Cleveland-Cliffs Inc Reports Record Second-Quarter and First-Half 2008 Results.* Company Achieves Second-Quarter Net Income of $270 Million and Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $2.57 on Sales of $1 Billion * First-Half 2008 Revenues Surge 72% to a Record $1.5 Billion; Net Income Reaches $287 Million, or $2.73 Per Diluted Share * Empire and Tilden Expansion, United Taconite taconite, low-grade iron ore, a flintlike rock usually containing less than 30% iron. Resistant to drilling and to the extraction of its contained metal, the rock was long considered worthless. Experiments begun in 1912 by the American scientist Edward W. Minority Interest Purchase and Portman Limited Share Repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. Position Cliffs for 33 Million Tons of Iron Ore Sales Volume in 2009 * Company Enters Agreement to Merge with Alpha Natural Resources CLEVELAND -- Cleveland-Cliffs Inc (NYSE NYSE See: New York Stock Exchange : CLF CLF The ISO 4217 currency code for Chile Unidades de Fomento. ), which will be renamed Cliffs Natural Resources in conjunction with its planned merger with Alpha Natural Resources, Inc. (NYSE: ANR ANR - Automatic Network Routing ), today reported financial results for the three- and six-month periods ended June 30, 2008. Consolidated second-quarter revenues increased 84% to a second-quarter record of $1 billion, up from $548 million in the same quarter last year. For the 2008 second quarter, net earnings were up 211% to $270 million, and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 210% to $2.57, versus the comparable quarter in 2007. In addition to its agreement to merge with Alpha Natural Resources, Cliffs also completed other significant corporate development achievements since last reporting quarterly results. These included the previously announced expansion project at its Empire and Tilden mines and purchasing the minority partner's interest in United Taconite. Cliffs' Australian subsidiary, Portman Limited, also completed a share repurchase, which raised Cliffs' interest to 85%. These projects will position Cliffs for 33 million tons of iron ore sales volume in 2009. "The record sales and earnings generated during the quarter and first half reflect successful execution of Cliffs' ongoing strategy," commented Joseph A. Carrabba, Cliffs' chairman, president and chief executive officer. "We continue to grow and expand in the areas that we have identified as integral to sustaining our leadership position in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. mining sector and around the world. Moreover, we have recently made significant strides in reinforcing our platform to serve the faster growing international markets and to meet the robust demand for steelmaking materials in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and globally." Second-Quarter Results Cleveland-Cliffs achieved record second-quarter revenues of $1.01 billion, an increase of 84% compared with $548 million in the second quarter of 2007. The dramatic increase in revenues year over year was the result of the strong market environment for iron ore and metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. coal. In addition, this year's revenues include sales contributions from Cleveland-Cliffs' North American Coal segment acquired in the second half of 2007 and initial coal sales at the Sonoma coal project in Australia, which began shipments earlier this year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the second quarter was $409 million. This represents an increase of 253% from the $116 million reported in 2007. The marked improvement in operating income for the quarter was largely the result of higher sales margins across the Company's North American Iron Ore and Asia-Pacific Iron Ore segments, as well as the contribution from Sonoma. The improvement was slightly offset by higher costs and negative sales margin of $23 million in the Company's North American Coal segment. The impact from North American Coal stemmed stemmed adj. 1. Having the stems removed. 2. Provided with a stem or a specific type of stem. Often used in combination: stemmed goblets; long-stemmed roses. from a decrease in sales volume resulting from previously announced production impediments IMPEDIMENTS, contracts. Legal objections to the making of a contract. Impediments which relate to the person are those of minority, want of reason, coverture, and the like; they are sometimes called disabilities. Vide Incapacity. 2. during the first half of 2008. Operating income during the quarter also benefited from $29.5 million in casualty recoveries and gain on sale of assets. Net earnings for the quarter were up 211% to $270 million, and diluted earnings per share increased 210% to $2.57, versus the comparable quarter in 2007. Cleveland-Cliffs indicated its second-quarter results reflect retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a adjustments to first-quarter sales due to timing of international pricing settlements for iron ore. These adjustments positively impacted second-quarter reported revenue by $70 million, operating income by $66 million, net income by $38 million and earnings per diluted share by $0.36. Notwithstanding these adjustments, second-quarter 2008 represented record revenue and earnings levels for the Company. First-Half Results For