Cleveland-Cliffs Announces Contracts Ratified.

CLEVELAND--(BUSINESS WIRE)--Sept. 1, 1999--

Cleveland-Cliffs Inc (NYSE:CLF) and the International United Steelworkers of America announced today that Steelworker-represented employees at Empire and Tilden Mines in Michigan and Hibbing Taconite Mine in Minnesota ratified new five-year labor agreements by a positive margin. Cleveland-Cliffs manages and holds a minority equity position in the three mines.

David Foster and Richard Novak, union and company spokespersons, said "This is a very comprehensive agreement that provides for improvements in wages, pensions and other employee benefits and is patterned after the agreements negotiated by U.S. Steel and Bethlehem Steel companies.

"We look forward to working with Union and Management leadership, the employees and Steelworker members to fully implement the provisions of the agreement. We hope that our shared vision will help make the mines more competitive in the very competitive world iron ore market and improve the quality of work life for every employee and retiree at Cliffs-managed mines."

John S. Brinzo, Cliffs president and chief executive officer, said, "We are certainly pleased with the overwhelmingly positive vote on the new contract. We believe this is a fair and equitable contract and it sets the stage for a cooperative union/management relationship that will be absolutely essential as we face the competitive pressures of the new millennium. I again want to congratulate the negotiating teams on both sides of the table."

Cleveland-Cliffs is the largest supplier of iron ore products to the North American steel industry and is developing a significant ferrous metallics business. Subsidiaries of the Company manage six iron ore mines in North America and hold equity interests in five of the mines. Cliffs has a major iron ore reserve position in the United States, is a substantial iron ore merchant, and is beginning production of hot briquetted iron at a joint venture plant in Trinidad and Tobago.