GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES

GOODWILL

The following table summarizes the changes in Goodwill by segment:

	Three Months Ended March 31, 2026
(In millions)	Steelmaking		Other Businesses		Total
Beginning balance	$	1,765	$	49	$	1,814
Foreign currency translation	(14)		—		(14)
Ending balance	$	1,751	$	49	$	1,800

INTANGIBLE ASSETS AND LIABILITIES

The following is a summary of our intangible assets and liabilities:

	March 31, 2026						December 31, 2025
(In millions)	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
Intangible assets1:
Customer relationships	$	1,046	$	(121)	$	925	$	1,058	$	(104)	$	954
Developed technology	60		(22)		38		60		(21)		39
Trade names and trademarks	90		(15)		75		91		(14)		77
Mining permits	72		(30)		42		72		(30)		42
Supplier relationships	29		(7)		22		29		(6)		23
Total intangible assets	$	1,297	$	(195)	$	1,102	$	1,310	$	(175)	$	1,135
Intangible liabilities2:
Above-market supply contracts	$	(71)	$	36	$	(35)	$	(71)	$	35	$	(36)
1 Amortization related to mining permits and supplier relationships is recognized in Cost of goods sold. Amortization of all other intangible assets is recognized in Selling, general and administrative expenses.
2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold.

Amortization expense related to Intangible assets, net was $21 million and $19 million for the three months ended March 31, 2026 and 2025, respectively. Any additional movements in the balance of Intangible assets, net as of March 31, 2026, compared to December 31, 2025, is due to fluctuation in foreign currency exchange rates. Estimated future amortization expense is $61 million for the remainder of 2026, $81 million annually for the years 2027 through 2030 and $80 million for 2031.

Income from amortization related to the intangible liabilities was $1 million for both the three months ended March 31, 2026 and 2025. Estimated future income from amortization is $4 million for the remainder of 2026 and $5 million annually for the years 2027 through 2031.