SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	4,797	$	167	$	(42)	$	4,922
Cost of goods sold	(4,892)		(154)		42		(5,004)
Selling, general and administrative expenses	(117)		(8)		—		(125)
Net periodic benefit credits other than service cost component	64		—		—		64
Excluding depreciation, depletion and amortization	251		8		—		259
Other segment items1	(23)		2		—		(21)
Total Adjusted EBITDA	$	80	$	15	$	—	$	95

Interest expense, net							(148)
Income tax benefit							81
Depreciation, depletion and amortization							(259)
EBITDA from noncontrolling interests2							15
Idled facilities credits							10
Currency exchange							(14)
Changes in fair value of derivatives, net							(10)
Gain on disposal of assets, net							7
Other, net							(6)
Net loss							$	(229)

Capital Additions	$	124	$	2	$	—	$	126

1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and certain idled facilities credits, which is offset by the inclusion of certain items within Miscellaneous – net.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $8 million and the exclusion of depreciation, depletion, and amortization of $7 million.


	Three Months Ended March 31, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	4,495	$	162	$	(28)	$	4,629
Cost of goods sold	(4,900)		(153)		28		(5,025)
Selling, general and administrative expenses	(126)		(7)		—		(133)
Net periodic benefit credits other than service cost component	57		—		—		57
Excluding depreciation, depletion and amortization	274		8		—		282
Other segment items1	11		—		—		11
Total Adjusted EBITDA	$	(189)	$	10	$	—	$	(179)

Interest expense, net							(140)
Income tax benefit							149
Depreciation, depletion and amortization							(282)
EBITDA from noncontrolling interests2							18
Idled facilities charges							(44)
Currency exchange							(2)
Changes in fair value of derivatives, net							(9)
Loss on disposal of assets, net							(2)
Amortization of inventory step-up							7
Other, net							(2)
Net loss							$	(486)

Capital Additions	$	123	$	6	$	—	$	129

1 Other segment items primarily consists of the exclusion of EBITDA from noncontrolling interests and idled facilities charges from Adjusted EBITDA and the inclusion of items within Miscellaneous – net.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $12 million and the exclusion of depreciation, depletion, and amortization of $6 million.

The following summarizes our assets by segment: