REVENUES

12 Months Ended

Dec. 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:

	Year Ended December 31,
(In millions)	2025		2024		2023
Steelmaking:
Automotive	$	5,047	$	5,571	$	7,440
Infrastructure and manufacturing	5,377		5,208		5,612
Distributors and converters	5,195		5,281		5,330
Steel producers	2,334		2,469		2,949
Total Steelmaking	17,953		18,529		21,331
Other Businesses:
Automotive	537		540		545
Infrastructure and manufacturing	43		39		38
Distributors and converters	77		77		82
Total Other Businesses	657		656		665
Total revenues	$	18,610	$	19,185	$	21,996

The following table represents our Revenues by product line:

	Year Ended December 31,
(In millions)	2025		2024		2023
Steelmaking:
Hot-rolled steel	$	4,770	$	4,276	$	4,864
Cold-rolled steel	2,402		2,712		2,658
Coated steel	5,431		5,773		6,661
Stainless and electrical steel	1,748		1,807		2,281
Plate	1,079		1,119		1,444
Slab and other steel products	881		1,178		1,329
Other	1,642		1,664		2,094
Total Steelmaking	17,953		18,529		21,331
Other Businesses:
Other	657		656		665
Total revenues	$	18,610	$	19,185	$	21,996