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Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v3.21.1
RELATED PARTIES
 3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract] Ìý
RELATED PARTIES
NOTE 15 - RELATED PARTIES
We have certain co-owned joint ventures with companies from the steel and mining industries, including integrated steel companies, their subsidiaries and other downstream users of steel and iron ore products.
Hibbing is a co-owned joint venture in which we own 85.3% and U.S. Steel owns 14.7% as of MarchÌý31, 2021. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in the Hibbing mine and became the majority owner and mine manager. Prior to the AM USA Transaction, ArcelorMittal was a related party due to its ownership interest in Hibbing. As such, for the three months ended March 31, 2020, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties. As of MarchÌý31, 2020, we owned 23% of Hibbing.
Revenues from related parties were as follows:
(In Millions)
Three Months Ended
March 31,
2021 2020
Revenue from related parties $ 77Ìý $ 11Ìý
Revenues $ 4,049Ìý $ 359Ìý
Related party revenues as a percent of Revenues 2Ìý % 3Ìý %
Purchases from related parties $ 27Ìý $ 3Ìý
The following table presents the classification of related party assets and liabilities in the Statements of Unaudited Condensed Consolidated Financial Position:
(In Millions)
Balance Sheet Location of Assets (Liabilities) March 31,
2021		 December 31,
2020
Accounts receivable, net $ 30Ìý $ 2Ìý
Accounts payable (9) (6)