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Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v3.21.2
RELATED PARTIES
 9 Months Ended
Sep. 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 of which we own 85.3% and U.S. Steel owns 14.7% as of SeptemberÌý30, 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 nine months ended SeptemberÌý30, 2020, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties. As of SeptemberÌý30, 2020, we owned 23% of Hibbing.
Revenues from related parties were as follows:
(In Millions)
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Revenues from related parties $ 11Ìý $ 294Ìý $ 123Ìý $ 587Ìý
Revenues $ 6,004Ìý $ 1,646Ìý $ 15,098Ìý $ 3,098Ìý
Related party revenues as a percent of Revenues —Ìý % 18Ìý % 1Ìý % 19Ìý %
Purchases from related parties $ 16Ìý $ 8Ìý $ 58Ìý $ 20Ìý
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) September 30,
2021		 December 31,
2020
Accounts receivable, net $ 4Ìý $ 2Ìý
Accounts payable (7) (6)