|
Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Revenues: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
4,915
|
|
|
$ |
5,808 |
|
|
$ |
9,942
|
|
|
$ |
10,934 |
|
| Other Businesses |
177
|
|
|
176 |
|
|
349
|
|
|
345 |
|
| Total revenues |
$ |
5,092
|
|
|
$ |
5,984 |
|
|
$ |
10,291
|
|
|
$ |
11,279 |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
306
|
|
|
$ |
765 |
|
|
$ |
701
|
|
|
$ |
1,005 |
|
| Other Businesses |
18
|
|
|
15 |
|
|
35
|
|
|
23 |
|
| Eliminations |
(1) |
|
|
(5) |
|
|
1
|
|
|
(10) |
|
| Total Adjusted EBITDA |
$ |
323
|
|
|
$ |
775 |
|
|
$ |
737
|
|
|
$ |
1,018 |
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income (loss) |
$ |
9
|
|
|
$ |
356 |
|
|
$ |
(44) |
|
|
$ |
314 |
|
| Less: |
|
|
|
|
|
|
|
| Interest expense, net |
(69) |
|
|
(79) |
|
|
(133) |
|
|
(156) |
|
| Income tax benefit (expense) |
15
|
|
|
(102) |
|
|
23
|
|
|
(89) |
|
| Depreciation, depletion and amortization |
(228) |
|
|
(247) |
|
|
(458) |
|
|
(489) |
|
|
291
|
|
|
784 |
|
|
524
|
|
|
1,048 |
|
| Less: |
|
|
|
|
|
|
|
EBITDA of noncontrolling interests1
|
15
|
|
|
17 |
|
|
36
|
|
|
40 |
|
Weirton indefinite idle2
|
(40) |
|
|
— |
|
|
(217) |
|
|
— |
|
| Loss on extinguishment of debt |
(6) |
|
|
— |
|
|
(27) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other, net |
(1) |
|
|
(8) |
|
|
(5) |
|
|
(10) |
|
| Total Adjusted EBITDA |
$ |
323
|
|
|
$ |
775 |
|
|
$ |
737
|
|
|
$ |
1,018 |
|
|
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes the following:
|
| Net income attributable to noncontrolling interests |
$ |
7
|
|
|
$ |
9 |
|
|
$ |
21
|
|
|
$ |
24 |
|
| Depreciation, depletion and amortization |
8
|
|
|
8 |
|
|
15
|
|
|
16 |
|
| EBITDA of noncontrolling interests |
$ |
15
|
|
|
$ |
17 |
|
|
$ |
36
|
|
|
$ |
40 |
|
|
|
|
|
|
|
|
|
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
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Depreciation, depletion and amortization: |
|
|
|
|
|
|
|
| Steelmaking |
$ |
(219) |
|
|
$ |
(239) |
|
|
$ |
(441) |
|
|
$ |
(470) |
|
| Other Businesses |
(9) |
|
|
(8) |
|
|
(17) |
|
|
(19) |
|
| Total depreciation, depletion and amortization |
$ |
(228) |
|
|
$ |
(247) |
|
|
$ |
(458) |
|
|
$ |
(489) |
|
|
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
|
|
| Steelmaking |
$ |
187
|
|
|
$ |
159 |
|
|
$ |
343
|
|
|
$ |
286 |
|
| Other Businesses |
2
|
|
|
2 |
|
|
3
|
|
|
3 |
|
| Corporate |
—
|
|
|
1 |
|
|
—
|
|
|
1 |
|
| Total capital additions |
$ |
189
|
|
|
$ |
162 |
|
|
$ |
346
|
|
|
$ |
290 |
|
|
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
|
|