|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2022 |
|
2021 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
5,794
|
|
|
$ |
3,919 |
|
| Other Businesses |
|
|
|
|
161
|
|
|
130 |
|
| Total revenues |
|
|
|
|
$ |
5,955
|
|
|
$ |
4,049 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
1,423
|
|
|
$ |
502 |
|
| Other Businesses |
|
|
|
|
29
|
|
|
11 |
|
Eliminations1
|
|
|
|
|
(1) |
|
|
— |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
1,451
|
|
|
$ |
513 |
|
|
|
|
|
|
|
|
|
1 In 2022, we began allocating Corporate SG&A to our operating segments. Prior periods have been adjusted to reflect this change. The Eliminations line now only includes sales between segments.
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The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2022 |
|
2021 |
| Net income |
|
|
|
|
$ |
814
|
|
|
$ |
57 |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
|
|
|
|
(77) |
|
|
(92) |
|
| Income tax expense |
|
|
|
|
(237) |
|
|
(9) |
|
| Depreciation, depletion and amortization |
|
|
|
|
(301) |
|
|
(217) |
|
|
|
|
|
|
1,429
|
|
|
375 |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
|
|
|
|
22
|
|
|
22 |
|
| Asset impairment |
|
|
|
|
(29) |
|
|
— |
|
| Loss on extinguishment of debt |
|
|
|
|
(14) |
|
|
(66) |
|
| Severance costs |
|
|
|
|
(1) |
|
|
(11) |
|
| Acquisition-related costs excluding severance costs |
|
|
|
|
(1) |
|
|
(2) |
|
|
|
|
|
|
|
|
|
| Amortization of inventory step-up |
|
|
|
|
—
|
|
|
(81) |
|
| Impact of discontinued operations |
|
|
|
|
1
|
|
|
— |
|
| Total Adjusted EBITDA |
|
|
|
|
$ |
1,451
|
|
|
$ |
513 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
|
|
|
|
$ |
13
|
|
|
$ |
16 |
|
| Depreciation, depletion and amortization |
|
|
|
|
9
|
|
|
6 |
|
| EBITDA of noncontrolling interests |
|
|
|
|
$ |
22
|
|
|
$ |
22 |
|
The following table summarizes our capital additions by segment:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
2022 |
|
2021 |
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
|
|
|
|
$ |
175
|
|
|
$ |
133 |
|
| Other Businesses |
|
|
|
|
6
|
|
|
11 |
|
| Corporate |
|
|
|
|
—
|
|
|
18 |
|
| Total capital additions |
|
|
|
|
$ |
181
|
|
|
$ |
162 |
|
|
|
|
|
|
|
|
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|