Cleveland-Cliffs
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<TITLE>Cleveland-Cliffs Form 10-K405/yr-end 12-31-00</TITLE>
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<A name="toc"><DIV align="CENTER"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEMS 1 AND 2. BUSINESS AND PROPERTIES.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 3. LEGAL PROCEEDINGS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 5. MARKET FOR REGISTRANTS&#146; COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 6. SELECTED FINANCIAL DATA.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 7. A. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">REPORT OF INDEPENDENT AUDITORS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">PART III</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#014">ITEM 11. EXECUTIVE COMPENSATION.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">PART IV</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">EXHIBIT INDEX</A></TD></TR>
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<div align="center"><B>SECURITIES AND EXCHANGE COMMISSION</B><BR>
Washington, D.C. 20549<BR>
________________________<BR></div>

<P align="center"><FONT size="4"><B>FORM 10-K</B></FONT>


<p>[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<BR>
<div align="center">For fiscal year ended December&nbsp;31, 1999<BR>
OR<BR></div>
<P>[&nbsp;&nbsp;&nbsp;] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<BR>
<div align="center">For the transition period from ______ to ______.</div>


<P>
<div align="center"><B>Commission File Number: 1-8944<BR>
<FONT size="4">CLEVELAND-CLIFFS INC</FONT></B><BR>
(Exact name of registrant as specified in its charter)</div>


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<TD align="center" valign="top"><FONT size="3"><B>Ohio</B></FONT></TD>
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<B>34-1464672</B></FONT></TD>
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<TD align="center" valign="top"><FONT size="2"><B>(State or other jurisdiction of incorporation)</B></FONT></TD>
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<B>(I.R.S. Employer Identification No.)</B></FONT></TD>
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<P align="center">1100 Superior Avenue, Cleveland, Ohio 44114-2589<BR>
(Address of principal executive offices) (Zip Code)<BR>
Registrant&#146;s telephone number, including area code: (216)&nbsp;694-5700<BR>
_____________________________________________________


<P align="center"><B>SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:</B>

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<TD align="center" valign="bottom"><FONT size="3">Title of Each Class</FONT></TD>
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Name of Each Exchange<BR>
on Which Registered</FONT></TD>
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<TD align="center" valign="top"><FONT size="3">Common Shares &#151; par value $1.00 per share</FONT></TD>
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New York Stock Exchange and<BR>
Chicago Stock Exchange</FONT></TD>
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<P align="center">SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12&nbsp;months (or for such shorter period that the
registrant was required to file such reports), and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days. YES
<U>&nbsp;&nbsp;X&nbsp;&nbsp;</U> &nbsp;&nbsp;&nbsp;&nbsp; NO
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of the Regulation&nbsp;S-K is not contained herein, and will not be contained,
to the best of registrant&#146;s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form&nbsp;10-K or any
amendment to this Form&nbsp;10-K. [ X ]

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;1, 2000, the aggregate market value of the voting and
non-voting stock held by non-affiliates of the registrant, based on the closing
price of $24.125 per share as reported on the New York Stock Exchange -
Composite Index was $246,437,285 (excluded from this figure is the voting stock
beneficially owned by the registrant&#146;s officers and directors).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of shares outstanding of the registrant&#146;s $1.00 par value
common stock was 10,665,756 as of March&nbsp;1, 2000.
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<B>DOCUMENTS INCORPORATED BY REFERENCE</B>
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<TD width="1%" align="left">1.</TD>
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<TD width="96%">Portions of registrant&#146;s 1999 Annual Report to Shareholders are filed as
Exhibits 13(a) through 13(j) and are incorporated by reference into Parts
I, II and IV.</TD>
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<TD width="1%" align="left">2.</TD>
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<TD width="96%">Portions of registrant&#146;s Proxy Statement for the Annual Meeting of
Shareholders scheduled to be held May&nbsp;9, 2000 are incorporated by
reference into Part III.</TD>
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<!-- link1 "PART I" -->
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<P align="center"><B>PART I</B>

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<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><B>ITEMS 1 AND 2. BUSINESS AND PROPERTIES.</B>

<P align="center"><B>INTRODUCTION</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs Inc (including its consolidated subsidiaries, the
&#147;Company&#148;) is the successor to business enterprises whose beginnings can be
traced to earlier than 1850. The Company&#146;s headquarters are at 1100 Superior
Avenue, Cleveland, Ohio 44114-2589, and its telephone number is (216)&nbsp;694-5700.

<P align="center"><B>BUSINESS</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has two business segments offering differing iron products and
services to the steel industry, with iron ore being the Company&#146;s dominant
segment and ferrous metallics being the other segment. The ferrous metallics
segment consists of a hot briquetted iron venture project located in Trinidad
and Tobago and other developmental activities. The Company is pursuing
additional investment opportunities, domestically and internationally, to
broaden its scope as a supplier of iron units to the steel industry, including
investments in iron ore pellet or ferrous metallics facilities.

<P align="center"><B><U>Iron Ore</U></B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company owns, directly or indirectly, three major iron ore operating
subsidiaries, The Cleveland-Cliffs Iron Company (&#147;CCIC&#148;), Cliffs Mining Company
(&#147;CMC&#148;) and Northshore Mining Company (&#147;Northshore&#148;). CCIC and CMC hold
interests in various independent iron ore mining ventures (&#147;mining ventures&#148;)
and act as managing agents. The operations of Northshore are entirely owned by
the Company. Collectively, CCIC, CMC and Northshore manage and own interests in
mines; sell iron ore pellets; control, develop, and lease reserves to mine
owners; and provide ancillary services to the mines. The operations of each
mine are independent of the other mines. Iron ore production activities are
conducted in the United States and Canada. Iron ore is marketed by the
subsidiaries in the United States, Canada, and Europe.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information on the iron ore business, including royalties and
management fees for the years 1997-1999, see Note 2 in the Notes to the
Company&#146;s Consolidated Financial Statements in the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999, which Note 2 is
contained in Exhibit&nbsp;13(g) and incorporated herein by reference and made a part
hereof.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information concerning operations of the Company, see material under
the heading &#147;Summary of Financial and Other Statistical Data&#148; in the Company&#146;s
Annual Report to Security Holders for the year ended December&nbsp;31, 1999, which
Summary of Financial and Other Statistical Data is contained in Exhibit&nbsp;13(j)
and incorporated herein by reference and made a part hereof.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCIC owns or holds long-term leasehold interests in active North American
properties containing an estimated 1.5&nbsp;billion tons of crude iron ore reserves
(approximately 486&nbsp;million tons of equivalent standard iron ore pellets). CCIC,
CMC and Northshore manage six active mines in North America with a total rated
annual capacity of 41.6&nbsp;million tons and own equity interests in five of these
mines (see Table on page 4).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCIC, CMC and Northshore&#146;s United States properties include two active
open-pit mines and pellet plants, on the Marquette Range of the Upper Peninsula
of Michigan, and three active open-pit mines and pellet plants on the Mesabi
Range in Minnesota. CMC acts only in the capacity of manager at one of the
Mesabi Range facilities. Two railroads, one of which is 99.5% owned by a
subsidiary of

