AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

SEGMENT REPORTING

v3.24.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract] 听
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 鈥� AG真人平台AG真人试玩making, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment 鈥� AG真人平台AG真人试玩making. 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 AG真人平台AG真人试玩making segment operates as a leading North America-based steel producer supported by being the largest iron ore pellet producer as well as a leading prime scrap processor, 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 allocate Corporate Selling, general and administrative expenses to our operating segments.
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) 2024 2023 2024 2023
Revenues:
AG真人平台AG真人试玩making $ 4,915听 $ 5,808听 $ 9,942听 $ 10,934听
Other Businesses 177听 176听 349听 345听
Total revenues $ 5,092听 $ 5,984听 $ 10,291听 $ 11,279听
Adjusted EBITDA:
AG真人平台AG真人试玩making $ 306听 $ 765听 $ 701听 $ 1,005听
Other Businesses 18听 15听 35听 23听
Eliminations (1) (5) 1听 (10)
Total Adjusted EBITDA $ 323听 $ 775听 $ 737听 $ 1,018听
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
Three Months Ended
June 30,		 Six Months Ended
June 30,
(In millions) 2024 2023 2024 2023
Net income (loss) $ 9听 $ 356听 $ (44) $ 314听
Less:
Interest expense, net (69) (79) (133) (156)
Income tax benefit (expense) 15听 (102) 23听 (89)
Depreciation, depletion and amortization (228) (247) (458) (489)
291听 784听 524听 1,048听
Less:
EBITDA of noncontrolling interests1
15听 17听 36听 40听
Weirton indefinite idle2
(40) 鈥斕� (217) 鈥斕�
Loss on extinguishment of debt (6) 鈥斕� (27) 鈥斕�
Other, net (1) (8) (5) (10)
Total Adjusted EBITDA $ 323听 $ 775听 $ 737听 $ 1,018听
1 EBITDA of noncontrolling interests includes the following:
Net income attributable to noncontrolling interests $ 7听 $ 9听 $ 21听 $ 24听
Depreciation, depletion and amortization 8听 8听 15听 16听
EBITDA of noncontrolling interests $ 15听 $ 17听 $ 36听 $ 40听
2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
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) 2024 2023 2024 2023
Depreciation, depletion and amortization:
AG真人平台AG真人试玩making $ (219) $ (239) $ (441) $ (470)
Other Businesses (9) (8) (17) (19)
Total depreciation, depletion and amortization $ (228) $ (247) $ (458) $ (489)
Capital additions1:
AG真人平台AG真人试玩making $ 187听 $ 159听 $ 343听 $ 286听
Other Businesses 2听 2听 3听 3听
Corporate 鈥�听 1听 鈥�听 1听
Total capital additions $ 189听 $ 162听 $ 346听 $ 290听
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
The following summarizes our assets by segment:
(In millions) June 30,
2024		 December 31,
2023
Assets:
AG真人平台AG真人试玩making $ 16,362听 $ 16,880听
Other Businesses 666听 657听
Intersegment eliminations (506) (507)
Total segment assets 16,522听 17,030听
Corporate 406听 507听
Total assets $ 16,928听 $ 17,537听