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Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v2.4.0.6
RELATED PARTIES
 6 Months Ended
Jun. 30, 2012
RELATED PARTIES

NOTE 17 – RELATED PARTIES

Three of our five U.S. iron ore mines and one of our two Eastern Canadian iron ore mines are owned with various joint venture partners that are integrated steel producers or their subsidiaries. We are the manager of each of the mines we co-own and rely on our joint venture partners to make their required capital contributions and to pay for their share of the iron ore pellets and concentrate that we produce. The joint venture partners are also our customers. The following is a summary of the mine ownership of these iron ore mines at JuneÌý30, 2012:

Ìý

Mine

 ÌýÌý CliffsÌýNatural
Resources 		Ìý ÌýÌý ArcelorMittal Ìý ÌýÌý U.S.ÌýSteel
Canada 		Ìý ÌýÌý WISCO Ìý

Empire

 ÌýÌý Ìý 79.0 ÌýÌý ÌýÌý Ìý 21.0 ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý

Tilden

 ÌýÌý Ìý 85.0 ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý ÌýÌý Ìý 15.0 ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý

Hibbing

 ÌýÌý Ìý 23.0 ÌýÌý ÌýÌý Ìý 62.3 ÌýÌý ÌýÌý Ìý 14.7 ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý

Bloom Lake

 ÌýÌý Ìý 75.0 ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý ÌýÌý Ìý -ÌýÌý ÌýÌý ÌýÌý Ìý 25.0 ÌýÌý

ArcelorMittal has a unilateral right to put its interest in the Empire mine to us, but has not exercised this right to date.

Product revenues from related parties were as follows:

Ìý

Ìý ÌýÌý (In Millions) Ìý
Ìý ÌýÌý ThreeÌýMonthsÌýEnded
JuneÌý30, 		Ìý Ìý SixÌýMonthsÌýEnded
JuneÌý30, 		Ìý
Ìý ÌýÌý 2012 Ìý Ìý 2011 Ìý Ìý 2012 Ìý Ìý 2011 Ìý

Product revenues from related parties

 ÌýÌý $ 465.4 ÌýÌý Ìý $ 610.7 ÌýÌý Ìý $ 797.3 ÌýÌý Ìý $ 924.3 ÌýÌý

Total product revenues

 ÌýÌý Ìý ÌýÌý1,546.6 ÌýÌý Ìý Ìý ÌýÌý1,705.0 ÌýÌý Ìý Ìý ÌýÌý2,747.5 ÌýÌý Ìý Ìý ÌýÌý2,838.0 ÌýÌý

Related party product revenue as a percent of total product revenue

 ÌýÌý Ìý 30.1 %Ìý Ìý Ìý 35.8 %Ìý Ìý Ìý 29.0 %Ìý Ìý Ìý 32.6 %Ìý

Amounts due from related parties recorded in Accounts receivable and Derivative assets, including customer supply agreements and provisional pricing arrangements, were $134.0 million and $180.4 million at JuneÌý30, 2012 and DecemberÌý31, 2011, respectively.ÌýAmounts due to related parties recorded in Other current liabilities, including provisional pricing arrangements and liabilities to minority parties, were $24.9 million and $43.0 million at JuneÌý30, 2012 and DecemberÌý31, 2011, respectively.