REVENUES

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 4 - 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.

Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. Included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement is derivative revenue of $31 million and $6 million for the three and six months ended June 30, 2020, respectively.

The following table represents our Revenues by market:

	(In Millions)
	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Steelmaking:
Automotive	$	1,130	$	309	$	2,428	$	411
Infrastructure and manufacturing	1,312		191		2,286		230
Distributors and converters	1,948		139		3,225		191
Steel producers	532		384		902		528
Total Steelmaking	4,922		1,023		8,841		1,360
Other Businesses:
Automotive	96		49		201		65
Infrastructure and manufacturing	11		13		21		17
Distributors and converters	16		8		31		10
Total Other Businesses	123		70		253		92
Total revenues	$	5,045	$	1,093	$	9,094	$	1,452

The following tables represent our Revenues by product line:

	(Dollars in Millions, Sales Volumes in Thousands)
	Three Months Ended June 30,
	2021			2020
	Revenue		Volume1	Revenue		Volume1
Steelmaking:
Hot-rolled steel	$	1,485	1,386	$	42	63
Cold-rolled steel	773		720	88		123
Coated steel	1,379		1,247	301		333
Stainless and electrical steel	397		168	208		95
Plate steel	321		273	—		—
Other steel products	345		411	—		—
Iron products	155		849	377		3,718
Other	67		N/A	7		N/A
Total Steelmaking	4,922			1,023
Other Businesses:
Other	123		N/A	70		N/A
Total revenues	$	5,045		$	1,093
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.

	(Dollars in Millions, Sales Volumes in Thousands)
	Six Months Ended June 30,
	2021			2020
	Revenue		Volume1	Revenue		Volume1
Steelmaking:
Hot-rolled steel	$	2,404	2,568	$	61	94
Cold-rolled steel	1,417		1,468	116		163
Coated steel	2,703		2,616	391		432
Stainless and electrical steel	760		335	264		122
Plate steel	572		548	—		—
Other steel products	635		814	—		—
Iron products	225		1,449	519		5,069
Other	125		N/A	9		N/A
Total steelmaking	8,841			1,360
Other Businesses:
Other	253		N/A	92		N/A
Total revenues	$	9,094		$	1,452
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.