| Schedule Of Segment Reporting Information, By Segment |
Our results by segment are as follows:
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(In Millions, Except Sales Tons) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Sales volume (in thousands): |
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| Steel and Manufacturing (net tons) |
1,117
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— |
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1,935 |
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— |
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| Mining and Pelletizing sales (long tons) |
4,907
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5,750 |
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11,800 |
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13,527 |
| Less: Intercompany sales (long tons) |
(1,204) |
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(346) |
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(3,028) |
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(384) |
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| Mining and Pelletizing consolidated sales (long tons) |
3,703
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5,404 |
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8,772
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13,143 |
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| Revenues: |
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| Steel and Manufacturing net sales to external customers |
$ |
1,261.7
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$ |
— |
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$ |
2,194.3
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$ |
— |
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Mining and Pelletizing net sales1
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520.3
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590.6 |
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1,238.7
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1,494.8 |
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| Less: Intercompany sales |
(136.0) |
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(35.0) |
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(335.2) |
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(39.0) |
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| Mining and Pelletizing net sales to external customers |
384.3
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555.6 |
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903.5
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1,455.8 |
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| Total revenues |
$ |
1,646.0
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$ |
555.6 |
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$ |
3,097.8
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$ |
1,455.8 |
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| Adjusted EBITDA: |
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| Steel and Manufacturing |
$ |
33.3
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$ |
(2.1) |
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$ |
(81.8) |
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$ |
(4.0) |
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| Mining and Pelletizing |
145.3
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182.7 |
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309.5
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510.7 |
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| Corporate and eliminations |
(52.3) |
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(36.5) |
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(160.7) |
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(93.0) |
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| Total Adjusted EBITDA |
$ |
126.3
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$ |
144.1 |
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$ |
67.0
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$ |
413.7 |
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1 Includes Realization of deferred revenue of $34.6 million for the nine months ended September 30, 2020.
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
| Net income (loss) |
$ |
1.9
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$ |
90.9 |
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$ |
(154.8) |
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$ |
229.6 |
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| Less: |
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| Interest expense, net |
(68.2) |
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(25.4) |
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(167.9) |
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(76.8) |
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| Income tax benefit (expense) |
22.4
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(4.8) |
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98.5
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(23.1) |
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| Depreciation, depletion and amortization |
(72.4) |
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(22.2) |
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(183.9) |
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(63.1) |
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| Total EBITDA |
$ |
120.1
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$ |
143.3 |
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$ |
98.5
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$ |
392.6 |
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| Less: |
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EBITDA of noncontrolling interests1
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$ |
16.2
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$ |
— |
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$ |
41.3
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$ |
— |
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| Gain (loss) on extinguishment of debt |
—
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— |
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132.6
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(18.2) |
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| Severance costs |
(2.4) |
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— |
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(38.3) |
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(1.7) |
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| Acquisition-related costs excluding severance costs |
(5.1) |
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— |
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(30.1) |
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— |
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| Amortization of inventory step-up |
(14.6) |
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— |
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(74.0) |
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— |
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| Impact of discontinued operations |
(0.3) |
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(0.8) |
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—
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(1.2) |
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| Total Adjusted EBITDA |
$ |
126.3
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$ |
144.1 |
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$ |
67.0
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$ |
413.7 |
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1 EBITDA of noncontrolling interests includes $11.9 million and $31.2 million for income and $4.3 million and $10.1 million for depreciation, depletion and amortization for the three and nine months ended September 30, 2020, respectively.
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(In Millions) |
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2020 |
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2019 |
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2020 |
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2019 |
Capital additions1:
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| Steel and Manufacturing |
$ |
88.0
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$ |
160.5 |
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$ |
266.8
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$ |
398.0 |
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| Mining and Pelletizing |
13.3
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22.1 |
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64.9
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104.5 |
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| Corporate and Other |
1.0
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2.1 |
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1.3
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3.1 |
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| Total capital additions |
$ |
102.3
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$ |
184.7 |
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$ |
333.0
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$ |
505.6 |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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| Reconciliation of Assets from Segment to Consolidated |
The following summarizes our assets by segment:
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(In Millions) |
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September 30,
2020 |
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December 31,
2019 |
| Assets: |
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| Steel and Manufacturing |
$ |
6,345.7
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$ |
913.6 |
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| Mining and Pelletizing |
1,643.3
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1,643.1 |
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| Total segment assets |
7,989.0
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2,556.7 |
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| Corporate and Other (including discontinued operations) |
491.9
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947.1 |
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| Total assets |
$ |
8,480.9
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$ |
3,503.8 |
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