SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information, By Segment

Our results by segment are as follows:

	(In Millions, Except Sales Tons)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Sales volume (in thousands):
Steel and Manufacturing (net tons)	1,117		—		1,935		—
Mining and Pelletizing sales (long tons)	4,907		5,750		11,800		13,527
Less: Intercompany sales (long tons)	(1,204)		(346)		(3,028)		(384)
Mining and Pelletizing consolidated sales (long tons)	3,703		5,404		8,772		13,143
Revenues:
Steel and Manufacturing net sales to external customers	$	1,261.7	$	—	$	2,194.3	$	—
Mining and Pelletizing net sales1	520.3		590.6		1,238.7		1,494.8
Less: Intercompany sales	(136.0)		(35.0)		(335.2)		(39.0)
Mining and Pelletizing net sales to external customers	384.3		555.6		903.5		1,455.8
Total revenues	$	1,646.0	$	555.6	$	3,097.8	$	1,455.8
Adjusted EBITDA:
Steel and Manufacturing	$	33.3	$	(2.1)	$	(81.8)	$	(4.0)
Mining and Pelletizing	145.3		182.7		309.5		510.7
Corporate and eliminations	(52.3)		(36.5)		(160.7)		(93.0)
Total Adjusted EBITDA	$	126.3	$	144.1	$	67.0	$	413.7
1 Includes Realization of deferred revenue of $34.6 million for the nine months ended September 30, 2020.

    The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:

	(In Millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net income (loss)	$	1.9	$	90.9	$	(154.8)	$	229.6
Less:
Interest expense, net	(68.2)		(25.4)		(167.9)		(76.8)
Income tax benefit (expense)	22.4		(4.8)		98.5		(23.1)
Depreciation, depletion and amortization	(72.4)		(22.2)		(183.9)		(63.1)
Total EBITDA	$	120.1	$	143.3	$	98.5	$	392.6
Less:
EBITDA of noncontrolling interests1	$	16.2	$	—	$	41.3	$	—
Gain (loss) on extinguishment of debt	—		—		132.6		(18.2)
Severance costs	(2.4)		—		(38.3)		(1.7)
Acquisition-related costs excluding severance costs	(5.1)		—		(30.1)		—
Amortization of inventory step-up	(14.6)		—		(74.0)		—
Impact of discontinued operations	(0.3)		(0.8)		—		(1.2)
Total Adjusted EBITDA	$	126.3	$	144.1	$	67.0	$	413.7
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.

The following table summarizes our capital additions by segment:

	(In Millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Capital additions1:
Steel and Manufacturing	$	88.0	$	160.5	$	266.8	$	398.0
Mining and Pelletizing	13.3		22.1		64.9		104.5
Corporate and Other	1.0		2.1		1.3		3.1
Total capital additions	$	102.3	$	184.7	$	333.0	$	505.6
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.

Reconciliation of Assets from Segment to Consolidated

The following summarizes our assets by segment:

	(In Millions)
	September 30, 2020		December 31, 2019
Assets:
Steel and Manufacturing	$	6,345.7	$	913.6
Mining and Pelletizing	1,643.3		1,643.1
Total segment assets	7,989.0		2,556.7
Corporate and Other (including discontinued operations)	491.9		947.1
Total assets	$	8,480.9	$	3,503.8