|
The following table summarizes our capital additions by segment:
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Capital additions1:
|
|
|
|
Steel and Manufacturing |
$ |
122.9 |
|
|
$ |
82.4 |
|
Mining and Pelletizing |
34.2 |
|
|
46.8 |
|
Corporate and Other (including discontinued operations) |
0.6 |
|
|
0.1 |
|
Total capital additions |
$ |
157.7 |
|
|
$ |
129.3 |
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
(In Millions, Except Sales Tons) |
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Sales volume (in thousands): |
|
|
|
Steel and Manufacturing consolidated sales (net tons) |
199 |
|
|
— |
|
|
|
|
|
Mining and Pelletizing sales (long tons) |
2,134 |
|
|
1,550 |
|
Less: Intercompany sales (long tons) |
(783 |
) |
|
— |
|
Mining and Pelletizing consolidated sales (long tons) |
1,351 |
|
|
1,550 |
|
|
|
|
|
Revenues: |
|
|
|
Steel and Manufacturing consolidated revenues |
$ |
217.5 |
|
|
$ |
— |
|
|
|
|
|
Mining and Pelletizing1
|
229.4 |
|
|
157.0 |
|
Less: Intercompany revenues |
(87.8 |
) |
|
— |
|
Mining and Pelletizing consolidated revenues |
141.6 |
|
|
157.0 |
|
|
|
|
|
Revenues |
$ |
359.1 |
|
|
$ |
157.0 |
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
Steel and Manufacturing |
$ |
(11.1 |
) |
|
$ |
(0.8 |
) |
Mining and Pelletizing |
81.8 |
|
|
47.5 |
|
Corporate and eliminations |
(48.0 |
) |
|
(25.5 |
) |
Total Adjusted EBITDA |
$ |
22.7 |
|
|
$ |
21.2 |
|
1 Includes Realization of deferred revenue of $34.6 million for the three months ended March 31, 2020.
The following table provides a reconciliation of our consolidated Net loss to Total Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Three Months Ended
March 31, |
|
2020 |
|
2019 |
Net loss |
$ |
(48.6 |
) |
|
$ |
(22.1 |
) |
Less: |
|
|
|
Interest expense, net |
(31.1 |
) |
|
(25.1 |
) |
Income tax benefit |
51.4 |
|
|
3.7 |
|
Depreciation, depletion and amortization |
(34.4 |
) |
|
(19.9 |
) |
Total EBITDA |
$ |
(34.5 |
) |
|
$ |
19.2 |
|
Less: |
|
|
|
EBITDA of noncontrolling interests1
|
$ |
4.6 |
|
|
$ |
— |
|
Severance costs |
(19.3 |
) |
|
(1.7 |
) |
Acquisition costs |
(23.2 |
) |
|
— |
|
Amortization of inventory step-up |
(23.2 |
) |
|
— |
|
Gain (loss) on extinguishment of debt |
3.2 |
|
|
(0.3 |
) |
Impact of discontinued operations |
0.7 |
|
|
— |
|
Total Adjusted EBITDA |
$ |
22.7 |
|
|
$ |
21.2 |
|
1 Includes $3.5 million of income attributable to noncontrolling interests and $1.1 million of depreciation, depletion and amortization for the three months ended March 31, 2020.
|