the first half of 2008, revenues increased sharply, reaching $1.5 billion, compared with the $873 million reported in the same period last year. Operating income for the first half was $452 million. This represents an increase of 181% from the $161 million reported for the first half in 2007. Net income for the half rose to $287 million, compared with $119 million in last year's first half. Diluted earnings per share in the first six months were $2.73, versus $1.14 in the first half of 2007--an increase of 139%. Business Segment Results Cliffs indicated that the six-month per-ton comparisons for its iron ore businesses are more indicative of actual operating results than reported second-quarter figures, because of the retroactive adjustments described above. First-half price-realization-per-ton comparisons for all business segments are included below. North American Iron Ore [TABLE OMITTED] Second-quarter 2008 North American Iron Ore pellet pel·let n. 1. A small pill; a pilule. 2. A small rod-shaped or ovoid mass, as of compressed steroid hormones, intended for subcutaneous implantation in body tissues to provide timed release over an extended period of time. sales volume was 5.5 million tons, up slightly from the 5.4 million tons sold in the prior-year second quarter. Revenues per ton for the Company's North American Iron Ore pellets were $103.12, up significantly from the comparable quarter in 2007. This increase in reported per-ton revenues was primarily due to higher price settlements for blast furnace blast furnace, structure used chiefly in smelting. The principle involved in this means of extracting metals is that of the reduction of the ores by the action of carbon monoxide, i.e., the removal of oxygen from the metal oxide in order to obtain the metal. pellets, higher steel prices, renegotiated and new supply agreements with certain customers and other price adjustment factors in Cliffs' supply contracts. Cost per ton increased 14% in the second quarter to $53.37, versus $46.96 in 2007's comparable quarter. Cost per ton increased due to higher fuel and energy costs versus 2007, increased royalty costs as a result of price increases and the impact of furnace furnace, enclosed space for the burning of fuel. There are many kinds of furnaces, the type depending upon the fuel and the use to which the heat produced within it is put. Most familiar are the furnaces used in the heating of buildings. repairs at the Company's Empire and United Taconite mines. North American Iron Ore Production [TABLE OMITTED] All of Cliffs' North American Iron Ore mines are producing at or near capacity. Due to market conditions, Cliffs has increased its rate of production at Empire and expects to produce approximately 4.2 million tons in 2008, up from its previous expectation of 4.0 million tons. As part of the previously announced capacity expansion at the Empire and Tilden mines, Cliffs is shifting additional Tilden iron ore processing to the Empire facility, thereby enabling Tilden to increase its total production in 2008 to 8.4 million tons from previous guidance of 7.9 million tons. The first-half production increase at Hibbing was related to last year's first-quarter output being reduced due to a weather-related plant shutdown shut·down n. A cessation of operations or activity, as at a factory. shutdown Noun the closing of a factory, shop, or other business Verb shut down . The increase at Northshore reflected the previously announced restart To resume computer operation after a planned or unplanned termination. See boot, warm boot and checkpoint/restart. of Furnace No. 5, which commenced production at the end of March. North American Coal [TABLE OMITTED] Metallurgical coal sales volume in the second quarter was 576,000 short tons. Average realized revenue per ton was $91.67. Cost per ton for the second quarter was $131.60. The unusually high cost per ton was the result of the extended development of a longwall panel, as well as slowed production stemming from encountering a fault area within a coal panel being mined at the Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval Mine. Longwall development timing at Oak Grove Oak grove may refer to
Oak Grove is a common name for several places in the United States of America. Mine has been extended due to the difficulty in obtaining additional equipment and personnel. The Company expects the cost per ton to decline significantly in the year's second half as volumes increase. North American Coal Production [TABLE OMITTED] Asia-Pacific Iron Ore [TABLE OMITTED] Asia-Pacific Iron Ore sales volume decreased 16% to 1.8 million tonnes during the 2008 second quarter. The lower volume was primarily due to timing of shipments near quarter end. Revenues per tonne for the quarter were reported at $148.18, up 179% from the $53.20 reported in the second quarter of 2007. The increase was primarily the result of higher Australian price settlements for lump and fines iron ore. The retroactive adjustments described above positively impacted per-tonne revenues by $35.91. Per-tonne cost in Asia-Pacific Iron Ore for the 2008 second quarter increased 43% to $59.28, versus the comparable period in 2007. Foreign exchange rates, as the U.S. dollar weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. further relative to the
