Customer Concentrations

12 Months Ended

Dec. 31, 2022

3. Customer Concentrations

In 2022, the Company sold approximately 3.4 million tons of coke under long-term, take-or-pay contracts to its two primary customers in the U.S.: Cleveland-Cliffs Steel Holding Corporation and Cleveland-Cliffs Steel LLC, subsidiaries of Cleveland-Cliffs Inc. and collectively referred to as "Cliffs Steel," and United States Steel Corporation ("U.S. Steel").

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


	Year Ended December 31,
	2022				2021
	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)
Cliffs Steel(1)	$	1,182.8	60.0	%	$	994.6	68.3	%
U.S. Steel(2)	$	284.8	14.4	%	$	210.0	14.4	%


	Years 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)(3)	$	687.3	51.6	%
Cliffs Steel / AK Steel(1)(3)	$	355.8	26.7	%
U.S. Steel(2)	$	208.2	15.6	%

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

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

(3)In March 2020, Cleveland-Cliffs Inc. completed the acquisition of AK Steel Holding Corporation ("AK Steel"), and subsequently changed the name of AK Steel to Cleveland-Cliffs Steel Holding Corporation. In December 2020, Cliffs completed the acquisition of ArcelorMittal USA LLC ("AM USA"), and subsequently changed the name of AM USA to Cleveland-Cliffs Steel LLC. As stated above, subsequent to the acquisitions we collectively refer to these subsidiaries as Cliffs Steel.

The Company generally does not require any collateral with respect to its receivables due under long-term, take-or-pay contracts. Receivables due from Cliffs Steel and U.S. Steel were approximately $33.5 million and $7.1 million as of December 31, 2022, respectively, and $30.0 million and $7.3 million as of December 31, 2021, respectively. These balances comprised approximately 39 percent and 48 percent of the Company's receivables balance as of December 31, 2022 and 2021, respectively. As a result, the Company experiences concentrations of credit risk in its receivables with these customers, which may be affected by changes in economic or other conditions affecting the steel industry.