REVENUES

12 Months Ended

Dec. 31, 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:

	Year Ended December 31,
(In millions)	2022		2021		2020
Steelmaking:
Direct automotive	$	6,661	$	4,726	$	2,062
Infrastructure and manufacturing	5,869		5,380		784
Distributors and converters	6,388		7,671		696
Steel producers	3,465		2,124		1,423
Total Steelmaking	22,383		19,901		4,965
Other Businesses:
Direct automotive	478		426		329
Infrastructure and manufacturing	52		47		34
Distributors and converters	76		70		26
Total Other Businesses	606		543		389
Total revenues	$	22,989	$	20,444	$	5,354

The following table represents our Revenues by product line:

	Year Ended December 31,
(In millions)	2022		2021		2020
Steelmaking:
Hot-rolled steel	$	4,529	$	5,615	$	386
Cold-rolled steel	3,193		3,186		490
Coated steel	6,905		5,864		1,747
Stainless and electrical steel	2,284		1,622		868
Plate	1,651		1,316		46
Slab and other steel products	1,492		1,247		46
Other	2,329		1,051		1,382
Total steelmaking	22,383		19,901		4,965
Other Businesses:
Other	606		543		389
Total revenues	$	22,989	$	20,444	$	5,354