Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

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RELATED PARTIES
 9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
RELATED PARTIES
NOTE 17 - RELATED PARTIES
Three of our five U.S. iron ore mines and one of our two Eastern Canadian 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 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, 2013:
Mine
 
Cliffs Natural Resources
 
ArcelorMittal
 
U.S. Steel Canada
 
WISCO
Empire
 
79.0
%
 
21.0
%
 
—

 
—

Tilden
 
85.0
%
 
—

 
15.0
%
 
—

Hibbing
 
23.0
%
 
62.3
%
 
14.7
%
 
—

Bloom Lake
 
75.0
%
 
—

 
—

 
25.0
%

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,
 
2013
 
2012
 
2013
 
2012
Product revenues from related parties
$
455.5

 
$
476.1

 
$
1,211.6

 
$
1,279.6

Total product revenues
1,454.6

 
1,447.9

 
3,928.8

 
4,096.6

Related party product revenue as a percent of total product revenue
31.3
%
 
32.9
%
 
30.8
%
 
31.2
%

Amounts due from related parties recorded in Accounts receivable, net and Derivative assets, including customer supply agreements and provisional pricing arrangements, were $124.2 million and $149.8 million at September 30, 2013 and December 31, 2012, respectively. Amounts due to related parties recorded in Other current liabilities, including provisional pricing arrangements and liabilities to related parties, were $38.5 million and $20.2 million at September 30, 2013 and December 31, 2012, respectively.