RELATED PARTIES

6 Months Ended

Jun. 30, 2021

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 June 30, 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 June 30, 2020, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties. As of June 30, 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	$	35		$	282		$	112		$	293
Revenues	$	5,045		$	1,093		$	9,094		$	1,452
Related party revenues as a percent of Revenues	1		%	26		%	1		%	20		%
Purchases from related parties	$	15		$	9		$	42		$	12

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	$	3	$	2

Accounts payable	(8)		(6)