REVENUES

9 Months Ended

Sep. 30, 2022

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.

The following table represents our Revenues by market:

	(In Millions)				(In Millions)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Steelmaking:
Automotive	$	1,734	$	1,149	$	4,985	$	3,577
Infrastructure and manufacturing	1,462		1,603		4,619		3,889
Distributors and converters	1,468		2,447		5,137		5,672
Steel producers	847		670		2,740		1,572
Total Steelmaking	5,511		5,869		17,481		14,710
Other Businesses:
Automotive	113		105		359		306
Infrastructure and manufacturing	14		12		43		33
Distributors and converters	15		18		62		49
Total Other Businesses	142		135		464		388
Total revenues	$	5,653	$	6,004	$	17,945	$	15,098

The following tables represent our Revenues by product line:

	(Dollars in Millions, Sales Volumes in Thousands of Net Tons)
	Three Months Ended September 30,
	2022			2021
	Revenue		Volume	Revenue		Volume
Steelmaking:
Hot-rolled steel	$	1,050	1,055	$	1,800	1,332
Cold-rolled steel	740		530	935		728
Coated steel	1,757		1,203	1,635		1,291
Stainless and electrical steel	596		196	441		177
Plate	432		228	357		244
Other steel products	370		423	374		381
Other	566		N/A	327		N/A
Total Steelmaking	5,511			5,869
Other Businesses:
Other	142		N/A	135		N/A
Total revenues	$	5,653		$	6,004

	(Dollars in Millions, Sales Volumes in Thousands of Net Tons)
	Nine Months Ended September 30,
	2022			2021
	Revenue		Volume	Revenue		Volume
Steelmaking:
Hot-rolled steel	$	3,495	2,996	$	4,204	3,900
Cold-rolled steel	2,593		1,771	2,352		2,196
Coated steel	5,338		3,636	4,338		3,907
Stainless and electrical steel	1,765		579	1,201		512
Plate	1,306		687	929		792
Other steel products	1,121		1,244	1,009		1,195
Other	1,863		N/A	677		N/A
Total Steelmaking	17,481			14,710
Other Businesses:
Other	464		N/A	388		N/A
Total revenues	$	17,945		$	15,098