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Regulation FD Disclosure.)Tj /F2 1 Tf 0 -2.5717 TD (Cleveland-Cliffs Inc published a News Release on October 7, 2002 as follows: )Tj /F6 1 Tf 11.8821 -2.5955 TD -0.0001 Tc 0.0001 Tw (CLIFFS ANTICIPATES NON-CASH CHARGE FOR IMPAIRMENT OF)Tj -3.6194 -1.2382 TD (TRINIDAD FACILITY IN THIRD QUARTER AND ADDITIONAL FOURTH QUARTER)Tj 12.2393 -1.2382 TD (NON-CASH PENSION CHARGE)Tj /F12 1 Tf -20.502 -2.5717 TD ( CLEVELAND, OH )Tj /F2 1 Tf 9.4421 0 TD 0 Tc 0 Tw ()Tj /F12 1 Tf 0.5 0 TD ( October 7, 2002 )Tj /F2 1 Tf 6.9704 0 TD ()Tj /F12 1 Tf 0.9999 0 TD ( Cleveland-Cliffs Inc \(NYSE: CLF\) today announced that it expects to record a significant )Tj -17.9124 -1.1192 TD (non-cash charge against its results of operations for the third quarter ended September 30, 2002. This non-cash charge is the o)Tj 50.3744 0 TD (utcome of )Tj -50.3744 -1.1192 TD (the Company)Tj /F2 1 Tf 5.3605 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s continuing analysis of the potential impairment of its Trinidad HBI plant, Cliffs and Associates Ltd. \(CAL\). )Tj -5.6935 -2.524 TD ( Cliffs also expects that this charge will be followed in the fourth quarter ending December 31, 2002 by a significant non-)Tj 49.6545 0 TD (cash charge )Tj -49.6545 -1.1192 TD (to equity for required increases to its minimum liability under its defined benefit pension plans. The Company remains in compl)Tj 51.2694 0 TD (iance )Tj -51.2694 -1.1192 TD (with its $70 million senior notes; however, once the Company is required to record the minimum pension liability, the Company w)Tj 52.3822 0 TD (ill )Tj -52.3822 -1.1192 TD (need to negotiate a waiver of one of the financial covenants in its senior notes. 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Cliffs does no)Tj 50.3224 0 TD (t currently )Tj -50.3224 -1.1192 TD (believe that HBI product pricing is sufficient to justify resuming operations at the plant. The Company has concluded that it w)Tj 50.5184 0 TD (ill record )Tj -50.5184 -1.1192 TD (an asset impairment charge in the third quarter as future cash flows are no longer expected to exceed the carrying value of the)Tj 50.2594 0 TD ( assets, and )Tj -50.2594 -1.1192 TD (that its investment in CAL must be written down to market value. The Company expects that the impairment charge will be for its)Tj 52.0743 0 TD ( entire )Tj -52.0743 -1.1192 TD (investment in CAL, resulting in a loss of approximately $100 million recorded in the third quarter and a corresponding reductio)Tj 51.0454 0 TD (n in )Tj -51.0454 -1.1192 TD (shareholders equity by $100 million. The Company does not expect to record an offsetting deferred tax asset for this write-down)Tj 51.4313 0 TD (. In )Tj -51.4313 -1.1192 TD (addition, there could be additional shutdown costs, currently not expected to exceed $30 million, if the decision were made to )Tj T* (permanently close the facility. )Tj 0 -2.524 TD ( Like many other publicly held companies with defined benefit pension plans, Cliffs has been reviewing its return on assets)Tj 50.3224 0 TD ( and )Tj -50.3224 -1.1192 TD (discount rate assumptions for the defined pension benefit plans for its employees and those of its associated companies in ligh)Tj 50.4064 0 TD (t of current )Tj -50.4064 -1.1192 TD (conditions in the financial markets. 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When the ABO exceeds the market va)Tj 52.9852 0 TD (lue )Tj -52.9852 -1.1192 TD (of the assets of the plans, SFAS No. 87 )Tj /F2 1 Tf 15.9146 0 TD ()Tj /F12 1 Tf 0.444 0 TD (Employer)Tj /F2 1 Tf 3.9436 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s Accounting for Pensions)Tj /F2 1 Tf 10.526 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( requires that an additional minimum liability equal to this )Tj -31.6051 -1.1192 TD (excess amount plus the previously recognized pension asset be recorded. This expected liability will be calculated and recorded)Tj 51.0404 