Australian dollar Noun 1. Australian dollar - the basic unit of money in Australia and Naurudollar - the basic monetary unit in many countries; equal to 100 cents , and higher energy and contract labor expenditures due to inflationary in·fla·tion·ar·y adj. Of, associated with, or tending to cause inflation: inflationary prices; inflationary policies. Adj. 1. pressures contributed to the cost increases. Asia-Pacific Iron Ore Production [TABLE OMITTED] Second-quarter production in Asia-Pacific Iron Ore of 2.1 million tonnes was relatively consistent with the second quarter of 2007. Production at Cockatoo Island Cockatoo Island may be a reference to:
Liquidity Cliffs had $320.4 million of cash and cash equivalents at June 30, 2008, up from $157.1 million at Dec. 31, 2007. The increase in cash on hand is primarily from the Company's previously announced $325 million private placement and cash generated from operations. This increase was partially offset by higher levels of inventory, retiring debt from the Company's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility, Portman's share repurchase program and capital expenditures. At quarter end, Cliffs had $685 million in borrowings outstanding including the private placement and under its credit facility, compared with $440 million of borrowings outstanding at Dec. 31, 2007. Cliffs generated $203 million in cash from operations during the second quarter and $83 million year to date. The Company expects to generate approximately $750 million in cash from operations for the full year. At June 30, 2008, Cliffs had 6.7 million tons of pellets in its North American Iron Ore inventory, 0.3 million tons of metallurgical coal in its North American Coal inventory and 1.3 million tonnes of finished product inventory in Asia-Pacific Iron Ore. This compares with inventory in the respective business segments of 3.4 million, 0.1 million and 1.1 million at Dec. 31, 2007. North American Iron Ore Outlook The Company updated its guidance for expected full-year 2008 per-ton pricing and costs and currently expects to realize average per-ton prices of $90, up from its previous estimate of $85 and an increase of 36% from the average price per ton of $66 realized in 2007. This expectation is based on an annual average hot band steel price of $775 per ton at certain steelmaking facilities. Cost per ton is estimated to average $57 for the full year--up from the previous estimate of $56, and an increase of 19% compared with the $48 per-ton average reported for 2007. The higher cost per ton estimate is the result of increasing royalty payments, energy costs and maintenance activities associated with the Company's recently announced expansion at the Empire and Tilden mines in Michigan. In 2008, Cliffs expects to have equity production of approximately 24 million tons and sales volume of an estimated 25 million tons as it sells through some inventory. The increases in Cliffs' equity production and sales volume is a result of the Michigan operations expansion and the mid-year acquisition of the remaining 30% interest in United Taconite, combined with continued market strength. North American Coal Outlook North American Coal is expected to produce and sell approximately 4.0 million tons of metallurgical coal in 2008, a 300,000 ton reduction from previous guidance. The decrease is a result of extended longwall development due to the timing of adding additional equipment and personnel. Average sales realization per ton is still expected to be approximately $94. Cost per ton for the year is expected to be $89, a $3 increase from previous guidance, due to the reduced production outlook. Asia-Pacific Iron Ore Outlook Cliffs' Asia-Pacific Iron Ore segment is expected to achieve average revenue per tonne of approximately $102 in 2008. This is an 85% increase from the previous year's per-tonne average of $55, and is primarily due to recent iron ore settlements in Australia of an 80% increase for fines and a 97% increase for lump ore. The Company expects cost per tonne in Asia-Pacific Iron Ore to average $58 in 2008, up 35% from the $43 per-tonne average in 2007. The cost increase is primarily the result of higher expected royalty payments related to higher-than-expected year-over-year price increases, rising fuel costs and the impact of foreign exchange. Production and sales volumes are both expected to be 8 million tonnes. Sonoma Coal Project Outlook Cliffs has a 45% economic interest in the project and expects total production of approximately 2.0 million tonnes for 2008. With recent reports of significant year-over-year increases in pricing for metallurgical coal, Sonoma is expected to benefit and generate average revenue of $142 per tonne in 2008, an increase from the Company's previous guidance of $129 per tonne. Cliffs indicated its outlook for Sonoma includes a mix of metallurgical and thermal coal. Costs at Sonoma are projected at approximately $92 per tonne for 2008, up from the previous estimate of $83 per tonne. The higher cost is the result of expenses attributed to changes in mine operations related to increasing the production ratio of metallurgical versus thermal coal. Amapa Iron Ore Project The Amapa Project, a project between MMX (MultiMedia EXtensions) A set of 57 additional instructions built into the Pentium MMX chip for improved multimedia and modem performance by performing mathematical operations