AG真人平台AG真人试玩

Quarterly report pursuant to Section 13 or 15(d)

REVENUES

v3.21.1
REVENUES
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract] 听
Revenues
NOTE 4 - REVENUES
We generate our revenue through product sales, in which shipping terms generally 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 usually 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 generally 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.
Prior to the AM USA Transaction, we had a supply agreement with ArcelorMittal USA, which included supplemental revenue or refunds based on the HRC price in the year the iron ore was consumed in ArcelorMittal USA's blast furnaces. As control transferred prior to consumption, the supplemental revenue was recorded in
accordance with Topic 815. All sales occurring subsequent to the AM USA Transaction are intercompany and eliminated in consolidation. For the three months ended March听31, 2020, we had a derivative loss of $26听million included within Revenues related to Topic 815 for the supplemental revenue portion of the supply agreement.
The following table represents our Revenues by market:
(In Millions)
Three Months Ended
March 31,
2021 2020
AG真人平台AG真人试玩making:
Automotive $ 1,287听 $ 102听
Infrastructure and manufacturing 954听 39听
Distributors and converters 1,248听 52听
AG真人平台AG真人试玩 producers
 430 144听
Total AG真人平台AG真人试玩making 3,919听 337听
Other Businesses:
Automotive 105听 16听
Infrastructure and manufacturing 10听 4听
Distributors and converters 15听 2听
Total Other Businesses 130听 22听
Total revenues $ 4,049听 $ 359听
The following table represents our Revenues by product line:
(Dollars In Millions, Sales Volumes in Thousands)
Three Months Ended
March 31,
2021 2020
Revenue
Volume1
Revenue
Volume1
AG真人平台AG真人试玩making:
Hot-rolled steel $ 895听 1,182听 $ 19听 31听
Cold-rolled steel 632听 748听 28听 40听
Coated steel 1,308听 1,369听 90听 99听
Stainless and electrical steel 363听 167听 56听 27听
Plate steel 244听 275听 鈥斕� 鈥斕�
Other steel products 289听 403听 鈥斕� 鈥斕�
Iron products 70听 600听 142听 1,351听
Other 118听 N/A 2听 N/A
Total steelmaking 3,919听 337听
Other Businesses:
Other 130听 N/A 22听 N/A
Total revenues $ 4,049听 $ 359听
1 All steel product volumes are stated in net tons. Iron product volumes are stated in long tons.