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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 4 - SEGMENT REPORTING
We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through 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 and Chief Executive Officer, 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 loss:
Three Months Ended June 30, 2026
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$5,096 $177 $(47)$5,226 
Cost of goods sold(4,983)(158)47 (5,094)
Selling, general and administrative expenses(147)(7)— (154)
Net periodic benefit credits other than service cost component64 — — 64 
Excluding depreciation, depletion and amortization254 8 — 262 
Other segment items1
(16)(2)— (18)
Total Adjusted EBITDA$268 $18 $— $286 
Interest expense, net(156)
Income tax benefit20 
Depreciation, depletion and amortization(262)
EBITDA from noncontrolling interests2
16 
Idled facilities charges(5)
Currency exchange(19)
Changes in fair value of derivatives, net(12)
Gain on disposal of assets, net2 
Other, net(4)
Net loss$(134)
Capital Additions$187 $2 $— $189 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA, certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $11 million and the exclusion of depreciation, depletion and amortization of $5 million.
Three Months Ended June 30, 2025
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$4,808 $163 $(37)$4,934 
Cost of goods sold(5,034)(147)35 (5,146)
Selling, general and administrative expenses(130)(7)— (137)
Net periodic benefit credits other than service cost component43 — — 43 
Excluding depreciation, depletion and amortization386 7 — 393 
Other segment items1
7 — — 7 
Total Adjusted EBITDA$80 $16 $(2)$94 
Interest expense, net(149)
Income tax benefit148 
Depreciation, depletion and amortization(393)
EBITDA from noncontrolling interests2
 20 
Idled facilities charges(204)
Currency exchange48 
Changes in fair value of derivatives, net(15)
Loss on disposal of assets, net(2)
Amortization of inventory step-up
(1)
Severance(19)
Net loss$(473)
Capital Additions$150 $2 $— $152 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA, certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $13 million and the exclusion of depreciation, depletion and amortization of $7 million.
Six Months Ended June 30, 2026
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$9,893 $344 $(89)$10,148 
Cost of goods sold(9,875)(312)89 (10,098)
Selling, general and administrative expenses(264)(15)— (279)
Net periodic benefit credits other than service cost component128 — — 128 
Excluding depreciation, depletion and amortization505 16 — 521 
Other segment items1
(39)— — (39)
Total Adjusted EBITDA$348 $33 $— $381 
Interest expense, net(304)
Income tax benefit101 
Depreciation, depletion and amortization(521)
EBITDA from noncontrolling interests2
31 
Idled facilities credits5 
Currency exchange(33)
Changes in fair value of derivatives, net(22)
Gain on disposal of assets, net9 
Severance(1)
Other, net(9)
Net loss$(363)
Capital Additions$311 $4 $— $315 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests, certain idled facilities credits and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $19 million and the exclusion of depreciation, depletion and amortization of $12 million.
Six Months Ended June 30, 2025
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$9,303 $325 $(65)$9,563 
Cost of goods sold(9,934)(300)63 (10,171)
Selling, general and administrative expenses(256)(14)— (270)
Net periodic benefit credits other than service cost component100 — — 100 
Excluding depreciation, depletion and amortization660 15 — 675 
Other segment items1
18 — — 18 
Total Adjusted EBITDA$(109)$26 $(2)$(85)
Interest expense, net(289)
Income tax benefit297 
Depreciation, depletion and amortization(675)
EBITDA from noncontrolling interests2
 38 
Idled facilities charges(248)
Currency exchange46 
Changes in fair value of derivatives, net(24)
Loss on disposal of assets, net(4)
Amortization of inventory step-up
6 
Severance(20)
Other, net(1)
Net loss$(959)
Capital Additions$273 $8 $— $281 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests from Adjusted EBITDA, certain idled facilities charges and the inclusion of items within Miscellaneous – net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $25 million and the exclusion of depreciation, depletion and amortization of $13 million.
The following summarizes our assets by segment:
(In millions)June 30,
2026		December 31,
2025
Assets:
Steelmaking$19,525 $19,416 
Other Businesses590 596 
Total segment assets$20,115 $20,012