Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.2
REVENUES
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms 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 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 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. Included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement is derivative revenue of $31 million and $6 million for the three and six months ended June 30, 2020, respectively.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Steelmaking:
Automotive $ 1,130  $ 309  $ 2,428  $ 411 
Infrastructure and manufacturing 1,312  191  2,286  230 
Distributors and converters 1,948  139  3,225  191 
Steel producers
 532  384  902 528 
Total Steelmaking 4,922  1,023  8,841  1,360 
Other Businesses:
Automotive 96  49  201  65 
Infrastructure and manufacturing 11  13  21  17 
Distributors and converters 16  8  31  10 
Total Other Businesses 123  70  253  92 
Total revenues $ 5,045  $ 1,093  $ 9,094  $ 1,452 
The following tables represent our Revenues by product line:
(Dollars in Millions, Sales Volumes in Thousands)
Three Months Ended June 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 1,485  1,386  $ 42  63 
Cold-rolled steel 773  720  88  123 
Coated steel 1,379  1,247  301  333 
Stainless and electrical steel 397  168  208  95 
Plate steel 321  273  —  — 
Other steel products 345  411  —  — 
Iron products 155  849  377  3,718 
Other 67  N/A 7  N/A
Total Steelmaking 4,922  1,023 
Other Businesses:
Other 123  N/A 70  N/A
Total revenues $ 5,045  $ 1,093 
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.
(Dollars in Millions, Sales Volumes in Thousands)
Six Months Ended June 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 2,404  2,568  $ 61  94 
Cold-rolled steel 1,417  1,468  116  163 
Coated steel 2,703  2,616  391  432 
Stainless and electrical steel 760  335  264  122 
Plate steel 572  548  —  — 
Other steel products 635  814  —  — 
Iron products 225  1,449  519  5,069 
Other 125  N/A 9  N/A
Total steelmaking 8,841  1,360 
Other Businesses:
Other 253  N/A 92  N/A
Total revenues $ 9,094  $ 1,452 
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.