0 TD ( at the )Tj -51.0404 -1.1191 TD (next measurement date of the plan, which is year-end. Based on current asset values, management expects that a required additio)Tj 51.5393 0 TD (nal )Tj -51.5393 -1.1192 TD (minimum liability of between $125 million and $150 million and an intangible asset of about $25 million will be recorded, resul)Tj 51.3553 0 TD (ting in a )Tj -51.3553 -1.1192 TD (charge to equity of between $100 and $125 million without any tax benefits. The actual return on plan assets for the year 2002 )Tj 50.8204 0 TD (and )Tj -50.8204 -1.1192 TD (changes in the calculated liability due to assumed discount \(interest\) rates could materially affect these amounts. This charge)Tj 49.8755 0 TD ( does not )Tj -49.8755 -1.1191 TD (affect pension funding requirements in the near-term. In 2001, the Company, including its share of associated companies, funded)Tj 51.6253 0 TD ( )Tj -51.6253 -1.1192 TD ($.4 million, compared to pension expense of $4.4 million. In 2002, the Company, including its share of associated companies, ex)Tj 51.6023 0 TD (pects to )Tj -51.6023 -1.1192 TD (fund about $1.5 million, compared to pension expense of about $7.5 million. In 2003, the Company)Tj /F2 1 Tf 39.8834 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s expected pension funding is less )Tj -40.2164 -1.1192 TD (than $3 million. )Tj 0 -2.5241 TD ( The Empire Mine, located in Palmer, Michigan, is owned by subsidiaries of Ispat International N.V. and Cliffs. LTV Corpora)Tj 51.5163 0 TD (tion, )Tj -51.5163 -1.1192 TD (formerly a 25 percent owner in Empire, ceased operations and rejected its interest in the mine earlier this year. Cliffs is cur)Tj 49.1235 0 TD (rently in )Tj -49.1235 -1.1192 TD (discussion with Ispat regarding the future of the Empire Mine. The Empire Mine has been operating since earlier this year under)Tj 51.3463 0 TD ( an )Tj -51.3463 -1.1191 TD (interim agreement between Cliffs and Ispat which terminates at the end of 2002. The mine is expected to produce nearly 3.7 mill)Tj 51.5143 0 TD (ion tons )Tj -51.5143 -1.1192 TD (of pellets this year. )Tj 0 -2.524 TD ( Cliffs periodically conducts a formal evaluation of its iron ore reserves at all mining locations, which includes the effe)Tj 48.5436 0 TD (ct of changes in )Tj -48.5436 -1.1192 TD (the cost of producing pellets from the respective ore reserves. In the case of Empire, the impact of any rise in cost is partic)Tj 48.9016 0 TD (ularly )Tj -48.9016 -1.1192 TD (significant. Various mine planning studies are underway to determine the economic mine life at Empire. The studies have not yet)Tj 51.6823 0 TD ( been )Tj -51.6823 -1.1192 TD (completed, but are expected to result in a shortened mine life at Empire, which combined with rising costs, may require an impa)Tj 51.2654 0 TD (irment )Tj -51.2654 -1.1192 TD (charge for all or some portion of Cliffs)Tj /F2 1 Tf 15.5236 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( investment in Empire. If Cliffs were to take an impairment charge for its entire investment in the )Tj -15.8566 -1.1192 TD (mine, the potential impact would be in the $40 million to $50 million range. These charges assume the continued operation of th)Tj 51.3523 0 TD (e mine; )Tj -51.3523 -1.1192 TD (there would be substantial additional costs associated with closure of the mine in the near term. Cliffs does not currently exp)Tj 49.7945 0 TD (ect closure )Tj -49.7945 -1.1192 TD (to occur. )Tj 0 -2.5241 TD ( Additionally, if the Company elects to implement SFAS No. 143 )Tj /F2 1 Tf 27.4705 0 TD ()Tj /F12 1 Tf 0.444 0 TD (Accounting for Asset Retirement Obligations)Tj /F2 1 Tf 18.1634 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( this year, there )Tj -46.5218 -1.1192 TD (would be an additional non-cash charge presently estimated at $20 million relating to its various mine ownerships, including th)Tj 50.8524 0 TD (e Empire )Tj -50.8524 -1.1192 TD (Mine. )Tj 0 -2.5241 TD ( John S. Brinzo, Cliffs)Tj /F2 1 Tf 9.9441 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( Chairman and Chief Executive Officer, said, )Tj /F2 1 Tf 18.3553 0 TD ()Tj /F12 1 Tf 0.444 0 TD (The write-down of our investment in CAL is unfortunate, but )Tj -29.0764 -1.1192 TD (dictated by market realities. However, we want to reiterate that our iron ore business fundamentals are improving. Neither the )Tj 50.5404 0 TD (asset )Tj -50.5404 -1.1192 TD (impairment charge nor the pension liability charge will adversely affect 2002 or 2003 cash flow. Our sales outlook is improving)Tj 51.2104 0 TD (. We are )Tj -51.2104 -1.1192 TD (likely to sell 15 million )Tj 27.5741 -2.5241 TD (3)Tj ET endstreamendobj7 0 obj<< /Type /Page /Parent 14 0 R /Resources 8 0 R /Contents 9 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj8 0 obj<< /ProcSet [ /PDF /Text ] /Font << /F2 31 0 R /F6 30 0 R /F12 13 0 R >> /ExtGState << /GS1 35 0 R >> >> endobj9 0 obj<< /Length 4882 >> stream 1 g /GS1 gs 1 i 18.21 773.85 575.76 -441.36 re f BT /F12 1 Tf 10.079 0 0 10.079 25.65 764.73 Tm 0 g 0 Tc 0 Tw ( )Tj 0 -2.524 TD (tons of pellets this year. Our mining operations have been operating at capacity since August, and we expect to continue to ope)Tj 50.7924 0 TD (rate all of )Tj -50.7924 -1.1192 TD (the mines at capacity in 2003, except possibly Empire, where future operations are subject to a mutually acceptable agreement b)Tj 51.2903 0 TD (etween )Tj -51.2903 -1.1192 TD (Cliffs and Ispat. We currently expect to be sold-out for 2003. All of these factors give me confidence that we can achieve a sa)Tj 50.2884 0 TD (tisfactory )Tj -50.2884 -1.1191 TD (resolution with our senior note holders.)Tj /F2 1 Tf 15.7196 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( )Tj -16.1635 -2.5241 TD (Brinzo added, )Tj /F2 1 Tf 5.8595 0 TD ()Tj /F12 1 Tf 0.444 0 TD (In the meantime, we continue to focus on servicing the steel industry and meeting our obligations to customers, suppliers )Tj -6.3034 -1.1192 TD (and employees. To compete successfully, we must challenge our existing business practices, streamline operations, improve produ)Tj 52.2373 0 TD (ctivity, )Tj -52.2373 -1.1191 TD (and reduce our cost structure at an accelerated pace. We are committed to our business of supplying raw materials to the steel )Tj 50.4554 0 TD (industry )Tj -50.4554 -1.1192 TD (and restoring value.)Tj /F2 1 Tf 7.9143 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( )Tj -8.3582 -2.5241 TD ( Cliffs will host a conference call on this release tomorrow, Tuesday, October 8, at 11:00 a.m. EDT. The call will be broad)Tj 49.9865 0 TD (cast live on )Tj -49.9865 -1.1192 TD (Cliffs)Tj /F2 1 Tf 2.2778 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( website at http://www.cleveland-cliffs.com. A replay of the call will be available on the website. )Tj /F6 1 Tf 23.8203 -2.5955 TD (* * * *)Tj /F12 1 Tf -26.4311 -2.5717 TD (Cleveland-Cliffs is the largest supplier of iron ore products to the North American steel industry. Subsidiaries of the Company)Tj 50.5734 0 TD ( manage )Tj -50.5734 -1.1192 TD (and hold equity interests in five iron ore mines in Michigan, Minnesota and Eastern Canada. Cliffs has a major iron ore reserve)Tj 50.8484 0 TD ( position )Tj -50.8484 -1.1192 TD (in the United States and is a substantial iron ore merchant. References in this news release to )Tj /F2 1 Tf 37.3236 0 TD ()Tj /F12 1 Tf 0.444 0 TD (Cliffs)Tj /F2 1 Tf 2.2778 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( and )Tj /F2 1 Tf 1.9438 0 TD ()Tj /F12 1 Tf 0.444 0 TD (Company)Tj /F2 1 Tf 3.8886 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( include )Tj -47.2097 -1.1192 TD (subsidiaries and affiliates as appropriate in the context. )Tj 0 -2.524 TD ( This news release contains predictive statements that are intended to be made as )Tj /F2 1 Tf 33.546 0 TD ()Tj /F12 1 Tf 0.444 0 TD (forward-looking)Tj /F2 1 Tf 6.5534 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( within