Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

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RELATED PARTIES
 9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
RELATED PARTIES
NOTE 16 - RELATED PARTIES
Three of our five U.S. iron ore mines and our Bloom Lake mine in Eastern Canada 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 September 30, 2014:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
 
WISCO
Empire
 
79.0
%
 
21.0
%
 
—

 
—

Tilden
 
85.0
%
 
—

 
15.0
%
 
—

Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 
—

Bloom Lake
 
82.8
%
 
—

 
—

 
17.2
%

During the first quarter of 2014, we announced that we entered into a revised commercial agreement with ArcelorMittal to supply iron ore pellets for an additional two years through the end of January 2017, with a mutual option to extend for a third year. In addition, Cliffs and ArcelorMittal also extended the joint partnership for the Empire mine preventing the impending closure in 2014.
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:
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Product revenues from related parties
$
390.0

 
$
455.5

 
$
929.0

 
$
1,211.6

Total product revenues
1,190.8

 
1,454.6

 
3,070.3

 
3,928.8

Related party product revenue as a percent of total product revenue
32.8
%
 
31.3
%
 
30.3
%
 
30.8
%

Amounts due from related parties recorded in Accounts receivable, net and Other current assets, including trade accounts receivable, a customer supply agreement and provisional pricing arrangements, were $103.4 million and $132.0 million at September 30, 2014 and December 31, 2013, respectively. Amounts due to related parties recorded in Accounts payable and Other current liabilities, including provisional pricing arrangements, were $27.2 million at September 30, 2014 and amounts including provisional pricing arrangements and liabilities to related parties were $25.1 million at December 31, 2013.