REVENUES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3 - 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.

The following table represents our Revenues by market:

	Three Months Ended March 31,
(In millions)	2026		2025
Steelmaking
Direct automotive	$	1,368	$	1,297
Infrastructure and manufacturing	1,374		1,354
Distributors and converters	1,463		1,228
Steel producers	552		588
Total Steelmaking	4,757		4,467
Other Businesses
Direct automotive	138		130
Infrastructure and manufacturing	9		10
Distributors and converters	18		22
Total Other Businesses	165		162
Total revenues	$	4,922	$	4,629

The following tables represent our Revenues by product line:

	Three Months Ended March 31,
(In millions)	2026		2025
Steelmaking
Hot-rolled steel	$	1,410	$	1,166
Cold-rolled steel	637		591
Coated steel	1,431		1,361
Stainless and electrical steel	465		444
Plate steel	254		247
Other steel products	108		247
Other	452		411
Total Steelmaking	4,757		4,467
Other Businesses
Other	165		162
Total revenues	$	4,922	$	4,629