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<P>the Company, link the Marquette Range with Lake Michigan at the
loading port of Escanaba and with Lake Superior at the loading port of
Marquette. From the Mesabi Range, pellets are transported by rail to
shiploading ports at Superior, Wisconsin and Taconite Harbor, Minnesota. At
Northshore, crude ore is shipped by rail from the mine to processing facilities
at Silver Bay, Minnesota, also the upper lakes port of shipment. In addition,
in Canada, there is an open-pit mine and concentrator at Wabush, Labrador,
Newfoundland and a pellet plant and dock facility at Pointe Noire, Quebec. At
Wabush Mines, concentrates are shipped by rail from the Scully Mine at Wabush
to Pointe Noire where they are pelletized for shipment via vessel to Canada,
United States and Europe or shipped as concentrates for sinter feed to Europe.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCIC leases or subleases its reserves to certain mining ventures which pay
royalties to CCIC on such reserves based on the tonnage and the iron content of
iron ore produced. The royalty rates on leased or subleased reserves are
subject to periodic adjustments based on changes in the Bureau of Labor
Statistics producer price index for all commodities or on certain iron ore and
steel price indices. The mining ventures, except for LTV Steel Mining Company
which is wholly-owned by LTV Steel Company, include as participants CCIC or CMC
and steel producers (who are &#147;participants&#148; either directly or through
subsidiaries).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCIC and CMC, pursuant to management agreements with the participants
having operating interests in the mining ventures, manage the operation of iron
ore mines and concentrating and pelletizing plants to produce iron ore pellets
for steel producers. CCIC and CMC are reimbursed by the participants of the
mining ventures for substantially all expenses incurred by CCIC and CMC in
operating the mines and mining ventures. In addition, CCIC and CMC are paid
management fees based on the tonnage of iron ore produced. A substantial
portion of such fees is subject to escalation adjustments in a manner similar
to the royalty adjustments.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the active mines in which CCIC and CMC have an equity
interest, such interests range from 15% to 40% (see Table on page 4). Pursuant
to certain operating agreements at each mine, each participant is generally
obligated to take its share of production for its own use. CCIC and CMC&#146;s
share of production is resold to steel manufacturers pursuant to multi-year
contracts, usually with price adjustment provisions, or one-year contracts.
Pursuant to operating agreements at each mine, each participant is entitled to
nominate the amount of iron ore which will be produced for its account for that
year. During the year, such nomination generally may be increased (subject to
capacity availability) or decreased (subject to certain minimum production
levels) by a specified amount. During 1999, the North American mines produced
36.2&nbsp;million tons of iron ore compared to 40.3&nbsp;million tons in 1998 of which
the Company&#146;s share was 8.8&nbsp;million tons versus 11.4 million tons in 1998. The
decrease was mainly due to production curtailments which were undertaken to
reduce inventory levels because of lower Company sales volume. The Company and its
steel company participants have elected to begin year 2000 operating the mines
at capacity levels.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffs Minnesota Minerals Company, a subsidiary of the Company, owns an
iron ore operation (Northshore) and power plant (Silver Bay Power Company
(&#147;Silver Bay Power&#148;)) in Minnesota with 4.3&nbsp;million annual tons of active
capacity for production of standard and flux pellets (equivalent to 4.8&nbsp;million
tons of standard pellet capacity), supported by a 115 megawatt power generation
plant, and an estimated 1.1&nbsp;billion tons of magnetite crude iron ore reserves
(approximately 351&nbsp;million tons of equivalent standard iron ore pellets) leased
mainly from the Mesabi Trust. Production in 1999 was 3.9&nbsp;million tons of
standard and flux pellets.

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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;29, 1998, Acme Metals Incorporated and its wholly-owned
subsidiary Acme Steel Company (&#147;Acme&#148;) petitioned for protection under Chapter
11 of the U.S. Bankruptcy Code. Acme is a partner in the
Company&#146;s managed Wabush Mines and the Company has a multi-year pellet sales
contract to supply Acme iron ore pellets. At the time of the bankruptcy
filing, the Company had a receivable from Acme of $1.2&nbsp;million, which has been
fully provided for in the allowance for doubtful accounts. Since Acme&#146;s
bankruptcy filing, Acme has continued its ongoing commercial relationship with
Wabush Mines and the Company. Pellet sales by the Company to Acme in 1999
represented less than 8% of the Company&#146;s total sales volume.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following is a table of production, current defined capacity, and implied
exhaustion dates for the iron ore mines currently managed or owned by CCIC, CMC
and Northshore. The exhaustion dates are based on estimated mineral reserves
and full production rates, which could be affected, among other things, by
future industry conditions, geological conditions, and ongoing mine planning.
Maintenance of effective production capacity or implied exhaustion dates could
require increases in capital and development expenditures. Alternatively,
changes in economic conditions or the expected quality of ore reserves could
decrease capacity or accelerate exhaustion dates. Technological progress could
alleviate such factors or increase capacity or mine life.

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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Company's</B></FONT></TD>
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<TD nowrap align="center" colspan="11"><FONT size="2"><B>Current</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Current</B></FONT></TD>
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<TD nowrap align="center" colspan="11"><FONT size="2"><B>Pellet Production</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>Current</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>Operating</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Implied</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Annual</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Exhaustion</B></FONT></TD>
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<TD nowrap align="center" colspan="4"><FONT size="2"><B>Name and Location</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Type of Ore</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>Interest</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>Capacity</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Since</B></FONT></TD>
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<TD nowrap align="center" colspan="3"><FONT size="2"><B>Date(1)</B></FONT></TD>
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<TD nowrap align="center" colspan="11"><FONT size="2"><B>(Tons in Thousands)(2)</B></FONT></TD>
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<TD colspan="4"><FONT size="2">Mining Ventures</FONT></TD>
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<TR><TD><TR><TD><TR><TD><TR><TD>
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<TD colspan="3"><FONT size="2">Michigan</FONT></TD>
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<TD colspan="2"><FONT size="2">Marquette Range</FONT></TD>
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<TD colspan="2"><FONT size="2">&#149; Empire Iron Mining</FONT></TD>
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<TD><FONT size="2">Partnership (3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Magnetite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">22.56</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">8,353</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">8,114</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,102</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">8,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1963</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2019</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">&#149; Tilden Mining</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" nowrap><FONT size="2">Hematite and</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">Company L.C.(3)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Magnetite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">40.00</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,016</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,891</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,163</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">7,800</FONT></TD>
<TD nowrap><FONT size="2">(4)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1974</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2041</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD colspan="3"><FONT size="2">Minnesota</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">Mesabi Range</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">&#149; Hibbing Taconite</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">Joint Venture (5)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Magnetite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">15.00</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,670</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,777</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,849</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">8,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1976</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2029</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">&#149; LTV Steel Mining</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">Company (5)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Magnetite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">0.00</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,709</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,108</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,984</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">7,500</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1957</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2053</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD colspan="4"><FONT size="2">Canada</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">&#149; Wabush Mines</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">(Newfoundland and</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Specular</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">Quebec) (5)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Hematite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">22.78</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">5,581</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,009</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">5,232</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">6,000</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1965</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2042</FONT></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD colspan="4"><FONT size="2">Wholly-Owned Entities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD colspan="3"><FONT size="2">Minnesota</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">Mesabi Range</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD colspan="2"><FONT size="2">&#149; Northshore Mining</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD><FONT size="2">Company</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left"><FONT size="2">Magnetite</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">100.00</FONT></TD>
<TD nowrap><FONT size="2">%</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">4,245</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">4,353</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">3,867</FONT></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="right"></TD>
<TD align="right"><FONT size="2">4,300</FONT></TD>
<TD nowrap><FONT size="2">(6)</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">1989</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">2081</FONT></TD>
<TD></TD>
</TR>
<TR valign="bottom">
<TD colspan="4"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="1"></TD>
<TD></TD>
</TR>
<TR valign="bottom">
<TD></TD>
<TD colspan="3"><FONT size="2">TOTAL</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">39,574</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">40,252</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">36,197</FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD align="right"><FONT size="2">41,600</FONT></TD>
<TD></TD>
</TR>
<TR valign="bottom">
<TD colspan="4"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="4" noshade></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD><HR size="4" noshade></TD>
<TD></TD>
</TR>
</TABLE>
</CENTER>

