SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

The following tables provide our results by segment as well as a reconciliation from consolidated Adjusted EBITDA to our consolidated Net loss:


	Three Months Ended September 30, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	4,585	$	173	$	(24)	$	4,734
Cost of goods sold	(4,643)		(163)		26		(4,780)
Selling, general and administrative expenses	(123)		(7)		—		(130)
Net periodic benefit credits other than service cost component	57		—		—		57
Excluding depreciation, depletion and amortization	279		9		—		288
Other segment items1	(26)		—		—		(26)
Total Adjusted EBITDA	$	129	$	12	$	2	$	143

Interest expense, net							(153)
Income tax benefit							78
Depreciation, depletion and amortization							(288)
EBITDA from noncontrolling interests2							23
Idled facilities charges							3

Changes in fair value of derivatives, net							(10)
Currency exchange							(20)

Severance							(5)
Other, net							(5)
Net loss							$	(234)

Capital Additions	$	205	$	2	$	—	$	207

1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA and certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $17 million and the exclusion of depreciation, depletion, and amortization of $6 million.


	Three Months Ended September 30, 2024
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	4,439	$	150	$	(20)	$	4,569
Cost of goods sold	(4,558)		(140)		23		(4,675)
Selling, general and administrative expenses	(105)		(7)		—		(112)
Net periodic benefit credits other than service cost component	62		—		—		62
Excluding depreciation, depletion and amortization	228		7		—		235
Other segment items1	45		(2)		—		43
Total Adjusted EBITDA	$	111	$	8	$	3	$	122

Interest expense, net							(102)
Income tax benefit							76
Depreciation, depletion and amortization							(235)
EBITDA from noncontrolling interests2							20
Idled facilities charges							(2)
Acquisition-related costs							(14)
Changes in fair value of derivatives, net							(7)


Arbitration decision							(71)
Severance							(10)
Other, net							(9)
Net loss							$	(232)

Capital Additions	$	211	$	—	$	—	$	211

1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and the Arbitration decision from Adjusted EBITDA and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $12 million and the exclusion of depreciation, depletion, and amortization of $8 million.

The following summarizes our assets by segment: