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SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
SEGMENT REPORTING
NOTE 4 - SEGMENT REPORTING
We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products – Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment – Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as the largest flat-rolled steel producer supported by being the largest iron ore pellet producer as well as a leading prime scrap processor in North America, primarily serving the automotive, distributors and converters, and infrastructure and manufacturing markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation.
We evaluate performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, management believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business.
Our results by segment are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Revenues:
Steelmaking$5,808 $6,176 $10,934 $11,970 
Other Businesses176 161 345 322 
Total revenues$5,984 $6,337 $11,279 $12,292 
Adjusted EBITDA:
Steelmaking$765 $1,109 $1,005 $2,533 
Other Businesses15 20 23 49 
Eliminations(5)2 (10)1 
Total Adjusted EBITDA$775 $1,131 $1,018 $2,583 
The following table provides a reconciliation of our consolidated Net income to total Adjusted EBITDA:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Net income$356 $601 $314 $1,415 
Less:
Interest expense, net(79)(64)(156)(141)
Income tax expense(102)(157)(89)(394)
Depreciation, depletion and amortization(247)(250)(489)(551)
784 1,072 1,048 2,501 
Less:
EBITDA of noncontrolling interests1
17 13 40 35 
Loss on extinguishment of debt— (66)— (80)
Asset impairment— — — (29)
Other, net(8)(6)(10)(8)
Total Adjusted EBITDA$775 $1,131 $1,018 $2,583 
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests$9 $5 $24 $18 
Depreciation, depletion and amortization8 8 16 17 
EBITDA of noncontrolling interests$17 $13 $40 $35 
The following summarizes our assets by segment:
(In millions)June 30,
2023		December 31,
2022
Assets:
Steelmaking$17,819 $18,070 
Other Businesses293 315 
Total segment assets18,112 18,385 
Corporate/Eliminations191 370 
Total assets$18,303 $18,755 
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2023202220232022
Depreciation, depletion and amortization:
Steelmaking$(239)$(240)$(470)$(531)
Other Businesses(8)(10)(19)(20)
Total depreciation, depletion and amortization$(247)$(250)$(489)$(551)
Capital additions1:
Steelmaking$159 $297 $286 $472 
Other Businesses2 9 3 15 
Corporate1 2 1 2 
Total capital additions$162 $308 $290 $489 
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.