|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
4,419
|
|
|
$ |
5,443 |
|
|
$ |
14,361
|
|
|
$ |
16,377 |
|
| Other Businesses |
150
|
|
|
162 |
|
|
499
|
|
|
507 |
|
| Total revenues |
$ |
4,569
|
|
|
$ |
5,605 |
|
|
$ |
14,860
|
|
|
$ |
16,884 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
113
|
|
|
$ |
603 |
|
|
$ |
814
|
|
|
$ |
1,608 |
|
| Other Businesses |
8
|
|
|
9 |
|
|
43
|
|
|
32 |
|
| Eliminations |
3
|
|
|
2 |
|
|
4
|
|
|
(8) |
|
| Total Adjusted EBITDA |
$ |
124
|
|
|
$ |
614 |
|
|
$ |
861
|
|
|
$ |
1,632 |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income (loss) |
$ |
(230) |
|
|
$ |
275 |
|
|
$ |
(274) |
|
|
$ |
589 |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
(102) |
|
|
(70) |
|
|
(235) |
|
|
(226) |
|
| Income tax benefit (expense) |
76
|
|
|
(29) |
|
|
99
|
|
|
(118) |
|
| Depreciation, depletion and amortization |
(235) |
|
|
(249) |
|
|
(693) |
|
|
(738) |
|
| Total EBITDA |
31
|
|
|
623 |
|
|
555
|
|
|
1,671 |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
20
|
|
|
20 |
|
|
56
|
|
|
60 |
|
Weirton indefinite idle2
|
(2) |
|
|
— |
|
|
(219) |
|
|
— |
|
| Loss on extinguishment of debt |
—
|
|
|
— |
|
|
(27) |
|
|
— |
|
| Acquisition-related costs |
(14) |
|
|
(3) |
|
|
(14) |
|
|
(5) |
|
| Changes in fair value of foreign currency contracts, net |
(7) |
|
|
— |
|
|
(7) |
|
|
— |
|
| Arbitration decision |
(71) |
|
|
— |
|
|
(71) |
|
|
— |
|
| Other, net |
(19) |
|
|
(8) |
|
|
(24) |
|
|
(16) |
|
| Total Adjusted EBITDA |
$ |
124
|
|
|
$ |
614 |
|
|
$ |
861
|
|
|
$ |
1,632 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
$ |
12
|
|
|
$ |
11 |
|
|
$ |
33
|
|
|
$ |
35 |
|
| Depreciation, depletion and amortization |
8
|
|
|
9 |
|
|
23
|
|
|
25 |
|
| EBITDA of noncontrolling interests |
$ |
20
|
|
|
$ |
20 |
|
|
$ |
56
|
|
|
$ |
60 |
|
|
|
|
|
|
|
|
|
2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
(228) |
|
|
$ |
(241) |
|
|
$ |
(669) |
|
|
$ |
(711) |
|
| Other Businesses |
(7) |
|
|
(8) |
|
|
(24) |
|
|
(27) |
|
| Total depreciation, depletion and amortization |
$ |
(235) |
|
|
$ |
(249) |
|
|
$ |
(693) |
|
|
$ |
(738) |
|
|
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
$ |
211
|
|
|
$ |
217 |
|
|
$ |
554
|
|
|
$ |
503 |
|
| Other Businesses |
—
|
|
|
— |
|
|
3
|
|
|
3 |
|
| Corporate |
—
|
|
|
1 |
|
|
—
|
|
|
2 |
|
| Total capital additions |
$ |
211
|
|
|
$ |
218 |
|
|
$ |
557
|
|
|
$ |
508 |
|
|
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|