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">(1)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Based on full production at current annual capacity without regard
to economic feasibility.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD width="1%" align="left">(2)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Tons are long tons of 2,240 pounds.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD width="1%" align="left">(3)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">CCIC receives royalties and management fees.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD width="1%" align="left">(4)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Expenditures in 1998 increased capacity to 7.8&nbsp;million tons for 1999. The
predominant ore reserves are hematite.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD width="1%" align="left">(5)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">CMC receives no royalty payments with respect to such mine, but does
receive management fees.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
<TD width="1%" align="left">(6)</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Northshore can produce 4.8&nbsp;million tons of standard pellets.</TD>
</TR>
</TABLE>
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Empire Mine, CCIC owns directly approximately one-half
of the remaining mineral reserves and leases the balance of the reserves from
their owners; with respect to the Tilden Mine, CCIC owns all of the mineral
reserves; with respect to the Hibbing Mine, Wabush Mines, Northshore Mine and
the LTV Steel Mining Company, all mineral reserves are owned by others and
leased or subleased directly to those mines.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the mines contains crushing, concentrating, and pelletizing
facilities. The Empire Iron Mining Partnership facilities were constructed
beginning in 1962 and expanded in 1966, 1974 and 1980 with a total cost of
approximately $367&nbsp;million; the Tilden Mine facilities were constructed
beginning in 1972, expanded in 1979 and modified in 1988 with a total cost of
approximately $523&nbsp;million; the LTV Steel Mining Company facilities were
constructed beginning in 1954 and expanded in 1967 with a total cost of
approximately $250&nbsp;million; the Hibbing Taconite Joint Venture facilities were
constructed beginning in 1973 and expanded in 1979 with a total cost of
approximately $302&nbsp;million; the Northshore Mining Company facilities were
constructed beginning in 1951, expanded in 1963 and significantly modified in
1979 with a total cost estimated in excess of $500&nbsp;million; and the Wabush
Mines facilities were constructed beginning in 1962 with a total cost of
approximately $103&nbsp;million. The Company believes the facilities at each site
are in satisfactory condition. However, the older facilities require more
capital and maintenance expenditures on an ongoing basis.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PRODUCTION AND SALES INFORMATION.&nbsp;The Company&#146;s sales are subject to or
influenced by seasonal factors in the first quarter of the year, as the
shipments and sale of iron ore are restricted by weather conditions.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s managed capacity is approximately 41.6&nbsp;million tons, or 46%
of total pellet capacity in North America, and the Company&#146;s annual North
American pellet sales capacity in 1999 was 11.8&nbsp;million tons. In 1999, the
Company produced 8.8&nbsp;million tons of pellets in North America for its own
account.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, the Company produced 27.4&nbsp;million gross tons of iron ore in the
United States and Canada for participants other than the Company. The share of
participants having the five largest amounts, Algoma Steel Company, Bethlehem
Steel Corporation, Ispat Inland Inc., LTV Steel Company and Stelco Inc.,
aggregated 24.3&nbsp;million gross tons, or 89%. The largest such participant
accounted for 31% of such production.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 1999, 100% of the Company&#146;s sales of iron ore and pellets, that
were produced in the United States and Canada for its own account or purchased
from others, were to 12 U.S., Canadian and European iron and steel
manufacturing companies.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1999, AK Steel Company, Weirton Steel Company, and WCI Steel Company,
directly and indirectly accounted for 19%, 19%, and 10%, respectively, of total
revenues.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 1999, the Company negotiated replacement or extension of sales
agreements with Acme, AK Steel Company and WCI Steel Company for periods of up
to five years representing 3.5 to 4.0&nbsp;million tons in total per year. No major
multi-year contracts are due to expire before December&nbsp;31, 2002.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAIL TRANSPORTATION.&nbsp;The Company, through a wholly-owned subsidiary, owns
a 99.5% stock interest in Lake Superior &#38; Ishpeming Railroad Company. The
railroad operates approximately 49 miles of track in the Upper Peninsula of
Michigan, principally to haul iron ore from the Empire and Tilden Mines to Lake
Superior at Marquette, Michigan, where the railroad has an ore loading dock, or
to interchange


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<P>points with another railroad for delivery to Lake Michigan at
Escanaba, Michigan. In 1999, 80% of the railroad&#146;s revenues were derived from
hauling iron ore and pellets and other services in connection with mining
operations managed by CCIC. The railroad&#146;s rates are subject to regulation by
the Surface Transportation Board of the Department of Transportation.

<P align="center"><B>Ferrous Metallics</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cliffs and Associates Limited, a joint venture in Trinidad and Tobago, has
completed construction of a facility to produce premium quality hot-briquetted
iron (&#147;HBI&#148;) to be marketed to the steel industry. The venture&#146;s participants,
through subsidiaries, include the Company, 46.5&nbsp;percent; The LTV Corporation,
46.5&nbsp;percent; and Lurgi AG of Germany, 7.0&nbsp;percent, with the Company acting as
manager and sales agent. Project capital expenditures through December&nbsp;31,
1999 were $165.2&nbsp;million (Company share &#151; $76.8&nbsp;million). No project financing
has been used during construction. At design, the facility is expected to
produce 500,000 metric tons annually. The HBI facility has produced
sufficient reduced iron to demonstrate that the Circored&#174; process
technology will yield a product that meets the quality specifications that were
expected, including high metalization rates. Sustained levels of briquette
production have not yet been achieved due to an extended start-up curve, which
has delayed the introduction of CIRCAL&#153; briquettes into the market.
The Company remains confident in the eventual success of the facility.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is investigating additional investment opportunities in the
ferrous metallics business that could be developed, including strategic
alliances or joint ventures. The Company is studying the feasibility of an
investment in a plant at the Company&#146;s Northshore Mine that would produce &#147;pig
iron&#148; from North American iron ore with coal as the reductant. Markets for the
product would be primarily electric furnaces and foundries.

<P align="center"><B>CREDIT AGREEMENT AND SENIOR NOTES</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1995, the Company entered into a Credit Agreement with Chemical Bank
(now Chase Manhattan Bank), as Agent for a six-bank lending group, pursuant to
which the Company may borrow up to $100&nbsp;million as revolving loans. The Credit
Agreement was amended at various times to reduce interest rates and fees and
extend the expiration date currently to May&nbsp;31, 2003. Interest on borrowings
will be based on various interest rates as defined in the Credit Agreement and
as selected by the Company pursuant to the terms of the Credit Agreement.
There were no borrowings under the revolving credit facility.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1995, the Company placed privately with a group of institutional
lenders $70&nbsp;million 7% Senior Notes, due December&nbsp;15, 2005.

<P align="center"><B>COMPETITION</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The iron ore mines, which the Company&#146;s subsidiaries operate in North
America and Canada, produce various grades of iron ore which are marketed in
the United States, Canada, and Europe. In North America, the Company is in
competition with several iron ore producers, including Iron Ore Company of
Canada, Quebec Cartier Mining Company, and Evtac Mining Company, as well as
other steel companies which own interests in iron ore mines and/or have excess
iron ore purchase commitments. Significant amounts of iron ore have, since the
early 1980s, been shipped to the United


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<P>States from Venezuela and Brazil in
competition with iron ore produced by the Company. In 1999, the Company
experienced increased competition from South American iron ores.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other competitive forces have effectively become large factors in the iron
ore business. With respect to a significant portion of steelmaking in North
America, electric furnaces built by &#147;minimills&#148; have replaced the use of iron
ore pellets with scrap metal in the steelmaking process. Imported steel slabs
also replace the use of iron ore pellets in producing finished steel products.
Imported steel produced from iron ore supplied by international competitors
also effectively competes with the Company&#146;s iron ore pellets. In 1999,
imported steel, and particularly imported slabs, had a significant impact on
steelmaking in the United States, which has adversely affected the demand for
iron ore pellets.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The HBI from the Cliffs and Associates Limited joint venture in Trinidad
in which the Company has an interest, is in competition with other direct
reduced iron products (produced both domestically and internationally), other
scrap substitutes, premium grade scrap and pig iron.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition among the sellers of iron units is predicated upon the usual
competitive factors of price, availability of supply, product performance,
service and cost to the consumer.