the safe harbor protections )Tj -40.9873 -1.1192 TD (of the Private Security Litigation Reform Act of 1995. Although the Company believes that its forward-looking statements are ba)Tj 51.7953 0 TD (sed on )Tj -51.7953 -1.1192 TD (reasonable assumptions, such statements are subject to risks and uncertainties. )Tj 0 -2.5241 TD ( Actual results may differ materially from such statements for a variety of factors. The Company is currently seeking to re)Tj 49.7915 0 TD (negotiate its )Tj -49.7915 -1.1192 TD (existing senior notes. The ability to reach an agreement and the timing, terms and effect of any renegotiation with the senior )Tj 49.8485 0 TD (noteholders )Tj -49.8485 -1.1192 TD (are uncertain. The Company will also seek additional sources of financing, achievement of which is uncertain. If the Company ca)Tj 51.8183 0 TD (nnot )Tj -51.8183 -1.1192 TD (reach agreement with its existing senior noteholders with respect to a covenant waiver or secure alternative sources of financi)Tj 50.2054 0 TD (ng, the )Tj -50.2054 -1.1192 TD (Company may be forced to seek protection under the bankruptcy laws. Other risks and uncertainties include: the estimate concern)Tj 51.9573 0 TD (ing the )Tj -51.9573 -1.1192 TD (shut-down costs of the CAL facility may differ significantly from actual results should the facility actually be closed because)Tj 50.0435 0 TD ( of the )Tj -50.0435 -1.1192 TD (effects of timing as well as of unforeseen costs; the ultimate impact of the impairment of the Company)Tj /F2 1 Tf 41.0743 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s investment in CAL may be )Tj -41.4072 -1.1192 TD (significantly reduced in the event that the actual market value of the investment is greater than zero; the Company)Tj /F2 1 Tf 45.5989 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s estimates related to )Tj -45.9318 -1.1192 TD (the additional minimum liability for the defined pension benefit plan and the levels of funding and pension expense in )Tj 27.5741 -2.5241 TD (4)Tj ET endstreamendobj10 0 obj<< /Type /Page /Parent 14 0 R /Resources 11 0 R /Contents 12 0 R /MediaBox [ 0 0 612 792 ] /CropBox [ 0 0 612 792 ] /Rotate 0 >> endobj11 0 obj<< /ProcSet [ /PDF /Text ] /Font << /F2 31 0 R /F6 30 0 R /F12 13 0 R >> /ExtGState << /GS1 35 0 R >> >> endobj12 0 obj<< /Length 3629 >> stream 1 g /GS1 gs 1 i 18.21 773.85 575.76 -755.76 re f BT /F12 1 Tf 10.079 0 0 10.079 25.65 764.73 Tm 0 g 0 Tc 0 Tw ( )Tj 0 -2.524 TD (2002 and 2003 may differ significantly from the actual amounts due to actual returns on plan assets, changes in interest rates,)Tj 50.0985 0 TD ( and other )Tj -50.0985 -1.1192 TD (actuarial assumptions; the estimate concerning the potential impairment charge relating to the Empire Mine depends on a determi)Tj 51.7933 0 TD (nation )Tj -51.7933 -1.1192 TD (that impairment has occurred and may differ significantly from the actual impairment charge because of timing, changes in econo)Tj 51.9013 0 TD (mic )Tj -51.9013 -1.1191 TD (conditions, changes in the estimates of mine life, mine closure costs, an acceptable operating arrangement with the other Empir)Tj 50.9034 0 TD (e partner, )Tj -50.9034 -1.1192 TD (and other factors; the estimate relating to the SFAS No. 143 charge depends on the early adoption of SFAS No. 143 and may diffe)Tj 52.1273 0 TD (r )Tj -52.1273 -1.1192 TD (significantly from the actual charge because of timing and variances in the factors involved in the calculation of such charge;)Tj 50.0125 0 TD ( and the )Tj -50.0125 -1.1192 TD (expectations for sales and mine operations this year and in 2003 may differ significantly from actual results because of demand)Tj 50.9024 0 TD ( for iron )Tj -50.9024 -1.1191 TD (ore pellets by North American integrated steel producers due to changes in steel utilization rates, operational factors, electr)Tj 49.1235 0 TD (ic furnace )Tj -49.1235 -1.1192 TD (production or imports of semi-finished steel or pig