Cleveland-Cliffs Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

RELATED PARTIES

RELATED PARTIES

12 Months Ended

Dec. 31, 2021

NOTE 17 - 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 with U.S. Steel, in which, as of both December 31, 2020 and December 31, 2021, we own 85.3% and U.S. Steel owns 14.7%. As a result of the AM USA Transaction, we acquired an additional 62.3% ownership stake in the Hibbing mine 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, certain long-term contracts with ArcelorMittal resulted in Revenues from related parties, and are included within the below.

Revenues from related parties were as follows:


	(In Millions)
	Year Ended December 31,
	2021			2020			2019
Revenue from related parties	$	139		$	893		$	1,015
Revenues	$	20,444		$	5,354		$	1,990
Related party revenues as a percent of Revenues	0.7		%	16.7		%	51.0		%
Purchases from related parties	$	94		$	16		$	—

The following table presents the classification of related party assets and liabilities in the Statements of Consolidated Financial Position:


	(In Millions)
	December 31,
Balance Sheet Location of Assets (Liabilities)	2021		2020
Accounts receivable, net	$	3	$	2

Accounts payable	(7)		(6)