on multiple sets of data at the same time (see SIMD). and Cliffs, began production in late December 2007. Cliffs owns a 30% interest in the project. MMX, which has agreed to sell its stake in Amapa to Anglo American, has management control over the venture. MMX has indicated plans to complete construction of the concentrator and ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale operations during 2008, with production and sales expected to total approximately 3 million tonnes for the full year. Based on start-up delays and production levels, Cliffs expects to incur equity losses in 2008. MMX expects Amapa to produce at the 6.5 million tonne design level in 2009. Other Expectations Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. are anticipated to be approximately $140 million in 2008, comprised of SG&A offset by casualty recoveries, royalties and gain on sale of assets. Cliffs anticipates an effective tax rate of approximately 26% for the year. Cliffs also expects 2008 capital expenditures of approximately $250 million and depreciation and amortization of approximately $190 million. The increase from the previous estimate of $200 million for expected capital expenditures is related to the recently announced Empire and Tilden mine-expansion project, upgrades on the rail line at Portman between the operations and the port, and longwall system down payments at the Pinnacle Mine. Alpha Natural Resources Merger Update On July 16, Cleveland-Cliffs and Alpha Natural Resources jointly announced the signing of a definitive merger agreement under which Cleveland-Cliffs agreed to acquire all outstanding common stock of Alpha in a stock and cash transaction. Under the terms of the agreement, for each share of Alpha common stock, Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares and $22.23 in cash. The transaction is subject to approval by Cleveland-Cliffs and Alpha shareholders, as well as the satisfaction of customary closing conditions and regulatory approvals, including expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976. Cliffs stated that it continues to meet with investors and is receiving positive feedback from the majority of its largest shareholders regarding its proposed merger with Alpha. Investors of both Cleveland-Cliffs and Alpha Natural Resources should expect to receive a proxy statement/prospectus that will provide additional details regarding the proposed merger. Cliffs indicated that, based on its and Alpha's recently announced financial results, current financial conditions and future prospects, it believes that the acquisition of Alpha Natural Resources is compelling and provides both companies with enhanced opportunity for continued growth. In 2009, the combined company, Cliffs Natural Resources, is expected to achieve revenues of $10 billion and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of approximately $4.7 billion, with Cleveland-Cliffs' operations contributing an expected $2.5 billion to $2.9 billion in EBITDA. Cleveland-Cliffs is committed to providing the most shareholder value over the long term and firmly believes the proposed transaction is in the best interests of all of its shareholders. By combining the complementary operations and management capabilities of Cleveland-Cliffs and Alpha Natural Resources, Cliffs Natural Resources will be well positioned to meet increasing demand for raw materials from steelmakers in North America and globally. Cleveland-Cliffs will host a conference call to discuss its second-quarter and first-half 2008 results tomorrow, July 31, 2008, at 10 a.m. ET. The call will be broadcast live on Cliffs' website at www.cleveland-cliffs.com. A replay of the call will be available on the website for 30 days. To be added to Cleveland-Cliffs' e-mail distribution list, please click on the link below: http://www.cpg-llc.com/clearsite/clf/emailoptin.html Cleveland-Cliffs Inc, headquartered in Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. , is an international mining company, the largest producer of iron ore pellets in North America and a major supplier of metallurgical coal to the global steelmaking industry. The Company operates six iron ore mines in Michigan, Minnesota and Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
Area, 24,181 sq mi (62,629 sq km). Pop. and Alabama. Cliffs also owns 85% of Portman Limited, a large iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore. In addition, the Company has a 30% interest in the Amapa Project, a Brazilian iron ore project, and a 45% economic interest in the Sonoma Project, an Australian coking and thermal coal project. News releases and other information on the Company are available on the Internet at: http://www.cleveland-cliffs.com or www.cleveland-cliffs.com/Investors/Pages/default.aspx?b=1041&1=1 SOURCE: Cleveland-Cliffs Inc "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement Under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 A number of the matters discussed in this document that are not historical or current facts deal with potential future circumstances and developments, in particular, information regarding expected synergies resulting from the merger of Cleveland-Cliffs and Alpha, combined operating and financial data, the combined company's plans, objectives, expectations and intentions and whether and when the transactions