29		21
Distributors and converters	23		16		47		31
Total Other Businesses	161		123		322		253
Total revenues	$	6,337	$	5,045	$	12,292	$	9,094

The following tables represent our Revenues by product line:

	(Dollars in Millions, Sales Volumes in Thousands of Net Tons)
	Three Months Ended June 30,
	2022			2021
	Revenue		Volume	Revenue		Volume
Steelmaking:
Hot-rolled steel	$	1,251	1,038	$	1,485	1,386
Cold-rolled steel	869		590	773		720
Coated steel	1,806		1,191	1,379		1,247
Stainless and electrical steel	618		194	397		168
Plate	453		238	321		273
Other steel products	417		390	345		411
Other	762		N/A	222		N/A
Total Steelmaking	6,176			4,922
Other Businesses:
Other	161		N/A	123		N/A
Total revenues	$	6,337		$	5,045

	(Dollars in Millions, Sales Volumes in Thousands of Net Tons)
	Six Months Ended June 30,
	2022			2021
	Revenue		Volume	Revenue		Volume
Steelmaking:
Hot-rolled steel	$	2,445	1,941	$	2,404	2,568
Cold-rolled steel	1,853		1,241	1,417		1,468
Coated steel	3,581		2,433	2,703		2,616
Stainless and electrical steel	1,169		383	760		335
Plate	874		459	572		548
Other steel products	751		821	635		814
Other	1,297		N/A	350		N/A
Total Steelmaking	11,970			8,841
Other Businesses:
Other	322		N/A	253		N/A
Total revenues	$	12,292		$	9,094