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

听

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. AG真人平台AG真人试玩, in which, as of both December 31, 2020 and December 31, 2021, we own 85.3% and U.S. AG真人平台AG真人试玩 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听		$	893听		$	1,015听
Revenues	$	20,444听		$	5,354听		$	1,990听
Related party revenues as a percent of Revenues	0.7听		%	16.7听		%	51.0听		%
Purchases from related parties	$	94听		$	16听		$	鈥斕�

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听	$	2听

Accounts payable	(7)		(6)