v3.26.3
SEGMENT REPORTING
 9 Months Ended
Sep. 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 because it excludes items that may obscure underlying commercial and operating trends, thereby providing additional insight into the Company's true performance.
The following tables provide our results by segment as well as a reconciliation from consolidated Adjusted EBITDA to our consolidated Net income (loss):
Three Months Ended September 30, 2026
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$5,492 $169 $(49)$5,612 
Cost of goods sold(5,036)(158)47 (5,147)
Selling, general and administrative expenses(145)(8)— (153)
Net periodic benefit credits other than service cost component64 — — 64 
Excluding depreciation, depletion and amortization250 9 — 259 
Other segment items1
(24)1 — (23)
Total Adjusted EBITDA$601 $13 $(2)$612 
Interest expense, net(148)
Income tax expense(46)
Depreciation, depletion and amortization(259)
EBITDA from noncontrolling interests2
19 
Idled facilities charges(4)
Currency exchange(4)
Changes in fair value of derivatives, net(15)
Gain on disposal of assets, net14 
Severance(2)
Other, net(2)
Net income$165 
Capital Additions$207 $1 $— $208 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain 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 $6 million.
Three Months Ended September 30, 2025
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$4,585 $173 $(24)$4,734 
Cost of goods sold(4,643)(163)26 (4,780)
Selling, general and administrative expenses(123)(7)— (130)
Net periodic benefit credits other than service cost component57 — — 57 
Excluding depreciation, depletion and amortization279 9 — 288 
Other segment items1
(26)— — (26)
Total Adjusted EBITDA$129 $12 $2 $143 
Interest expense, net(153)
Income tax benefit78 
Depreciation, depletion and amortization(288)
EBITDA from noncontrolling interests2
23 
Idled facilities credits3 
Currency exchange(20)
Changes in fair value of derivatives, net(10)
Loss on disposal of assets, net(2)
Severance(5)
Other, net(3)
Net loss$(234)
Capital Additions$205 $2 $— $207 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $17 million and the exclusion of depreciation, depletion and amortization of $6 million.
Nine Months Ended September 30, 2026
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$15,385 $513 $(138)$15,760 
Cost of goods sold(14,911)(470)136 (15,245)
Selling, general and administrative expenses(409)(23)— (432)
Net periodic benefit credits other than service cost component192 — — 192 
Excluding depreciation, depletion and amortization755 25 — 780 
Other segment items1
(63)1 — (62)
Total Adjusted EBITDA$949 $46 $(2)$993 
Interest expense, net(452)
Income tax benefit55 
Depreciation, depletion and amortization(780)
EBITDA from noncontrolling interests2
50 
Idled facilities credits1 
Currency exchange(37)
Changes in fair value of derivatives, net(37)
Gain on disposal of assets, net23 
Severance(3)
Other, net(11)
Net loss$(198)
Capital Additions$518 $5 $— $523 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $32 million and the exclusion of depreciation, depletion and amortization of $18 million.
Nine Months Ended September 30, 2025
(In millions)SteelmakingOther BusinessesEliminationsTotal
Revenues$13,888 $498 $(89)$14,297 
Cost of goods sold(14,577)(463)89 (14,951)
Selling, general and administrative expenses(379)(21)— (400)
Net periodic benefit credits other than service cost component157 — — 157 
Excluding depreciation, depletion and amortization939 24 — 963 
Other segment items1
(8)— — (8)
Total Adjusted EBITDA$20 $38 $— $58 
Interest expense, net(442)
Income tax benefit375 
Depreciation, depletion and amortization(963)
EBITDA from noncontrolling interests2
61 
Idled facilities charges(245)
Currency exchange26 
Changes in fair value of derivatives, net(34)
Loss on disposal of assets, net(6)
Amortization of inventory step-up
6 
Severance(25)
Other, net(4)
Net loss$(1,193)
Capital Additions$478 $10 $— $488 
1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $42 million and the exclusion of depreciation, depletion and amortization of $19 million.
The following summarizes our assets by segment:
(In millions)September 30,
2026		December 31,
2025
Assets:
Steelmaking$19,761 $19,416 
Other Businesses581 596 
Total segment assets$20,342 $20,012