Annual report pursuant to Section 13 and 15(d)

REVENUES

v3.22.4
REVENUES
 12 Months Ended
Dec. 31, 2022
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.
The following table represents our Revenues by market:
Year Ended December 31,
(In millions) 2022 2021 2020
Steelmaking:
Direct automotive $ 6,661  $ 4,726  $ 2,062 
Infrastructure and manufacturing 5,869  5,380  784 
Distributors and converters 6,388  7,671  696 
Steel producers
 3,465  2,124  1,423 
Total Steelmaking 22,383  19,901  4,965 
Other Businesses:
Direct automotive 478  426  329 
Infrastructure and manufacturing 52  47  34 
Distributors and converters 76  70  26 
Total Other Businesses 606  543  389 
Total revenues $ 22,989  $ 20,444  $ 5,354 
The following table represents our Revenues by product line:
Year Ended December 31,
(In millions) 2022 2021 2020
Steelmaking:
Hot-rolled steel $ 4,529  $ 5,615  $ 386 
Cold-rolled steel 3,193  3,186  490 
Coated steel 6,905  5,864  1,747 
Stainless and electrical steel 2,284  1,622  868 
Plate 1,651  1,316  46 
Slab and other steel products 1,492  1,247  46 
Other 2,329  1,051  1,382 
Total steelmaking 22,383  19,901  4,965 
Other Businesses:
Other 606  543  389 
Total revenues $ 22,989  $ 20,444  $ 5,354