<P align="center"><B>ENVIRONMENT, EMPLOYEES, ENERGY, AND RESEARCH AND DEVELOPMENT</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENVIRONMENT.&nbsp;In the construction of the Company&#146;s facilities and in its
operating arrangements, substantial costs have been incurred and will be
incurred to avoid undue effect on the environment. The Company&#146;s commitment to
environmental preservation resulted in North American capital expenditures of
$5.1&nbsp;million in 1998 and $4.1&nbsp;million in 1999. It is estimated that
approximately $5.7&nbsp;million will be spent in 2000 for environmental control
facilities.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company received notice in 1983 from the U.S. Environmental Protection
Agency (&#147;U.S. EPA&#148;) that the Company is a potentially responsible party with
respect to the Cliffs-Dow Superfund Site, located in the Upper Peninsula of the
State of Michigan, which is not related to the Company&#146;s iron ore mining
business. The Cliffs-Dow site was used prior to 1973 for the disposal of wastes
from charcoal production by a joint venture of the Company, the Dow Chemical
Company and afterward by a successor in interest, Georgia-Pacific Corporation.
The Company and other potentially responsible parties voluntarily participated
in the preparation of a Remedial Investigation and Feasibility Study with
respect to the Cliffs-Dow site, which concluded with the publication by the
U.S. EPA of a Record of Decision dated September&nbsp;27, 1989 setting forth the
selected remedial action plan adopted by the U.S. EPA for the Cliffs-Dow site.
The Company and other potentially responsible parties have completed remedial
action satisfactory to the U.S. EPA at an estimated total cost of $8&nbsp;million,
of which the Company&#146;s share is $1.7&nbsp;million. Settlement of U.S. EPA&#146;s
oversight cost recovery claim of $.8&nbsp;million (Company&#146;s share $.2&nbsp;million) is
pending. Upon the advice of counsel, the Company believes it has a right to
continued contribution from the other potentially responsible parties for the
costs of any further remedial action required at the Cliffs-Dow site.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has sufficient financial reserves at December&nbsp;31, 1999 to
provide for its expected share of the cost of the remedial actions at the above
mentioned site.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, various legislative bodies and federal and state agencies are
continually promulgating numerous new laws and regulations affecting the
Company, its customers, and its suppliers in many areas, including waste
discharge and disposal; hazardous classification of materials, products, and
ingredients; air and water discharges; and many other matters. Although the
Company believes that its


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<P>environmental policies and practices are sound and
does not expect a material adverse effect of any current laws or regulations,
it cannot predict the collective adverse impact of the rapidly expanding body
of laws and regulations.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEES.&nbsp;As of December&nbsp;31, 1999, CCIC and CMC and the North American
independent mining ventures had 4,948 employees, of which 4,072 were hourly
employees. Hourly employees are represented by the United Steelworkers of
America (&#147;United Steelworkers&#148;) under collective bargaining agreements. In
August&nbsp;1999, five-year labor agreements were ratified between the Hibbing
Taconite, Tilden and Empire Mines and the United Steelworkers covering the
period to August&nbsp;1, 2004. In 1999, a labor agreement was reached with the
United Steelworkers covering employees of LTV Steel Mining Company, which
agreement expires on August&nbsp;1, 2004. Also, in 1999, an agreement was entered
into with the United Steelworkers covering the employees of Wabush Mines, which
expires on March&nbsp;1, 2004.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 1999, Northshore had 513 salaried employees, none of
whom are represented by a union; Cliffs Reduced Iron Management Company had 3
salaried employees and Cliffs and Associates Limited had 62 salaried employees;
Cleveland-Cliffs Inc and its wholly-owned subsidiary, Cliffs Mining Services
Company, had 256 salaried executive, managerial, administrative and technical
employees; and the Lake Superior &#38; Ishpeming Railroad had 165 employees.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ENERGY.&nbsp;The Empire and Tilden Mines have electric power supply contracts
with Wisconsin Electric Power Company which are effective through 2002, with a
five year renewal option. The power supply contracts provide for significant
cost reductions, an energy price cap and certain power curtailment features.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric power for Hibbing Taconite is supplied by Minnesota Power, Inc.
under an agreement which continues to December, 2008. The Agreement provides
for significant cost reduction, reduction in certain take-or-pay commitments,
and an energy price cap.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LTV Steel Mining Company is currently generating the majority of its
requirements. An interchange agreement with Minnesota Power, Inc. provides
backup power and allows sale of excess capacity to the Midwestern Area Power
Pool. A new interchange agreement was entered into in January, 2000, effective
through October&nbsp;31, 2005 which agreement contains flexible year-to-year
renewals with six-month cancellation notices.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver Bay Power Company, an indirect subsidiary of the Company, provides
the majority of Northshore&#146;s energy requirements, has an interchange agreement
with Minnesota Power, Inc. for backup power and sells 40 megawatts of excess
power capacity to Northern States Power Company. The contract with Northern
States Power extends to the year 2011. In 1995, the interchange agreement with
Minnesota Power, Inc. was extended to October&nbsp;31, 2000 to provide additional
backup power and other cost-effective services.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wabush Mines owns a portion of the Twin Falls Hydro Generation facility
which provides power for Wabush&#146;s mining operations in Newfoundland. A twenty
year agreement with Newfoundland Power, which agreement continues until
December&nbsp;31, 2014, allows an interchange of water rights in return for the
power needs for Wabush&#146;s mining operations. The Wabush pelletizing operations
in Quebec are served by Quebec Hydro on an annual contract.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has contracts providing for the transport of natural gas for
its United States iron ore operations. The Empire and Tilden Mines have the
capability of burning natural gas, coal, or, to a lesser

<P align="center">8
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<P>extent, oil. Wabush
Mines has the capability of burning oil and coke breeze. Hibbing Taconite,
Northshore and LTV Steel Mining Company have the capability of burning natural
gas and oil. During 1999, the U.S. mines burned natural gas as their primary
fuel. Wabush Mines used oil, supplemented with coke breeze.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any substantial interruption of operations or substantial price increase
resulting from future government regulations or energy taxes, injunctive order,
or fuel shortages could be materially adverse to the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RESEARCH AND DEVELOPMENT.&nbsp;The Company maintains a strong commitment to
research and development with engineering staffs that are engaged in full-time
research and development of new iron-bearing products and improvement of
existing products with two research facilities, one located in Hibbing,
Minnesota, and one in Ishpeming, Michigan.

<!-- link2 "ITEM 3. LEGAL PROCEEDINGS." -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><B>ITEM 3. LEGAL PROCEEDINGS.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and certain of its subsidiaries are involved in various claims
and ordinary routine litigation incidental to their businesses, including
claims relating to the exposure of asbestos and silica to seamen who sailed on
the Great Lakes vessels formerly owned and operated by subsidiaries of the
Company. The full impact of these claims and proceedings in the aggregate
continues to be unknown. The Company continues to monitor its claims and
litigation expense, but believes that resolution of currently pending claims
and proceedings are unlikely in the aggregate to have a material adverse effect
on the Company&#146;s financial position.