iron; changes in the financial condition of the Company)Tj /F2 1 Tf 42.7701 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s partners and/or customers; )Tj -43.1031 -1.1192 TD (rejection of major contracts and/or venture agreements by customers and/or participants under provisions of the U. S. Bankruptc)Tj 51.3473 0 TD (y Code )Tj -51.3473 -1.1192 TD (or similar statutes in other countries; changes in imports of steel, iron ore, or ferrous metallic products; and changes in dom)Tj 49.3225 0 TD (estic or )Tj -49.3225 -1.1192 TD (international economic and political conditions. )Tj 0 -2.5241 TD ( Reference is made to the detailed explanation of the many factors and risks that may cause such predictive statements to t)Tj 49.8475 0 TD (urn out )Tj -49.8475 -1.1192 TD (differently, as set forth in the Company)Tj /F2 1 Tf 15.7466 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s Annual Report for 2001 and Reports on Form 10-K and 10-Q and previous news releases filed )Tj -16.0795 -1.1191 TD (with the Securities and Exchange Commission, which are available publicly on Cliffs)Tj /F2 1 Tf 34.2159 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( web site. The information contained in this )Tj -34.5489 -1.1192 TD (document speaks as of the date of this news release and may be superceded by subsequent events. )Tj /F6 1 Tf 24.8833 -2.5955 TD -0.0001 Tc (SIGNATURE)Tj /F12 1 Tf -24.8833 -2.5717 TD 0 Tc ( Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be )Tj 49.8495 0 TD (signed on its )Tj -49.8495 -1.1192 TD (behalf by the undersigned, hereunto duly authorized. )Tj 12.525 -1.1192 TD ( )Tj /F6 1 Tf 0 -1.1906 TD -0.0001 Tc 0.0001 Tw (CLEVELAND-CLIFFS INC)Tj /F12 1 Tf 0 -1.1668 TD 0 Tc 0 Tw ( )Tj 0 -1.1192 TD (By: /s/ C. B. Bezik)Tj ET 0.5 g 151.89 442.41 308.4 -0.48 re f BT 10.079 0 0 10.079 151.89 430.8901 Tm 0 g (Name: C. B. Bezik)Tj T* (Title: Senior Vice President-Finance)Tj -12.525 -2.5241 TD (Dated: October 8, 2002 )Tj 27.5741 -2.5241 TD (5)Tj ET endstreamendobj13 0 obj<< /Type /Font /Subtype /Type1 /FirstChar 32 /LastChar 181 /Widths [ 250 333 408 500 500 833 778 180 333 333 500 564 250 333 250 278 500 500 500 500 500 500 500 500 500 500 278 278 564 564 564 444 921 722 667 667 722 611 556 722 722 333 389 722 611 889 722 722 556 722 667 556 611 722 722 944 722 722 611 333 278 333 469 500 333 444 500 444 500 444 333 500 500 278 278 500 278 778 500 500 500 500 333 389 278 500 500 722 500 500 444 480 200 480 541 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 500 500 250 250 250 250 250 760 250 250 250 250 250 250 250 564 250 250 250 500 ] /Encoding /WinAnsiEncoding /BaseFont /OFBGFM+Times-Roman /FontDescriptor 32 0 R >> endobj14 0 obj<< /Type /Pages /Kids [ 28 0 R 1 0 R 4 0 R 7 0 R 10 0 R ] /Count 5 >> endobj15 0 obj<< /Dt (D:20021008140117)/JTM (Distiller)>> endobj16 0 obj/This endobj17 0 obj<< /CP (Distiller)/Fi 16 0 R >> endobj18 0 obj<< /R [ 600 600 ] >> endobj19 0 obj<< /JTF 0 /MB [ 0 0 612 792 ] /R 18 0 R /W [ 0 4 ] >> endobj20 0 obj<< /Fi [ 17 0 R ] /P [ 19 0 R ] >> endobj21 0 obj<< /Dm [ 612 792 612 792 ] >> endobj22 0 obj<< /Me 21 0 R >> endobj23 0 obj<< /D [ 20 0 R ] /MS 22 0 R /Type /JobTicketContents >> endobj24 0 obj<< /A [ 15 0 R ] /Cn [ 23 0 R ] /V 1.10001 >> endobj25 0 obj<< /CreationDate (D:20021008140117)/Producer (Acrobat Distiller 4.05 for Windows)/ModDate (D:20021008140117-04'00')>> endobjxref0 26 0000000000 65535 f 0000018461 00000 n 0000018612 00000 n 0000018737 00000 n 0000023381 00000 n 0000023532 00000 n 0000023646 00000 n 0000029037 00000 n 0000029188 00000 n 0000029313 00000 n 0000034248 00000 n 0000034402 00000 n 0000034528 00000 n 0000038211 00000 n 0000039000 00000 n 0000039091 00000 n 0000039155 00000 n 0000039178 00000 n 0000039230 00000 n 0000039270 00000 n 0000039346 00000 n 0000039401 00000 n 0000039450 00000 n 0000039486 00000 n 0000039563 00000 n 0000039630 00000 n trailer<<27e5a8ae71f3cc603bd70f3dabe8fc5c>]>>startxref173%%EOF