Our results by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2018 |
Revenues: |
|
|
|
|
|
Steelmaking1
|
$ |
4,965
|
|
|
$ |
1,990 |
|
|
$ |
2,332 |
|
Other Businesses |
389
|
|
|
— |
|
|
— |
|
Total revenues |
$ |
5,354
|
|
|
$ |
1,990 |
|
|
$ |
2,332 |
|
|
|
|
|
|
|
Adjusted EBITDA: |
|
|
|
|
|
Steelmaking |
$ |
433
|
|
|
$ |
636 |
|
|
$ |
872 |
|
Other Businesses |
47
|
|
|
— |
|
|
— |
|
Corporate and eliminations |
(127) |
|
|
(111) |
|
|
(106) |
|
Total Adjusted EBITDA |
$ |
353
|
|
|
$ |
525 |
|
|
$ |
766 |
|
|
|
|
|
|
|
1 Includes Realization of deferred revenue of $35 million for the year ended December 31, 2020.
|
The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2018 |
Net income (loss) |
$ |
(81) |
|
|
$ |
293 |
|
|
$ |
1,128 |
|
Less: |
|
|
|
|
|
Interest expense, net |
(238) |
|
|
(101) |
|
|
(121) |
|
Income tax benefit (expense) |
111
|
|
|
(18) |
|
|
460 |
|
Depreciation, depletion and amortization |
(308) |
|
|
(85) |
|
|
(89) |
|
|
354
|
|
|
497 |
|
|
878 |
|
Less: |
|
|
|
|
|
EBITDA from noncontrolling interests1
|
56
|
|
|
— |
|
|
— |
|
Gain (loss) on extinguishment of debt |
130
|
|
|
(18) |
|
|
(7) |
|
Severance costs |
(38) |
|
|
(2) |
|
|
— |
|
Acquisition-related costs excluding severance costs |
(52) |
|
|
(7) |
|
|
— |
|
Amortization of inventory step-up |
(96) |
|
|
— |
|
|
— |
|
Impact of discontinued operations |
1
|
|
|
(1) |
|
|
121 |
|
Foreign exchange remeasurement |
—
|
|
|
— |
|
|
(1) |
|
Impairment of other long-lived assets |
—
|
|
|
— |
|
|
(1) |
|
Total Adjusted EBITDA |
$ |
353
|
|
|
$ |
525 |
|
|
$ |
766 |
|
|
|
|
|
|
|
1 EBITDA of noncontrolling interests includes $41 million for income and $15 million for depreciation, depletion and amortization for the year ended December 31, 2020.
|
The following table summarizes our depreciation, depletion and amortization and capital additions by segment:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2018 |
Depreciation, depletion and amortization: |
|
|
|
|
|
Steelmaking |
$ |
276
|
|
|
$ |
80 |
|
|
$ |
68 |
|
Other Businesses |
27
|
|
|
— |
|
|
— |
|
Corporate |
5
|
|
|
5 |
|
|
6 |
|
Total depreciation, depletion and amortization |
$ |
308
|
|
|
$ |
85 |
|
|
$ |
74 |
|
|
|
|
|
|
|
Capital additions1:
|
|
|
|
|
|
Steelmaking |
$ |
436
|
|
|
$ |
687 |
|
|
$ |
393 |
|
Other Businesses |
45
|
|
|
— |
|
|
— |
|
Corporate |
2
|
|
|
3 |
|
|
2 |
|
Total capital additions |
$ |
483
|
|
|
$ |
690 |
|
|
$ |
395 |
|
|
|
|
|
|
|
1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
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|