Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.24.2
REVENUES
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 3 - 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:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Steelmaking:
Direct automotive $ 1,460  $ 1,980  $ 3,077  $ 3,850 
Infrastructure and manufacturing 1,421  1,591  2,813  2,888 
Distributors and converters 1,402  1,441  2,814  2,699 
Steel producers
 632  796  1,238  1,497 
Total Steelmaking 4,915  5,808  9,942  10,934 
Other Businesses:
Direct automotive 148  143  288  282 
Infrastructure and manufacturing 10  10  20  20 
Distributors and converters 19  23  41  43 
Total Other Businesses 177  176  349  345 
Total revenues $ 5,092  $ 5,984  $ 10,291  $ 11,279 
The following tables represent our Revenues by product line:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Steelmaking:
Hot-rolled steel $ 1,115  $ 1,357  $ 2,243  $ 2,478 
Cold-rolled steel 711  748  1,460  1,387 
Coated steel 1,546  1,789  3,169  3,406 
Stainless and electrical steel 480  615  941  1,189 
Plate 317  399  650  730 
Slab and other steel products 318  366  653  693 
Other 428  534  826  1,051 
Total Steelmaking 4,915  5,808  9,942  10,934 
Other Businesses:
Other 177  176  349  345 
Total revenues $ 5,092  $ 5,984  $ 10,291  $ 11,279