Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v2.4.1.9
RELATED PARTIES
 3 Months Ended
Mar. 31, 2015
Related Party Transactions [Abstract]  
RELATED PARTIES
NOTE 18 - RELATED PARTIES
Three of our five U.S. 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 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 March 31, 2015:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Corporation
 
Empire
 
79.0
%
 
21.0
%
 
—

 
Tilden
 
85.0
%
 
—

 
15.0
%
 
Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 

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
March 31,
 
2015
 
2014
Product revenues from related parties
$
110.4

 
$
134.4

Total product revenues
399.5

 
559.2

Related party product revenue as a percent of total product revenue
27.6
%
 
24.0
%

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 $61.2 million and $127.6 million at March 31, 2015 and December 31, 2014, respectively. Amounts due to related parties recorded in Accounts payable and Other current liabilities, including provisional pricing arrangements, were $0.1 million at March 31, 2015 and amounts including provisional pricing arrangements and liabilities to related parties were $11.8 million at December 31, 2014.