REVENUES

3 Months Ended

Mar. 31, 2025

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:

	Three Months Ended March 31,
(In millions)	2025		2024
Steelmaking:
Direct automotive	$	1,297	$	1,617
Infrastructure and manufacturing	1,354		1,392
Distributors and converters	1,228		1,412
Steel producers	588		606
Total Steelmaking	4,467		5,027
Other Businesses:
Direct automotive	130		140
Infrastructure and manufacturing	10		10
Distributors and converters	22		22
Total Other Businesses	162		172
Total revenues	$	4,629	$	5,199

The following tables represent our Revenues by product line:

	Three Months Ended March 31,
(In millions)	2025		2024
Steelmaking:
Hot-rolled steel	$	1,166	$	1,128
Cold-rolled steel	591		749
Coated steel	1,361		1,623
Stainless and electrical steel	444		461
Plate	247		333
Slab and other steel products	247		335
Other	411		398
Total Steelmaking	4,467		5,027
Other Businesses:
Other	162		172
Total revenues	$	4,629	$	5,199