SEGMENT REPORTING

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

NOTE 5 - SEGMENT REPORTING

We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products - Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment - Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer with focus on value-added sheet products, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. Corporate assets and capital additions are primarily related to and support the operations of the Steelmaking segment and therefore have been incorporated within the Steelmaking segment total assets and capital additions below. We allocate Corporate Selling, general and administrative expenses to our operating segments.

Our CODM, Lourenco Goncalves, Chairman, President and CEO, evaluates performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by our CODM, management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, our CODM believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business.

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

	Year Ended December 31, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	18,063	$	657	$	(110)	$	18,610
Cost of goods sold	(18,972)		(608)		110		(19,470)
Selling, general and administrative expenses	(515)		(28)		—		(543)
Net periodic benefit credits other than service cost component	223		—		—		223
Excluding depreciation, depletion and amortization	1,204		31		—		1,235
Other segment items1	(19)		1		—		(18)
Total Adjusted EBITDA	$	(16)	$	53	$	—	$	37
Interest expense, net							$	(594)
Income tax benefit							581
Depreciation, depletion and amortization							(1,235)
EBITDA from noncontrolling interests2							76
Idled facilities charges							(239)
Changes in fair value of derivatives, net							(45)
Currency exchange							37
Severance							(25)
Loss on extinguishment of debt							(10)
Gain on sale of business							9
Loss on disposal of assets							(7)
Amortization of inventory step-up							6
Acquisition-related costs							(1)
Other, net							(18)
Net loss							$	(1,428)
Capital additions	$	670	$	10	$	—	$	680
Assets	$	19,416	$	596	$	—	$	20,012
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $50 million and the exclusion of depreciation, depletion, and amortization of $26 million.

	Year Ended December 31, 2024
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	18,620	$	656	$	(91)	$	19,185
Cost of goods sold	(18,612)		(606)		96		(19,122)
Selling, general and administrative expenses	(457)		(29)		—		(486)
Net periodic benefit credits other than service cost component	247		—		—		247
Excluding depreciation, depletion and amortization	919		32		—		951
Other segment items1	(2)		—		—		(2)
Total Adjusted EBITDA	$	715	$	53	$	5	$	773
Interest expense, net							$	(370)
Income tax benefit							236
Depreciation, depletion and amortization							(951)
EBITDA from noncontrolling interests2							76
Idled facilities charges							(217)
Changes in fair value of derivatives, net							(41)
Currency exchange							(20)
Severance							(16)
Loss on extinguishment of debt							(27)
Loss on disposal of assets							(16)
Amortization of inventory step-up							(26)
Acquisition-related costs							(44)
Arbitration decision							(71)
Net loss							$	(714)
Capital additions	$	812	$	5	$	—	$	817
Assets	$	20,327	$	620	$	—	$	20,947
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests and the Arbitration decision from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $46 million and the exclusion of depreciation, depletion, and amortization of $30 million.

	Year Ended December 31, 2023
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	21,413	$	665	$	(82)	$	21,996
Cost of goods sold	(20,073)		(627)		77		(20,623)
Selling, general and administrative expenses	(549)		(28)		—		(577)
Net periodic benefit credits other than service cost component	204		—		—		204
Excluding depreciation, depletion and amortization	938		35		—		973
Other segment items1	(78)		(2)		—		(80)
Total Adjusted EBITDA	$	1,855	$	43	$	(5)	$	1,893
Interest expense, net							$	(289)
Income tax expense							(144)
Depreciation, depletion and amortization							(973)
EBITDA from noncontrolling interests2							83
Severance							(11)
Gain on sale of business							28
Loss on disposal of assets							(15)
Acquisition-related costs							(12)
Goodwill impairment							(125)
Other, net							1
Net income							$	436
Capital additions	$	782	$	3	$	—	$	785
Assets	$	16,880	$	657	$	—	$	17,537
1 Other segment items primarily consists of the exclusion of EBITDA of noncontrolling interests from Adjusted EBITDA and, to a lesser extent, the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA of noncontrolling interests includes net income attributable to noncontrolling interests of $51 million and the exclusion of depreciation, depletion, and amortization of $32 million.

Included in the consolidated financial statements are the following amounts relating to geographic location based on product destination:

	Year Ended December 31,
(In millions)	2025		2024		2023
Revenues:
United States	$	15,887	$	17,340	$	20,000
Canada	2,071		1,067		1,046
Other countries	652		778		950
Total revenues	$	18,610	$	19,185	$	21,996
Property, plant and equipment, net:
United States	$	8,173	$	8,622	$	8,816
Canada	1,307		1,319		78
Other countries	1		1		1
Total property, plant and equipment, net	$	9,481	$	9,942	$	8,895