Organization Changes

At the Annual Meeting of Shareholders in May 2001, G. Frank Joklik and Anthony A. Massaro did not stand for re-election to the Board of Directors. Mr. Joklik retired after serving seven years on the Board. His experience in the mining business was highly valuable to Cliffs. Mr. Massaro decided not to stand for re-election due to other business commitments. He provided two years of very constructive service on the Board. Both gentlemen will be missed.

David H. Gunning joined Cliffs as Vice Chairman in April 2001 and was elected a Director of the Company in July 2001. He is responsible for business development and the execution of corporate strategy. Prior to joining Cliffs, Mr. Gunning was a consultant and private investor. Previously, he was President and Chief Executive Officer of Capitol American Financial Corporation, which was sold to Conseco, Inc. For more than 25 years before that, he was with the law firm of Jones, Day, Reavis & Pogue, where he was the partner in charge of the firm's worldwide corporate practice.

James A. Trethewey, formerly Senior Vice President - Operations Services, was named Senior Vice President - Business Development.

Robert J. Leroux, formerly Controller, was named Vice President and Controller.

John E. Lenhard, formerly Secretary and Associate General Counsel, was named Secretary and Corporate Counsel.