REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

NOTE 3 - 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:

	Three Months Ended March 31,
(In millions)	2024		2023
Steelmaking:
Direct automotive	$	1,617	$	1,870
Infrastructure and manufacturing	1,392		1,297
Distributors and converters	1,412		1,258
Steel producers	606		701
Total Steelmaking	5,027		5,126
Other Businesses:
Direct automotive	140		139
Infrastructure and manufacturing	10		10
Distributors and converters	22		20
Total Other Businesses	172		169
Total revenues	$	5,199	$	5,295

The following tables represent our Revenues by product line:

	Three Months Ended March 31,
(In millions)	2024		2023
Steelmaking:
Hot-rolled steel	$	1,128	$	1,121
Cold-rolled steel	749		639
Coated steel	1,623		1,617
Stainless and electrical steel	461		574
Plate	333		331
Slab and other steel products	335		327
Other	398		517
Total Steelmaking	5,027		5,126
Other Businesses:
Other	172		169
Total revenues	$	5,199	$	5,295