Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.1
REVENUES
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms generally indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers usually define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are generally determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms.
Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues.
Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in
accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. For the three months ended March 31, 2020, we had a derivative loss of $26 million included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
March 31,
2021 2020
Steelmaking:
Automotive $ 1,287  $ 102 
Infrastructure and manufacturing 954  39 
Distributors and converters 1,248  52 
Steel producers
 430 144 
Total Steelmaking 3,919  337 
Other Businesses:
Automotive 105  16 
Infrastructure and manufacturing 10  4 
Distributors and converters 15  2 
Total Other Businesses 130  22 
Total revenues $ 4,049  $ 359 
The following table represents our Revenues by product line:
(Dollars In Millions, Sales Volumes in Thousands)
Three Months Ended
March 31,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 895  1,182  $ 19  31 
Cold-rolled steel 632  748  28  40 
Coated steel 1,308  1,369  90  99 
Stainless and electrical steel 363  167  56  27 
Plate steel 244  275  —  — 
Other steel products 289  403  —  — 
Iron products 70  600  142  1,351 
Other 118  N/A 2  N/A
Total steelmaking 3,919  337 
Other Businesses:
Other 130  N/A 22  N/A
Total revenues $ 4,049  $ 359 
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.