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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,
2022202120222021
Steelmaking:
Automotive$1,734 $1,149 $4,985 $3,577 
Infrastructure and manufacturing1,462 1,603 4,619 3,889 
Distributors and converters1,468 2,447 5,137 5,672 
Steel producers
847 670 2,740 1,572 
Total Steelmaking5,511 5,869 17,481 14,710 
Other Businesses:
Automotive113 105 359 306 
Infrastructure and manufacturing14 12 43 33 
Distributors and converters15 18 62 49 
Total Other Businesses142 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,
20222021
RevenueVolumeRevenueVolume
Steelmaking:
Hot-rolled steel$1,050 1,055 $1,800 1,332 
Cold-rolled steel740 530 935 728 
Coated steel1,757 1,203 1,635 1,291 
Stainless and electrical steel596 196 441 177 
Plate432 228 357 244 
Other steel products370 423 374 381 
Other566 N/A327 N/A
Total Steelmaking5,511 5,869 
Other Businesses:
Other142 N/A135 N/A
Total revenues$5,653 $6,004 
(Dollars in Millions,
Sales Volumes in Thousands of Net Tons)
Nine Months Ended September 30,
20222021
RevenueVolumeRevenueVolume
Steelmaking:
Hot-rolled steel$3,495 2,996 $4,204 3,900 
Cold-rolled steel2,593 1,771 2,352 2,196 
Coated steel5,338 3,636 4,338 3,907 
Stainless and electrical steel1,765 579 1,201 512 
Plate1,306 687 929 792 
Other steel products1,121 1,244 1,009 1,195 
Other1,863 N/A677 N/A
Total Steelmaking17,481 14,710 
Other Businesses:
Other464 N/A388 N/A
Total revenues$17,945 $15,098