Customer Concentrations

12 Months Ended

Dec. 31, 2020

4. Customer Concentrations

Historically, coke sales were made by the Company under long-term, take-or-pay contracts to three primary customers in the U.S.: ArcelorMittal USA LLC ("AM USA"), AK Steel Holding Corporation ("AK Steel") and United States Steel Corporation ("U.S. Steel"). In March 2020, Cleveland-Cliffs Inc. ("Cliffs") completed the acquisition of AK Steel, and subsequently changed the name of AK Steel to Cleveland-Cliffs Steel Holding Corporation. In December 2020, Cliffs completed the acquisition of AM USA, and subsequently changed the name of AM USA to Cleveland-Cliffs Steel LLC. Collectively, we refer to Cleveland-Cliffs Steel Holding Corporation and Cleveland-Cliffs Steel LLC as "Cliffs Steel."

Our contracts with each entity were not impacted by the transactions that occurred in 2020. Contracts with Cliffs Steel are expected to account for approximately 75 percent of our domestic cokemaking capacity in 2021 and approximately 65 percent of our domestic cokemaking capacity in 2022.

In 2020, the Company sold approximately 3.8 million tons of coke under long-term, take-or-pay contracts.

The tables below shows sales to the Company's significant customers:


	Year Ended December 31,
	2020
	Sales and other operating revenue		Percent of Company sales and other operating revenue
	(Dollars in millions)
Cliffs Steel / AM USA(1)(2)	$	687.3	51.6	%
Cliffs Steel / AK Steel(1)(2)	$	355.8	26.7	%
U.S. Steel(3)	$	208.2	15.6	%


	Years Ended December 31,
		2019				2018
		Sales and other operating revenue		Percent of Company sales and other operating revenue		Sales and other operating revenue		Percent of Company sales and other operating revenue
	(Dollars in millions)
AM USA(2)		$	786.4	49.1	%	$	695.6	47.9	%
AK Steel(2)		$	433.3	27.1	%	$	377.9	26.0	%
U.S. Steel(3)		$	255.4	16.0	%	$	206.8	14.3	%

(1)Combined sales to Cliffs Steel/AM USA and Cliffs Steel/AK Steel were $1,043.1 million, or 78.3 percent of total Company sales and other operating revenue for the year ended December 31, 2020.

(2)Represents revenues included in our Domestic Coke segment.

(3)Represents revenues included in our Domestic Coke and Logistics segments.

The Company generally does not require any collateral with respect to its receivables. At December 31, 2020, the Company’s receivables balance was primarily due from Cliffs Steel and U.S. Steel, with receivables due of $22.9 million and $6.3 million, respectively. At December 31, 2019, the Company's receivables balance was primarily due from AM USA, AK Steel and U.S. Steel, with receivables due of $19.5 million, $13.2 million, and $7.3 million, respectively. As a result, the Company experiences concentrations of credit risk in its receivables with these customers. These concentrations of credit risk may be affected by changes in economic or other conditions affecting the steel industry.