<!-- link2 "ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS." -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="left"><B>ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<P align="center">9
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<P align="center"><B>EXECUTIVE OFFICERS OF THE REGISTRANT</B>


<P align="center">Position with the Company<BR>
<U>as of March&nbsp;13, 2000</U>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
<TD width="21%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="66%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
<TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><FONT size="2"><B>Name</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="center" colspan="3"><FONT size="2"><B>Age</B></FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="2">J. S. Brinzo</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman and Chief Executive Officer
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">58</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">T. J. O&#146;Neil</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Operating Officer
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">59</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">W. R. Calfee</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Vice President-Commercial
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">53</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">C. B. Bezik</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Finance
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">47</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">E. C. Dowling</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Operations
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">44</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. W. Sanders</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-International Development
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">57</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. A. Trethewey</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Operations Services
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">55</FONT></TD>
<TD valign="top"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">A. S. West</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Sales and Commercial Planning
</FONT></TD>
<TD></TD>
<TD nowrap align="right" valign="top"></TD>
<TD align="right" valign="top"><FONT size="2">63</FONT></TD>
<TD valign="top"></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no family relationship between any of the executive officers of
the Company, or between any of such executive officers and any of the Directors
of the Company. Officers are elected to serve until successors have been
elected. All of the above-named executive officers of the Company were elected
effective on the effective dates listed below for each such officer.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The business experience of the persons named above for the last five years
is as follows:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
<TD width="15%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="80%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. S. Brinzo</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Executive-Finance, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1993 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Vice President-Finance, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to June&nbsp;30, 1997.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="2">
Executive Vice President-Finance and Planning, Company,<BR>
&nbsp;&nbsp;July&nbsp;1, 1997 to November&nbsp;9, 1997.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Executive Officer, Company,<BR>
&nbsp;&nbsp;November&nbsp;10, 1997 to December&nbsp;31, 1999.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman and Chief Executive Officer, Company,<BR>
&nbsp;&nbsp;January&nbsp;1, 2000 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">T. J. O&#146;Neil</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="2">
Executive Vice President-CCI Operations and Technology, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1994 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Vice President-Operations, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to December&nbsp;31, 1999.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
President and Chief Operating Officer, Company,<BR>
&nbsp;&nbsp;January&nbsp;1, 2000 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">W. R. Calfee</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Executive-Commercial, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1993 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Executive Vice President-Commercial, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to date.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">10
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
<TD width="19%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="76%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">C. B. Bezik</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Treasurer and Director-Financial Planning, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1994 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President and Treasurer, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to November&nbsp;9, 1997.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Finance, Company,<BR>
&nbsp;&nbsp;November&nbsp;10, 1997 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">E. C. Dowling</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="2">
Senior Vice President-Operations, Cyprus Climax Metals Company,<BR>
&nbsp;&nbsp;October, 1994 to September, 1996.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Director Process Management and Engineering,<BR>
&nbsp;&nbsp;Cyprus Amax Minerals Company,<BR>
&nbsp;&nbsp;September, 1996 to April, 1998.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Operations, Company,<BR>
&nbsp;&nbsp;April&nbsp;15, 1998 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. W. Sanders</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="2">
President and Chief Operating Officer, Copper Range Company,<BR>
&nbsp;&nbsp;July, 1994 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Technical, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to June&nbsp;30, 1997.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-International Development, Company,<BR>
&nbsp;&nbsp;July&nbsp;1, 1997 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. A. Trethewey</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Operations Administration, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1994 to September&nbsp;30, 1995.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Operations Liaison, Company,<BR>
&nbsp;&nbsp;October&nbsp;1, 1995 to June&nbsp;30, 1997.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Vice President-Operations Services, Company,<BR>
&nbsp;&nbsp;July&nbsp;1, 1997 to May&nbsp;31, 1999.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Operations Services, Company,<BR>
&nbsp;&nbsp;June&nbsp;1, 1999 to date.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">A. S. West</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-Sales, Company,<BR>
&nbsp;&nbsp;July&nbsp;1, 1988 to July&nbsp;31, 1998.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="2">
Senior Vice President-Sales and Commercial Planning, Company,<BR>
&nbsp;&nbsp;August&nbsp;1, 1998 to date.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">11
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<!-- link1 "PART II" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><B>PART II</B>

<!-- link2 "ITEM 5. MARKET FOR REGISTRANTS&#146; COMMON EQUITY AND RELATED STOCKHOLDER MATTERS." -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><B>ITEM 5. MARKET FOR REGISTRANTS&#146; COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by this item is incorporated herein by reference
and made a part hereof from that portion of the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999 contained in the material
under the headings, &#147;Common Share Price Performance and Dividends&#148;, &#147;Investor
and Corporate Information&#148; and &#147;Summary of Financial and Other Statistical
Data&#148;, such information filed as a part hereof as Exhibits 13(h), 13(i) and
13(j), respectively.

<!-- link2 "ITEM 6. SELECTED FINANCIAL DATA." -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><B>ITEM 6. SELECTED FINANCIAL DATA.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by this item is incorporated herein by reference
and made a part hereof from that portion of the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999 contained in the material
under the heading, &#147;Summary of Financial and Other Statistical Data&#148;, such
information filed as a part hereof as Exhibit&nbsp;13(j).

<!-- link2 "ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS." -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><B>ITEM 7. MANAGEMENT&#146;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by this item is incorporated herein by reference
and made a part hereof from that portion of the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999 contained in the material
under the heading &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148;, such information filed as a part hereof as Exhibit
13(a).

<!-- link2 "ITEM 7. A. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK." -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><B>ITEM 7. A. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by this item is incorporated herein by reference
and made a part hereof from that portion of the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999 contained in the material
under the heading &#147;Management&#146;s Discussion and Analysis of Financial Condition
and Results of Operations&#148;, such information located on page 32, and filed as a
part hereof as Exhibit&nbsp;13(a).

<!-- link2 "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA." -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><B>ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required by this item is incorporated herein by reference
and made a part hereof from that portion of the Company&#146;s Annual Report to
Security Holders for the year ended December&nbsp;31, 1999 contained in the material
under the headings &#147;Statement of Consolidated Financial Position&#148;, &#147;Statement
of Consolidated Income&#148;, &#147;Statement of Consolidated Cash Flows&#148;, &#147;Statement of
Consolidated Shareholders&#146; Equity&#148;, &#147;Notes to Consolidated Financial
Statements&#148; and &#147;Quarterly Results of Operations&#148;, such information filed as a
part hereof as Exhibits 13(c), 13(d), 13(e), 13(f), 13(g) and 13(h),
respectively. Following is the &#147;Report of Independent Auditors&#148;:


<P align="center">12
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<P align="center">This page intentionally left blank for pagination purposes




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<P align="left"><B>ITEM 8. Continued</B>

<!-- link2 "REPORT OF INDEPENDENT AUDITORS" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="center"><U>Report of Independent Auditors</U>


<P>Shareholders and Board of Directors<BR>
Cleveland-Cliffs Inc


<P>We have audited the statement of consolidated financial position of
Cleveland-Cliffs Inc and consolidated subsidiaries as of December&nbsp;31, 1999 and
1998, and the related statements of consolidated income, shareholders&#146; equity
and cash flows for each of the three years in the period ended December&nbsp;31,
1999 listed in the index at item 14(a). Our audits also included the financial statement schedule listed in the
index at Item&nbsp;14(a). These financial statements and schedule are the
responsibility of the Company&#146;s management. Our responsibility is to express an
opinion on these financial statements and schedule based on our audits.

<P>We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

<P>In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Cleveland-Cliffs
Inc and consolidated subsidiaries at December&nbsp;31, 1999 and 1998, and the
consolidated results of their operations and their cash flows for each of the
three years in the period ended December&nbsp;31, 1999, in conformity with accounting
principles generally accepted in the United States. Also, in our opinion, the
related financial statement schedule, when considered in relation to the basic
financial statements taken as a whole, presents fairly in all material respects
the information set forth therein.
<P align="right">/s/ Ernst &amp; Young LLP
<P>
<P>
<P>
<P>
<P>


<P>Cleveland, Ohio<BR>
January&nbsp;28, 2000



<P align="center">13
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<!-- link2 "ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE." -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="left"><B>ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<!-- link1 "PART III" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="center"><B>PART III</B>

<!-- link2 "ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT." -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="left"><B>ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information regarding Directors required to be furnished by this Item
will be set forth in the Company&#146;s Proxy Statement to Security Holders, to be filed with the Securities and Exchange Commission on or
about March&nbsp;20, 2000, and is incorporated herein by reference and made a part hereof
from the Proxy Statement from the material under the heading &#147;Election of
Directors&#148;. The information regarding executive officers required by this item
is set forth in Part I hereof under the heading &#147;Executive Officers of the
Registrant&#148;, which information is incorporated herein by reference.

