REVENUES

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Steelmaking
Automotive	$	1,356	$	1,334	$	3,902	$	4,411
Infrastructure and manufacturing	1,326		1,160		4,169		3,973
Distributors and converters	1,288		1,317		3,949		4,131
Other	591		608		1,779		1,846
Total Steelmaking	4,561		4,419		13,799		14,361
Other Businesses
Automotive	144		123		403		411
Infrastructure and manufacturing	11		9		35		29
Distributors and converters	18		18		60		59
Total Other Businesses	173		150		498		499
Total revenues	$	4,734	$	4,569	$	14,297	$	14,860

The following tables represent our Revenues by product line:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2025		2024		2025		2024
Steelmaking
Hot-rolled steel	$	1,122	$	1,003	$	3,620	$	3,246
Cold-rolled steel	636		671		1,872		2,131
Coated steel	1,442		1,377		4,195		4,546
Stainless and electrical steel	466		449		1,344		1,390
Plate steel	286		237		808		887
Other steel products	204		276		727		929
Other	405		406		1,233		1,232
Total Steelmaking	4,561		4,419		13,799		14,361
Other Businesses
Other	173		150		498		499
Total revenues	$	4,734	$	4,569	$	14,297	$	14,860