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Our results by segment are as follows:
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Revenues: |
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| AGÕæÈËƽ̨AGÕæÈËÊÔÍæmaking |
$ |
4,915Ìý
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|
|
$ |
5,808Ìý |
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|
$ |
9,942Ìý
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|
|
$ |
10,934Ìý |
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| Other Businesses |
177Ìý
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|
176Ìý |
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|
349Ìý
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|
|
345Ìý |
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| Total revenues |
$ |
5,092Ìý
|
|
|
$ |
5,984Ìý |
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|
$ |
10,291Ìý
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|
$ |
11,279Ìý |
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| Adjusted EBITDA: |
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| AGÕæÈËƽ̨AGÕæÈËÊÔÍæmaking |
$ |
306Ìý
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|
$ |
765Ìý |
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|
$ |
701Ìý
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|
$ |
1,005Ìý |
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| Other Businesses |
18Ìý
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|
15Ìý |
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|
35Ìý
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|
23Ìý |
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| Eliminations |
(1) |
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|
(5) |
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|
1Ìý
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|
|
(10) |
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| Total Adjusted EBITDA |
$ |
323Ìý
|
|
|
$ |
775Ìý |
|
|
$ |
737Ìý
|
|
|
$ |
1,018Ìý |
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The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Net income (loss) |
$ |
9Ìý
|
|
|
$ |
356Ìý |
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|
$ |
(44) |
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$ |
314Ìý |
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| Less: |
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| Interest expense, net |
(69) |
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|
(79) |
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|
(133) |
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|
(156) |
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| Income tax benefit (expense) |
15Ìý
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|
(102) |
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|
23Ìý
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|
(89) |
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| Depreciation, depletion and amortization |
(228) |
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|
(247) |
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|
(458) |
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|
(489) |
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|
291Ìý
|
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|
784Ìý |
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|
524Ìý
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|
1,048Ìý |
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| Less: |
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EBITDA of noncontrolling interests1
|
15Ìý
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|
17Ìý |
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|
36Ìý
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|
40Ìý |
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Weirton indefinite idle2
|
(40) |
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|
—� |
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|
(217) |
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|
—� |
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| Loss on extinguishment of debt |
(6) |
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|
—� |
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|
(27) |
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|
—� |
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| Other, net |
(1) |
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|
(8) |
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|
(5) |
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|
(10) |
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| Total Adjusted EBITDA |
$ |
323Ìý
|
|
|
$ |
775Ìý |
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$ |
737Ìý
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$ |
1,018Ìý |
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1 EBITDA of noncontrolling interests includes the following:
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| Net income attributable to noncontrolling interests |
$ |
7Ìý
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$ |
9Ìý |
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$ |
21Ìý
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$ |
24Ìý |
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| Depreciation, depletion and amortization |
8Ìý
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|
|
8Ìý |
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|
15Ìý
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|
16Ìý |
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| EBITDA of noncontrolling interests |
$ |
15Ìý
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|
$ |
17Ìý |
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$ |
36Ìý
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$ |
40Ìý |
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2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information.
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The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Depreciation, depletion and amortization: |
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|
|
|
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| AGÕæÈËƽ̨AGÕæÈËÊÔÍæmaking |
$ |
(219) |
|
|
$ |
(239) |
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|
$ |
(441) |
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|
$ |
(470) |
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| Other Businesses |
(9) |
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|
(8) |
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|
(17) |
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|
(19) |
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| Total depreciation, depletion and amortization |
$ |
(228) |
|
|
$ |
(247) |
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|
$ |
(458) |
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|
$ |
(489) |
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Capital additions1:
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| AGÕæÈËƽ̨AGÕæÈËÊÔÍæmaking |
$ |
187Ìý
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$ |
159Ìý |
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$ |
343Ìý
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$ |
286Ìý |
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| Other Businesses |
2Ìý
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|
2Ìý |
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|
3Ìý
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|
3Ìý |
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| Corporate |
â€�Ìý
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|
1Ìý |
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|
â€�Ìý
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|
1Ìý |
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| Total capital additions |
$ |
189Ìý
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$ |
162Ìý |
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$ |
346Ìý
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$ |
290Ìý |
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1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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