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Annual report pursuant to Section 13 and 15(d)

RELATED PARTIES

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RELATED PARTIES
 12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract] Ìý
RELATED PARTIES
NOTE 17 - 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 with U.S. Steel, in which, as of both December 31, 2020 and December 31, 2021, we own 85.3% and U.S. Steel owns 14.7%. 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, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties, and are included within the below.
Revenues from related parties were as follows:
(In Millions)
Year Ended December 31,
2021 2020 2019
Revenue from related parties $ 139Ìý $ 893Ìý $ 1,015Ìý
Revenues $ 20,444Ìý $ 5,354Ìý $ 1,990Ìý
Related party revenues as a percent of Revenues 0.7Ìý % 16.7Ìý % 51.0Ìý %
Purchases from related parties $ 94Ìý $ 16Ìý $ —Ìý
The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:
(In Millions)
December 31,
Balance Sheet Location of Assets (Liabilities) 2021 2020
Accounts receivable, net $ 3Ìý $ 2Ìý
Accounts payable (7) (6)