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Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v3.21.2
RELATED PARTIES
 6 Months Ended
Jun. 30, 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 JuneÌý30, 2021. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in Hibbing 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 and six months ended JuneÌý30, 2020, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties. As of JuneÌý30, 2020, we owned 23% of Hibbing.
Revenues from related parties were as follows:
(In Millions)
Three Months Ended
June 30,		 Six Months Ended
June 30,
2021 2020 2021 2020
Revenues from related parties $ 35Ìý $ 282Ìý $ 112Ìý $ 293Ìý
Revenues $ 5,045Ìý $ 1,093Ìý $ 9,094Ìý $ 1,452Ìý
Related party revenues as a percent of Revenues 1Ìý % 26Ìý % 1Ìý % 20Ìý %
Purchases from related parties $ 15Ìý $ 9Ìý $ 42Ìý $ 12Ìý
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) June 30,
2021		 December 31,
2020
Accounts receivable, net $ 3Ìý $ 2Ìý
Accounts payable (8) (6)