contemplated by the merger agreement will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . The discussion of such matters is qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from actual future experience involving any one or more of such matters. Such risks and uncertainties include: the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; changes in demand for iron ore pellets by integrated steel producers, or changes in iron ore demand due to changes in steel utilization rates, operational factors, electric furnace electric furnace: see furnace. electric furnace Chamber heated with electricity to very high temperatures, for melting and alloying metals and refractories. Modern electric furnaces generally are either arc furnaces or induction furnaces. production or imports into the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada of semi-finished steel or pig iron pig iron: see iron. pig iron Crude iron obtained directly from the blast furnace and cast in molds (see cast iron). The crude ingots, called pigs, are then remelted along with scrap and alloying elements and recast into molds to produce ; the impact of consolidation and rationalization rationalization, in psychology: see defense mechanism. in the steel industry; timing of changes in customer inventories; changes in, renewal of and acquiring new long-term supply arrangements; inherent risks of mining beyond the combined company's control; environmental laws, including those directly affecting mining production, and those affecting customers' iron ore or coal usage; competition in relevant markets; railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. , barge barge, large boat, generally flat-bottomed, used for transporting goods. Most barges on inland waterways are towed, but some river barges are self-propelled. There are also sailing barges. , truck and other transportation performance and costs; the geological characteristics of Central and Northern Appalachian coal reserves; availability of mining and processing equipment and parts; the combined company's assumptions concerning economically recoverable iron ore or coal reserve estimates; disruption from the merger making it more difficult to maintain relationships with customers, employees or suppliers; the failure to obtain governmental approvals of the merger on the proposed terms and schedule, and any conditions imposed on the combined company in connection with consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the merger; the failure to obtain approval of the merger by the stockholders of Cleveland-Cliffs and Alpha and the failure to satisfy various other conditions to the closing of the merger contemplated by the merger agreement; and the risks that are described from time to time in Cleveland-Cliffs' and Alpha's respective reports filed with the SEC, including each of Cleveland-Cliffs' and Alpha's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2007, and quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2008, as such reports may have been amended. This document speaks only as of its date, and Cleveland-Cliffs and Alpha each disclaims any duty to update the information herein. Additional Information and Where to Find It In connection with the proposed transaction, a registration statement on Form S-4 will be filed with the SEC. CLEVELAND-CLIFFS AND ALPHA SHAREHOLDERS ARE ENCOURAGED TO READ THE REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE JOINT PROXY STATEMENT/PROSPECTUS THAT WILL BE PART OF THE REGISTRATION STATEMENT, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The final joint proxy statement/prospectus will be mailed to shareholders of Cleveland-Cliffs and shareholders of Alpha. Investors and security holders will be able to obtain the documents free of charge at the SEC's web site, www.sec.gov, from Cleveland-Cliffs Inc, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1100 Superior Avenue, Cleveland, Ohio 44114-2544, or call (216) 694-5700, or from Alpha Natural Resources, Inc., One Alpha Place, P.O. Box 2345, Abingdon, Virginia Abingdon is a town in Washington County, Virginia, 189 miles (304 km) southwest of Lynchburg. In 1910, 1,757 people lived here. The population was 7,780 at the 2000 census. It is the county seat of Washington CountyGR6. 24212, attention: Investor Relations, or call (276) 619-4410. Participants In Solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual Cleveland-Cliffs and Alpha and their respective directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed merger. Information concerning Cleveland-Cliffs' participants is set forth in the proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated March 26, 2008, for Cleveland-Cliffs' 2008 annual meeting of shareholders as filed with the SEC on Schedule 14A. Information concerning Alpha's participants is set forth in the proxy statement, dated April 2, 2008, for Alpha's 2008 annual meeting of stockholders as filed with the SEC on Schedule 14A. Additional information regarding the interests of participants of Cleveland-Cliffs and Alpha in the solicitation of proxies in respect of the proposed merger will be included in the registration statement and joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available. FINANCIAL RESULTS FOLLOW [TABLE OMITTED] [TABLE OMITTED] |
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