Restructuring and impairment, net includes restructuring costs, impairments or accelerated depreciation of certain long-lived assets, and other related expenses or reversal of expenses. As of March 31, 2025, $8 million of restructuring liability is included in accrued expenses and other current liabilities, while the remainder is within other long–term liabilities in our accompanying consolidated balance sheet.


in millions	North America		Europe		Asia		South America		Other Operations		Total
Restructuring liability balance as of March 31, 2022	$	2	$	3	$	1	$	7	$	—	$	13
Restructuring and impairment expenses, net(1)	28		—		(1)		1		5		33
Cash payments	(1)		(2)		—		(1)		—		(4)
Other(2)	(19)		—		—		—		(5)		(24)
Restructuring liability balance as of March 31, 2023	$	10	$	1	$	—	$	7	$	—	$	18
Restructuring and impairment expenses, net(3)	35		2		—		5		—		42
Cash payments	(4)		(1)		—		(4)		—		(9)
Other(2)	(25)		—		—		(2)		—		(27)
Restructuring liability balance as of March 31, 2024	$	16	$	2	$	—	$	6	$	—	$	24
Restructuring and impairment expenses, net	30		1		17		3		2		53
Cash payments	(9)		(2)		—		(2)		—		(13)
Other(2)	(17)		—		(17)		(1)		(1)		(36)
Restructuring liability balance as of March 31, 2025	$	20	$	1	$	—	$	6	$	1	$	28

(2)Other includes the impact of foreign currency on our restructuring liability as well as the removal of other non-cash expenses recorded and included within restructuring and impairment expenses, net in the table above that are not recorded through the restructuring liability. Other non-cash expenses recorded within restructuring and impairment expenses, net in fiscal 2025, 2024 and fiscal 2023 consisted of impairment charges, accelerated depreciation, and other non-cash expenses of $34 million, $28 million and $23 million, respectively.

In March 2024, the Company approved the plan to close the cold rolling and finishing plant in Buckhannon, West Virginia. All operations at this plant ceased in fiscal 2025. In fiscal 2024, the Company recorded $4 million in charges for restructuring activities related to the plant closure consisting primarily of charges for accelerated depreciation. In fiscal 2025, the Company recorded $16 million in accelerated depreciation charges and $5 million in employee-related and other restructuring expenses.

To further align with our strategic vision to lead the industry with first-mover investments to drive circularity, as well as in response to the scrap supply and demand imbalances, in fiscal 2025, the Company initiated actions to implement structural cost improvement and efficiency measures across our global operations to drive sustainable labor, operational and footprint efficiencies. The Company started implementing the structural cost reduction measures through the following actions.

In March 2025, the Company announced several actions aimed at driving footprint efficiencies consisting of shutting down the Richmond, Virginia, and Fairmont, West Virginia, plants (the "Richmond plant" and the "Fairmont plant", respectively) in the North America segment and idling one of the two automotive finishing line at our Changzhou, China, plant (the "Changzhou plant") in the Asia segment. Subsequently, in April 2025, the Company entered into a non-binding letter of intent with a third party to dispose of the Fairmont plant by sale and the plan to close the facility has been suspended. The Company expects to cease the related operations at the Richmond plant and idle one of the two Changzhou plant automotive finishing lines in fiscal 2026. In the fourth quarter of fiscal 2025, the Company recorded $2 million related to these actions consisting primarily of employee-related restructuring expenses at the Richmond plant in the North America segment, which comprise the restructuring liability recorded for the plan in accrued expenses as of March 31, 2025. In fiscal 2026, the Company expects to recognize total pre-tax charges associated with the actions at the Richmond and the Changzhou plants consisting primarily of charges for accelerated depreciation and employee-related and other restructuring expenses in the range of $50 million to $70 million. The Company also expects to recognize a loss on the sale of the Fairmont plant in the range of $35 million to $45 million in fiscal 2026.