REVENUES

12 Months Ended

Dec. 31, 2024

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. Revenue by market and product are presented net of intersegment revenues, which are entirely related to the Steelmaking segment.

The following table represents our Revenues by market:

	Year Ended December 31,
(In millions)	2024		2023		2022
Steelmaking:
Automotive	$	5,571	$	7,440	$	6,661
Infrastructure and manufacturing	5,208		5,612		5,869
Distributors and converters	5,281		5,330		6,388
Steel producers	2,469		2,949		3,465
Total Steelmaking	18,529		21,331		22,383
Other Businesses:
Automotive	540		545		478
Infrastructure and manufacturing	39		38		52
Distributors and converters	77		82		76
Total Other Businesses	656		665		606
Total revenues	$	19,185	$	21,996	$	22,989

The following table represents our Revenues by product line:

	Year Ended December 31,
(In millions)	2024		2023		2022
Steelmaking:
Hot-rolled steel	$	4,276	$	4,864	$	4,529
Cold-rolled steel	2,712		2,658		3,193
Coated steel	5,773		6,661		6,905
Stainless and electrical steel	1,807		2,281		2,284
Plate	1,119		1,444		1,651
Slab and other steel products	1,178		1,329		1,492
Other	1,664		2,094		2,329
Total Steelmaking	18,529		21,331		22,383
Other Businesses:
Other	656		665		606
Total revenues	$	19,185	$	21,996	$	22,989