Cleveland-Cliffs Inc
2000 Annual Report
 
Company Profile
Core Values
Comparative Hightlights
Letter to Our Shareholders
Management's Discussion
Financial Information
Notes to Consolidated Financial Statements
Report of Ernst & Young
Quarterly Results of Operations
Cliffs Managed Mines
Eleven Year Summary
Investor & Corporate Information
Officers and Directors
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ELEVEN YEAR  SUMMARY

Summary of Financial and Other Statistical Data
  2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990
For The Year                      
Operating Earnings (a)                      
    Operating Revenues                      
      Product Sales and Services 379.4 316.1 465.7 406.1 470.1 424.8 348.5 280.4 288.9 290.8 299.5
      Royalties and Management Fees 50.7 48.5 49.7 47.5 51.5 49.5 44.7 39.7 43.8 45.8 37.7
      Total 430.1 364.6 515.4 453.6 521.6 474.3 393.2 320.1 332.7 336.6 337.2
    Cost of Goods Sold and Operating
    Expenses and AS&G Expenses 		398.9 345.4 438.3 386.7 428.0 385.1 329.5 280.8 297.5 294.2 307.0
    Operating Earnings 31.2 19.2 77.1 66.9 93.6 89.2 63.7 39.3 35.2 42.4 30.2
Net Income (Loss) (a) 18.1 4.8 57.4 54.9 61.0 57.8 42.8 54.6 (7.9) 53.8 73.8
Net Income (Loss) Per Common Share (a)                      
    Basic 1.74 .43 5.10 4.83 5.26 4.84 3.54 4.55 (.66) 4.55 6.31
    Diluted 1.73 .43 5.06 4.80 5.23 4.82 3.53 4.53 (.66) 4.51 6.26
Cash Flow from Operations Before
  Changes in Operating Assets
  and Liabilities		 76.9 35.6 75.1 74.3 89.6 84.7 54.5 34.8 49.7 106.0 32.1
Distributions to Common Shareholders:                      
    Regular Cash Dividends                      
      Per Share 1.50 1.50 1.45 1.30 1.30 1.30 1.23 1.20 1.18 1.03 .80
      Total 15.7 16.7 16.3 14.8 15.1 15.5 14.8 14.4 14.1 12.1 9.3
    Special Dividends                      
      Per Share               2.70(b)   4.00  
      Total               32.4(b)   47.0  
Repurchases of Common Shares 15.6 17.2 11.5 4.9 19.5 10.8          
                       
At Year-End                      
Cash and Marketable Securities 29.9 67.6 130.3 115.9 169.4 148.8 141.4 161.0 128.6 95.9 96.0
Total Assets 727.8 679.7 723.8 694.3 673.7 644.6 608.6 549.1 537.2 478.7 510.9
Long-Term Obligations
  Effectively Serviced (c)		 74.0 74.7 75.4 74.9 72.9 76.3 84.2 88.6 92.1 65.0 82.4
Shareholders’ Equity 402.0 407.3 437.6 407.4 370.6 342.6 311.4 280.4 269.5 290.8 290.8
Book Value Per Common Share 39.73 38.27 39.25 36.02 32.59 28.96 25.74 23.25 22.47 24.40 24.88
Market Value Per Common Share 21.56 31.13 40.31 45.81 45.38 41.00 37.00 37.38 35.63 36.13 27.13
Iron Ore Production and Sales Statistics (Millions of Gross Tons)                      
Production From Mines
  Managed By Cliffs:		                      
    North America 41.0 36.2 40.3 39.6 39.9 39.6 35.2 32.3 32.9 32.1 31.7
    Australia         1.6 1.5 1.5 1.5 1.5 1.3 2.2
      Total 41.0 36.2 40.3 39.6 41.5 41.1 36.7 33.8 34.4 33.4 33.9
      Cliffs’ Share 11.8 8.8 11.4 10.9 12.0 11.3 8.3 6.8 7.3 7.0 6.6
Cliffs’ Sales From:                      
    North American Mines 10.4 8.9 12.1 10.4 11.0 10.4 8.2 6.4 6.0 6.0 6.5
    Australian Mine       .3 1.7 1.5 1.5 1.4 1.3 1.3 .3
       Total 10.4 8.9 12.1 10.7 12.7 11.9 9.7 7.8 7.3 7.3 6.8
Other Information                      
Earnings Before Interest, Taxes,
  Depreciation and Amortization
  (EBITDA) (d)		 44.2 27.9 87.1 87.8 108.2 85.6 70.6 86.7 50.9 81.3 119.2
Earnings Before Interest
  and Taxes (EBIT) (d)		 18.6 5.4 66.8 68.9 90.6 68.8 56.2 73.2 36.8 65.3 103.8
Common Shares Outstanding (Millions)                      
    Average For Year 10.4 11.1 11.3 11.4 11.6 11.9 12.1 12.0 12.0 11.8 11.7
    At Year-End 10.1 10.6 11.2 11.3 11.4 11.8 12.1 12.1 12.0 11.9 11.7
Common Shares Price Range                      
    High 31.38 43.56 57.69 47.13 46.88 46.75 45.50 37.50 40.38 36.50 35.00
    Low 19.69 26.81 36.06 40.00 36.25 36.13 34.00 28.75 29.50 25.00 19.63
Employees at Year-End (e) 5,645 5,947 6,029 5,951 6,251 6,411 6,504 6,173 6,594 6,709 6,900
 

(a) Results include an after-tax, $9.9 million, recovery of an insurance claim, $5.2 million federal income tax credit, and a $7.1 million charge relating to a common stock investment (combined $.77 per share) in 2000; 1999 $4.4 million ($.39 per share) recovery relating primarily to prior years’ state tax refunds; 1998 federal income tax credit $3.5 million ($.31 per share); 1997 after-tax credits of $8.8 million ($.77 per share); net contributions from non-recurring items extraordinary charge of $2.4 million ($.20 per share) in 1995, recoveries on bankruptcy claims of $23.2 million ($1.92 per share) and $47.1 million ($4.00 per share) in 1993 and 1990, respectively, and a $38.7 million ($3.23 per share) after-tax charge for accounting changes in 1992. Operating results reflect the acquisition of a majority interest of CAL in the fourth quarter of 2000, and the acquisition of Northshore in the fourth quarter of 1994.
(b) Includes securities at market value on distribution date.
(c) Includes the Company’s share of ventures and equipment acquired on capital leases.
(d) EBITDA and EBIT are not presented as substitute measures of operating results or cash flow from operations, but because they are widely accepted indicators of a company’s ability to acquire and service debt.
(e) Includes employees of managed mining ventures, of which 1,141 (at December 31, 2000) were employees of LTV Steel Mining Company that ceased operations on January 5, 2001.
At December 31, 2000, the Company had 2,579 shareholders of record.

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