<!-- link2 "ITEM 11. EXECUTIVE COMPENSATION." -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="left"><B>ITEM 11. EXECUTIVE COMPENSATION.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required to be furnished by this Item will be set forth in
the Company&#146;s Proxy Statement to Security Holders, to be filed with the Securities and Exchange Commission on or
about March&nbsp;20, 2000, and is
incorporated herein by reference and made a part hereof from the Proxy
Statement from the material under the headings &#147;Executive Compensation&#148;
(excluding the Compensation Committee Report on Executive Compensation),
&#147;Pension Benefits&#148;, and the first five paragraphs under &#147;Agreements and
Transactions&#148;.

<!-- link2 "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT." -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="left"><B>ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required to be furnished by this Item will be set forth in
the Company&#146;s Proxy Statement to Security Holders, to be filed
with the Securities and Exchange Commission on or about March&nbsp;20, 2000, and is
incorporated herein by reference and made a part hereof from the Proxy
Statement from the material under the heading &#147;Securities Ownership of
Management and Certain Other Persons&#148;.

<!-- link2 "ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS." -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="left"><B>ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required to be furnished by this Item will be set forth in
the Company&#146;s Proxy Statement to Security Holders, to be filed with the Securities and Exchange Commission on or
about March&nbsp;20, 2000, and is
incorporated herein by reference and made a part hereof from the Proxy
Statement from the material contained in footnote (8) to the Summary Compensation Table under the heading &#147;Executive Compensation&#148;.

<P align="center">14
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<!-- link1 "PART IV" -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="center">PART IV

<!-- link2 "ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K." -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="left"><B>ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(1)&nbsp;and (2)-List of Financial Statements and Financial Statement
Schedules.
<P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following consolidated financial statements of the Company, included
in the Annual Report to Security Holders for the year ended December&nbsp;31, 1999,
are incorporated by reference in Item&nbsp;8:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement
of Consolidated Financial Position &#151;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1999 and 1998

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Consolidated
Income &#151; Years ended<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1999, 1998 and 1997

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Consolidated Cash
Flows &#151; Years ended<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1999, 1998 and 1997

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Consolidated
Shareholders&#146; Equity &#151; Years ended<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&nbsp;31, 1999, 1998 and 1997

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated
Financial Statements<BR>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following consolidated financial statement schedule of the Company is
included herein in Item&nbsp;14(d) and attached as Exhibit&nbsp;99(a).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule&nbsp;II &#151; Valuation and Qualifying accounts

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other schedules for which provision is made in the applicable
accounting regulation of the Securities and Exchange Commission are not
required under the related instructions or are inapplicable, and therefore have
been omitted.



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;List of Exhibits &#151; Refer to Exhibit&nbsp;Index on pages 17-24
which is incorporated herein by reference.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Two reports on Form&nbsp;8-K were filed in the fourth quarter of 1999: (1)
Form&nbsp;8-K, dated December&nbsp;28, 1999, covering a Company News Release published on
December&nbsp;22, 1999 with respect to senior management changes to be effective
January&nbsp;1, 2000; and (2)&nbsp;Form&nbsp;8-K, dated December&nbsp;30, 1999, covering a Company
News Release published on December&nbsp;28, 1999 with respect to Outlook for 2000.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits listed in Item&nbsp;14(a)(3) above are included on pages 25-63.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The schedule listed above in Item&nbsp;14(a)(1) and
(2)&nbsp;is attached as Exhibit&nbsp;99(a) incorporated herein by reference.

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="center"><B>SIGNATURES</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section&nbsp;13 of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

<P align="left"><B>CLEVELAND-CLIFFS INC</B>


<P>By: /s/ Cynthia B. Bezik<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Cynthia B. Bezik<BR>
Senior Vice President &#151; Finance<BR>
Date: March&nbsp;16, 2000



<P align="center">15
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="center">
<TR valign="bottom">
<TD width="29%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="43%">&nbsp;</TD>
<TD width="5%">&nbsp;</TD>
<TD width="18%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><FONT size="2"><B>Signatures</B></FONT></TD>
<TD></TD>
<TD nowrap align="center"><FONT size="2"><B>Title</B></FONT></TD>
<TD></TD>
<TD nowrap align="center"><FONT size="2"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><HR size="1"></TD>
<TD></TD>
<TD nowrap align="center"><HR size="1"></TD>
<TD></TD>
<TD nowrap align="center"><HR size="1"></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="2">J. S. Brinzo</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Chairman and Chief
Executive Officer and
Principal Executive Officer
and Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">C. B. Bezik</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Senior Vice President-
Finance and Principal
Financial Officer
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">R. J. Leroux</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Controller and Principal
Accounting Officer
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. D. Ireland, III</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">G. F. Joklik</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">L. L. Kanuk</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">A. A. Massaro</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">F. R. McAllister</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">J. C. Morley</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">S. B. Oresman</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="2">A. Schwartz</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="2">March&nbsp;16, 2000</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="50%">&nbsp;</TD>
<TD width="50%"><FONT size="3">By:&nbsp;/s/&nbsp;Cynthia B. Bezik<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cynthia B. Bezik, as
Attorney-in-Fact)</FONT></TD>
</TR>
</TABLE>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Original powers of attorney authorizing John S. Brinzo, Cynthia B. Bezik,
Joseph H. Ballway, Jr., and John E. Lenhard and each of them, to sign this
Annual Report on Form&nbsp;10-K and amendments thereto on behalf of the above-named
officers and Directors of the Registrant have been filed with the Securities
and Exchange Commission.

<P align="center">16
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="center"><B>EXHIBIT INDEX</B>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="75%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="center"><FONT size="2"><B>Pagination by</B></FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><FONT size="2"><B>Exhibit</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="center"><FONT size="2"><B>Sequential</B></FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><FONT size="2"><B>Number</B></FONT></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="center"><FONT size="2"><B>Numbering System</B></FONT></TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center"><HR size="1"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD nowrap align="center"><HR size="1"></TD>
</TR>

