REVENUES

9 Months Ended

Sep. 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 $9 million and $14 million for the three and nine months ended September 30, 2020, respectively.

The following table represents our Revenues by market:

	(In Millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Steelmaking:
Automotive	$	1,149	$	790	$	3,577	$	1,201
Infrastructure and manufacturing	1,603		190		3,889		420
Distributors and converters	2,447		135		5,672		326
Steel producers	670		391		1,572		919
Total Steelmaking	5,869		1,506		14,710		2,866
Other Businesses:
Automotive	105		123		306		188
Infrastructure and manufacturing	12		9		33		26
Distributors and converters	18		8		49		18
Total Other Businesses	135		140		388		232
Total revenues	$	6,004	$	1,646	$	15,098	$	3,098

The following tables represent our Revenues by product line:

	(Dollars in Millions, Sales Volumes in Thousands)
	Three Months Ended September 30,
	2021			2020
	Revenue		Volume1	Revenue		Volume1
Steelmaking:
Hot-rolled steel	$	1,800	1,332	$	89	134
Cold-rolled steel	935		728	126		179
Coated steel	1,635		1,291	604		656
Stainless and electrical steel	441		177	296		146
Plate steel	357		244	—		—
Other steel products	374		381	—		—
Iron products	252		1,426	384		3,703
Other	75		N/A	7		N/A
Total Steelmaking	5,869			1,506
Other Businesses:
Other	135		N/A	140		N/A
Total revenues	$	6,004		$	1,646
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)
	Nine Months Ended September 30,
	2021			2020
	Revenue		Volume1	Revenue		Volume1
Steelmaking:
Hot-rolled steel	$	4,204	3,900	$	150	228
Cold-rolled steel	2,352		2,196	242		342
Coated steel	4,338		3,907	995		1,088
Stainless and electrical steel	1,201		512	560		268
Plate steel	929		792	—		—
Other steel products	1,009		1,195	—		—
Iron products	477		2,875	903		8,772
Other	200		N/A	16		N/A
Total steelmaking	14,710			2,866
Other Businesses:
Other	388		N/A	232		N/A
Total revenues	$	15,098		$	3,098
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.