Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.2
REVENUES
 9 Months Ended
Sep. 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 $9 million and $14 million for the three and nine months ended September 30, 2020, respectively.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Steelmaking:
Automotive $ 1,149  $ 790  $ 3,577  $ 1,201 
Infrastructure and manufacturing 1,603  190  3,889  420 
Distributors and converters 2,447  135  5,672  326 
Steel producers
 670  391  1,572 919 
Total Steelmaking 5,869  1,506  14,710  2,866 
Other Businesses:
Automotive 105  123  306  188 
Infrastructure and manufacturing 12  9  33  26 
Distributors and converters 18  8  49  18 
Total Other Businesses 135  140  388  232 
Total revenues $ 6,004  $ 1,646  $ 15,098  $ 3,098 
The following tables represent our Revenues by product line:
(Dollars in Millions, Sales Volumes in Thousands)
Three Months Ended September 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 1,800  1,332  $ 89  134 
Cold-rolled steel 935  728  126  179 
Coated steel 1,635  1,291  604  656 
Stainless and electrical steel 441  177  296  146 
Plate steel 357  244  —  — 
Other steel products 374  381  —  — 
Iron products 252  1,426  384  3,703 
Other 75  N/A 7  N/A
Total Steelmaking 5,869  1,506 
Other Businesses:
Other 135  N/A 140  N/A
Total revenues $ 6,004  $ 1,646 
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)
Nine Months Ended September 30,
2021 2020
Revenue
Volume1
Revenue
Volume1
Steelmaking:
Hot-rolled steel $ 4,204  3,900  $ 150  228 
Cold-rolled steel 2,352  2,196  242  342 
Coated steel 4,338  3,907  995  1,088 
Stainless and electrical steel 1,201  512  560  268 
Plate steel 929  792  —  — 
Other steel products 1,009  1,195  —  — 
Iron products 477  2,875  903  8,772 
Other 200  N/A 16  N/A
Total steelmaking 14,710  2,866 
Other Businesses:
Other 388  N/A 232  N/A
Total revenues $ 15,098  $ 3,098 
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.