<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
<B>Articles of Incorporation and By-Laws of Cleveland-Cliffs Inc</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">3(a)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Amended Articles of Incorporation of Cleveland-Cliffs Inc (filed as
Exhibit&nbsp;3(a) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26,
1996 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">3(b)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Regulations of Cleveland-Cliffs Inc (filed as Exhibit&nbsp;3(b) to Form&nbsp;10-K
of Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
<B>Instruments defining rights of security holders, including indentures</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(a)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Form of Common Stock Certificate (filed as Exhibit&nbsp;4(a) to Form&nbsp;10-K of
Cleveland-Cliffs Inc filed on March&nbsp;25, 1998 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(b)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Rights Agreement, dated September&nbsp;19, 1997, by and between
Cleveland-Cliffs Inc and First Chicago Trust Company of New York, as
Rights Agent (filed as Exhibit&nbsp;4.1 to Form&nbsp;8-K of Cleveland-Cliffs Inc
filed on September&nbsp;19, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(c)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Credit Agreement, dated as of March&nbsp;1, 1995, among Cleveland-Cliffs
Inc, the Banks named therein and Chase Manhattan Bank (successor to
Chemical Bank), as Agent
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(d)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Amendment dated as of July&nbsp;19, 1996, to the Credit Agreement dated as
of March&nbsp;1, 1995, among Cleveland-Cliffs Inc, the Banks named therein
and Chase Manhattan Bank, as Agent (filed as Exhibit&nbsp;4(a) to Form&nbsp;10-Q
of Cleveland-Cliffs Inc filed on November&nbsp;13, 1996 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(e)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Amendment dated as of June&nbsp;1, 1997, to the Credit Agreement dated as of
March&nbsp;1, 1995, as amended, among Cleveland-Cliffs Inc, the Banks named
therein and Chase Manhattan Bank, as Agent (filed as Exhibit&nbsp;4(a) to
Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on August&nbsp;13, 1997 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">17
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="75%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(f)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Amendment dated as of June&nbsp;1, 1998, to the Credit Agreement dated as of
March&nbsp;1, 1995, as amended, among Cleveland-Cliffs Inc, the financial
institutions named therein and the Chase Manhattan Bank, as Agent
(filed as Exhibit&nbsp;4(a) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on
August&nbsp;12, 1998 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">4(g)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Note Agreement, dated as of December&nbsp;15, 1995, among Cleveland-Cliffs
Inc and each of the Purchasers named in Schedule&nbsp;I thereto (filed as
Exhibit&nbsp;4(n) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26,
1996 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
<B>Material Contracts</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(a)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Supplemental Retirement Benefit Plan (as Amended
and Restated, effective January&nbsp;1, 1999)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(b)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Severance Agreements by and between Cleveland-Cliffs Inc and certain
executive officers, dated as of January&nbsp;1, 2000
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(c)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Retirement and Consulting Agreement, dated as of September&nbsp;2, 1998,
by and between Cleveland-Cliffs Inc and M. Thomas Moore (filed as
Exhibit&nbsp;10(a) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on November
5,1998 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(d)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Consulting and Non-Competition Agreement, effective January&nbsp;1, 2000,
by and between Cleveland-Cliffs Inc and A. Stanley West (Summary
Description)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(e)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc and Subsidiaries Management Performance
Incentive Plan, effective January&nbsp;1, 1999 (Summary Description)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(f)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Form of indemnification agreements with Directors (filed as Exhibit
10(j) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(g)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc 1987 Incentive Equity Plan, effective as of
April&nbsp;29, 1987 (filed as Exhibit&nbsp;10(h) to Form&nbsp;10-K of Cleveland-Cliffs
Inc filed on March&nbsp;26, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(h)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc 1992 Incentive Equity Plan (as Amended and
Restated as of May&nbsp;13, 1997), effective as of May&nbsp;13, 1997 (filed as
Appendix&nbsp;A to Proxy Statement of Cleveland-Cliffs Inc filed on March
24, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="3" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">18
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="75%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(i)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
*Amendment to the Cleveland-Cliffs Inc 1992 Incentive Equity Plan (As
Amended and Restated as of May&nbsp;13, 1997), effective May&nbsp;11, 1999 (filed
as Appendix&nbsp;A to Proxy Statement of Cleveland-Cliffs Inc filed on March
22, 1999 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(j)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Form of Nonqualified Stock Option Agreement for Nonemployee
Directors (filed as Exhibit&nbsp;10(i) to Form&nbsp;10-K of Cleveland-Cliffs Inc
filed on March&nbsp;25, 1998 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(k)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Form of Instrument of Amendment of Nonqualified Stock Option
Agreements for Nonemployee Directors, dated as of March&nbsp;17, 1997 (filed
as Exhibit&nbsp;10(a) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on May&nbsp;9,
1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(l)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Amended and Restated Cleveland-Cliffs Inc Retirement Plan for
Non-Employee Directors effective as of July&nbsp;1, 1995 (filed as Exhibit
10(a) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on November&nbsp;13, 1996
and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(m)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;1 (Amended and Restated effective June&nbsp;1, 1997),
dated June&nbsp;12, 1997, by and between Cleveland-Cliffs Inc and Key Trust
Company of Ohio, N.A., Trustee, with respect to the Cleveland-Cliffs
Inc Supplemental Retirement Benefit Plan and certain employment
agreements (filed as Exhibit&nbsp;10(a) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(n)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Amendment to Trust Agreement No.&nbsp;1, effective as of January&nbsp;1, 2000,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., as Trustee
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(o)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;2 (Amended and Restated effective June&nbsp;1, 1997),
dated June&nbsp;12, 1997, by and between Cleveland-Cliffs Inc and Key Trust
Company of Ohio, N.A., Trustee, with respect to the Severance Pay Plan
for Key Employees of Cleveland-Cliffs Inc, the Cleveland-Cliffs Inc
Retention Plan for Salaried Employees, and certain employment
agreements (filed as Exhibit&nbsp;10(b) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(p)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Trust Agreement No.&nbsp;2 (Amended and Restated
effective June&nbsp;1, 1997), dated July&nbsp;15, 1997, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee
(filed as Exhibit&nbsp;10(c) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on
August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to
Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">19
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="6%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="75%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(q)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Amendment to Trust Agreement No.&nbsp;2, effective as of January&nbsp;1, 2000, by
and between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
as Trustee
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(r)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;4, dated as of October&nbsp;28, 1987, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee, with
respect to the Plan for Deferred Payment of Directors&#146; Fees (filed as
Exhibit&nbsp;10(p) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26,
1996 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(s)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Trust Agreement No.&nbsp;4, dated as of April&nbsp;9, 1991,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., Trustee and Second Amendment to Trust Agreement No.&nbsp;4, dated as
of March&nbsp;9, 1992, by and between Cleveland-Cliffs Inc and Key Trust
Company of Ohio, N.A., Trustee (filed as Exhibit&nbsp;10(q) to Form&nbsp;10-K of
Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(t)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Third Amendment to Trust Agreement No.&nbsp;4, dated June&nbsp;12, 1997, by
and between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(d) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(u)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;5, dated as of October&nbsp;28, 1987, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee, with
respect to the Cleveland-Cliffs Inc Voluntary Non-Qualified Deferred
Compensation Plan (filed as Exhibit&nbsp;10(r) to Form&nbsp;10-K of
Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(v)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Trust Agreement No.&nbsp;5, dated as of May&nbsp;12, 1989,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., Trustee, Second Amendment to Trust Agreement No.&nbsp;5, dated as of
April&nbsp;9, 1991, by and between Cleveland-Cliffs Inc and Key Trust
Company of Ohio, N.A., Trustee and Third Amendment to Trust Agreement
No.&nbsp;5, dated as of March&nbsp;9, 1992, by and between Cleveland-Cliffs Inc
and Key Trust Company of Ohio, N.A., Trustee (filed as Exhibit&nbsp;10(s) to
Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(w)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Fourth Amendment to Trust Agreement No.&nbsp;5, dated November&nbsp;18, 1994,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., Trustee
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to
Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">20
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>






