REVENUES

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Steelmaking:
Automotive	$	7,440	$	6,661	$	4,726
Infrastructure and manufacturing	5,612		5,869		5,380
Distributors and converters	5,330		6,388		7,671
Steel producers	2,949		3,465		2,124
Total Steelmaking	21,331		22,383		19,901
Other Businesses:
Automotive	545		478		426
Infrastructure and manufacturing	38		52		47
Distributors and converters	82		76		70
Total Other Businesses	665		606		543
Total revenues	$	21,996	$	22,989	$	20,444

The following table represents our Revenues by product line:

	Year Ended December 31,
(In millions)	2023		2022		2021
Steelmaking:
Hot-rolled steel	$	4,864	$	4,529	$	5,615
Cold-rolled steel	2,658		3,193		3,186
Coated steel	6,661		6,905		5,864
Stainless and electrical steel	2,281		2,284		1,622
Plate	1,444		1,651		1,316
Slab and other steel products	1,329		1,492		1,247
Other	2,094		2,329		1,051
Total Steelmaking	21,331		22,383		19,901
Other Businesses:
Other	665		606		543
Total revenues	$	21,996	$	22,989	$	20,444