<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="74%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(x)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Fifth Amendment to Trust Agreement No.&nbsp;5, dated May&nbsp;23, 1997, by and
between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(e) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(y)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Amended and Restated Trust Agreement No.&nbsp;6, dated as of March&nbsp;9,
1992, by and between Cleveland-Cliffs Inc and Key Trust Company of
Ohio, N.A., Trustee, with respect to indemnification agreements with
directors (filed as Exhibit&nbsp;10(t) to Form&nbsp;10-K of Cleveland-Cliffs Inc
filed on March&nbsp;26, 1996 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(z)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Amended and Restated Trust Agreement No.&nbsp;6, dated
June&nbsp;12, 1997, by and between Cleveland-Cliffs Inc and Key Trust
Company of Ohio, N.A., Trustee (filed as Exhibit&nbsp;10(f) to Form&nbsp;10-Q of
Cleveland-Cliffs Inc filed on August&nbsp;13, 1997 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(aa)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;7, dated as of April&nbsp;9, 1991, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee, with
respect to the Cleveland-Cliffs Inc Supplemental Retirement Benefit
Plan, as amended by First Amendment to Trust Agreement No.&nbsp;7, by and
between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(u) to Form&nbsp;10-K of Cleveland-Cliffs Inc
filed on March&nbsp;26, 1996 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(bb)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Second Amendment to Trust Agreement No.&nbsp;7, dated November&nbsp;18, 1994,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., Trustee
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(cc)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Third Amendment to Trust Agreement No.&nbsp;7, dated May&nbsp;23, 1997, by and
between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(g) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(dd)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Fourth Amendment to Trust Agreement No.&nbsp;7, dated July&nbsp;15, 1997, by
and between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(h) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to
Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">21
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="center">
<TR valign="bottom">
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="74%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(ee)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Amendment to Trust Agreement No.&nbsp;7, effective as of January&nbsp;1, 2000,
by and between Cleveland-Cliffs Inc and Key Trust Company of Ohio,
N.A., as Trustee
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(ff)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;8, dated as of April&nbsp;9, 1991, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee, with
respect to the Cleveland-Cliffs Inc Retirement Plan for Non-Employee
Directors, as amended by First Amendment to Trust Agreement No.&nbsp;8,
dated as of March&nbsp;9, 1992 by and between Cleveland-Cliffs Inc and Key
Trust Company of Ohio, N.A., Trustee (filed as Exhibit&nbsp;10(v) to Form
10-K of Cleveland-Cliffs Inc filed on March&nbsp;26, 1996 and incorporated
by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(gg)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Second Amendment to Trust Agreement No.&nbsp;8, dated June&nbsp;12, 1997, by
and between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee (filed as Exhibit&nbsp;10(i) to Form&nbsp;10-Q of Cleveland-Cliffs Inc
filed on August&nbsp;13, 1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(hh)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;9, dated as of November&nbsp;20, 1996, by and between
Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A., Trustee, with
respect to the Cleveland-Cliffs Inc Nonemployee Directors&#146; Supplemental
Compensation Plan (filed as Exhibit&nbsp;10(v) to Form&nbsp;10-K of
Cleveland-Cliffs Inc filed on March&nbsp;26, 1997 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD valign="top"><FONT size="3">10(ii)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Trust Agreement No.&nbsp;10, dated as of November&nbsp;20, 1996, by and
between Cleveland-Cliffs Inc and Key Trust Company of Ohio, N.A.,
Trustee, with respect to the Cleveland-Cliffs Inc Nonemployee
Directors&#146; Compensation Plan (filed as Exhibit&nbsp;10(w) to Form&nbsp;10-K of
Cleveland-Cliffs Inc filed on March&nbsp;26, 1997 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(jj)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Change in Control Severance Pay Plan, effective
as of January&nbsp;1, 2000
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(kk)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Voluntary Non-Qualified Deferred Compensation
Plan (As Amended and Restated as of January&nbsp;1, 1999)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(ll)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Long-Term Performance Share Program, effective
as of March&nbsp;31, 1994, as amended as of January&nbsp;13, 1997 (filed as
Exhibit&nbsp;10(n) to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on August&nbsp;13,
1997 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to
Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">22
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<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="center">
<TR valign="bottom">
<TD width="9%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="73%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(mm)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Nonemployee Directors&#146; Supplemental
Compensation Plan, effective as of July&nbsp;1, 1995 (filed as Exhibit&nbsp;10(b)
to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on November&nbsp;13, 1996 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(nn)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Cleveland-Cliffs Inc Nonemployee Directors&#146;
Supplemental Compensation Plan, effective as of January&nbsp;1, 1999 (filed
as Exhibit&nbsp;10(mm) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March
25, 1999 and incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">10(oo)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Cleveland-Cliffs Inc Nonemployee Directors&#146; Compensation Plan,
effective as of July&nbsp;1, 1996 (filed as Appendix&nbsp;A to Proxy Statement of
Cleveland-Cliffs Inc filed on March&nbsp;25, 1996 and incorporated by
reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(pp)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* First Amendment to Cleveland-Cliffs Inc Nonemployee Directors&#146;
Compensation Plan, effective as of November&nbsp;12, 1996 (filed as Exhibit
10(dd) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;26, 1997 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(qq)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Second Amendment to Cleveland-Cliffs Inc Nonemployee Directors&#146;
Compensation Plan, effective as of May&nbsp;13, 1997 (filed as Exhibit&nbsp;10(m)
to Form&nbsp;10-Q of Cleveland-Cliffs Inc filed on August&nbsp;13, 1997 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">10(rr)</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
* Third Amendment to Cleveland-Cliffs Inc Nonemployee Directors&#146;
Compensation Plan, effective as of January&nbsp;1, 1999 (filed as Exhibit
10(qq) to Form&nbsp;10-K of Cleveland-Cliffs Inc filed on March&nbsp;25, 1999 and
incorporated by reference)
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Not Applicable</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">13</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Selected portions of 1999 Annual Report to Security Holders</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="7%" valign="top" nowrap align="left"><FONT size="3">13(a)&nbsp;</FONT></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>

<TD width="74%" align="left" valign="top"><FONT size="3">Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations</FONT></TD>
<TD width="13%" align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 25-34)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">13(c)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Statement of Consolidated Financial Position
</FONT></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 35-36)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">13(d)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Statement of Consolidated Income
</FONT></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 37)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">13(e)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Statement of Consolidated Cash Flows
</FONT></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 38)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
<TD width="1%" align="left">*</TD>
<TD width="3%">&nbsp;</TD>
<TD width="96%">Reflects management contract or other compensatory arrangement required to be filed as an Exhibit pursuant to
Item&nbsp;14(c) of this Report.</TD>
</TR>
</TABLE>
<P align="center">23
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="7%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="3%">&nbsp;</TD>
<TD width="74%">&nbsp;</TD>
<TD width="13%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">13(f)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Statement of Consolidated Shareholders&#146; Equity
</FONT></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 39)</FONT></TD>
</TR>


<TR valign="bottom">
<TD valign="top" nowrap><FONT size="3">13(g)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Notes to Consolidated Financial Statements</FONT></TD>
<TD align="left" valign="top" nowrap><FONT size="3">Filed Herewith<BR>
(Page 40-54)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">13(h)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Quarterly Results of Operations/Common Share Price Performance and Dividends</FONT></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith<BR>
(Page 55)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">13(i)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Investor and Corporate Information</FONT></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith<BR>
(Page 56)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">13(j)&nbsp;</FONT></TD>
<TD></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">Summary of Financial and Other Statistical Data</FONT></TD>
<TD align="left" valign="top"><FONT size="3">Filed Herewith<BR>
(Page 57-58)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="7%" valign="top"><FONT size="3">21</FONT></TD>
<TD width="3%"></TD>
<TD width="74%" align="left" valign="top"><FONT size="3">
Subsidiaries of the registrant
</FONT></TD>
<TD width="3%"></TD>
<TD width="13%" align="left" nowrap valign="top"><FONT size="3">Filed Herewith<BR>
(Page 59-60)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">23</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Consent of independent auditors
</FONT></TD>
<TD></TD>
<TD align="left" nowrap valign="top"><FONT size="3">Filed Herewith<BR>
(Page 61)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">24</FONT></TD>
<TD></TD>
<TD align="left" valign="top" nowrap><FONT size="3">
Power of Attorney
</FONT></TD>
<TD></TD>
<TD align="left" nowrap valign="top"><FONT size="3">Filed Herewith<BR>
(Page 62)</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">27</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Consolidated Financial Data Schedule submitted for Securities and
Exchange Commission information
</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">&#151;</FONT></TD>
</TR>

<TR valign="bottom">
<TD valign="top"><FONT size="3">99</FONT></TD>
<TD></TD>
<TD align="left" valign="top"><FONT size="3">
Additional Exhibits</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
<TD width="7%" valign="top" nowrap><FONT size="3">99(a)&nbsp;</FONT></TD>
<TD width="3%"></TD>
<TD width="3%"></TD>
<TD width="74%" align="left" valign="top"><FONT size="3">Schedule&nbsp;II &#150; Valuation and Qualifying Accounts</FONT></TD>
<TD width="13%" align="left" nowrap valign="top"><FONT size="3">Filed Herewith<BR>(Page 63)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center">24

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