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Regulation FD Disclosure.)Tj /F2 1 Tf 0 -2.5717 TD ( Cleveland-Cliffs Inc published a News Release on January 13, 2003 as follows: )Tj /F6 1 Tf 15.4062 -2.5955 TD -0.0001 Tc 0.0001 Tw (CLIFFS INCREASES OWNERSHIP OF EMPIRE MINE)Tj /F12 1 Tf -15.4062 -2.5717 TD 0 Tc 0 Tw ( Cleveland, OH )Tj /F2 1 Tf 7.4983 0 TD ()Tj /F12 1 Tf 0.9999 0 TD ( January 13, 2003 )Tj /F2 1 Tf 7.3593 0 TD ()Tj /F12 1 Tf 0.9999 0 TD ( Cleveland-Cliffs Inc \(NYSE:CLF\) today announced that it has entered into an agreement with )Tj -16.8575 -1.1191 TD (Ispat Inland Steel Company, a subsidiary of Ispat International N.V. \(NYSE:IST\), effective December 31, 2002, that restructured)Tj 51.7073 0 TD ( the )Tj -51.7073 -1.1192 TD (Empire Mine and better positions the mine for the future. Under the agreement, Cliffs)Tj /F2 1 Tf 34.2969 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( ownership of the Empire Mine has increased to )Tj -34.6299 -1.1192 TD (79 percent. )Tj 0 -2.524 TD ( The Empire Mine, located in Michigan)Tj /F2 1 Tf 16.8575 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s Upper Peninsula, has been operating under an interim agreement between Cliffs and Ispat )Tj -17.1904 -1.1191 TD (Inland since LTV Corporation ceased operations and rejected its 25 percent ownership in Empire early in 2002. At that time, Cli)Tj 51.3763 0 TD (ffs )Tj -51.3763 -1.1192 TD (owned 35 percent of Empire and Ispat Inland owned 40 percent. Under the agreement effective December 31, 2002, Cliffs has )Tj T* (effectively acquired the entire 25 percent interest previously owned by LTV and a 19 percent interest in the mine from Ispat In)Tj 50.6784 0 TD (land. As a )Tj -50.6784 -1.1191 TD (result, the mine is now owned 79 percent by Cliffs and 21 percent by Ispat Inland. )Tj 0 -2.524 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 (This is another step forward in Cliffs)Tj /F2 1 Tf 14.7747 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( strategy to be a major )Tj -44.184 -1.1192 TD (force in stabilizing and consolidating the North American pellet market. With most steel companies interested in exiting their )Tj 50.4064 0 TD (ownership )Tj -50.4064 -1.1191 TD (positions, Cliffs has a unique opportunity to take a leadership position in remaking the iron ore business in the United States)Tj 49.6875 0 TD (. This )Tj -49.6875 -1.1192 TD (transaction is also another step that could lead to the combination of the Empire and Tilden Mines. The combination, which has )Tj 51.2953 0 TD (been )Tj -51.2953 -1.1192 TD (under study for some time, would be expected to create a more efficient, cost competitive mining operation.)Tj /F2 1 Tf 43.1831 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( )Tj -43.627 -2.524 TD ( Brinzo continued, )Tj /F2 1 Tf 8.6652 0 TD ()Tj /F12 1 Tf 0.444 0 TD (Similar to the other transactions we completed in 2002, which increased our ownership at the Tilden and Hibbing )Tj -9.1092 -1.1192 TD (mines, this transaction at Empire did not require an upfront cash payment to Ispat Inland, but reflected only the assumption of)Tj 50.3224 0 TD ( existing )Tj -50.3224 -1.1192 TD (mine liabilities. As previously disclosed, we expect to record a non-cash charge in the fourth quarter principally to recognize)Tj 49.8745 0 TD ( the )Tj -49.8745 -1.1192 TD (impairment of our pre-existing Empire Mine investment. The amount of the charge is still under review. The write-down of our )Tj T* (investment in Empire is required by accounting regulations that provide a strict definition of when an asset is impaired. It do)Tj 49.7955 0 TD (es not reflect )Tj -49.7955 -1.1192 TD (a lack of commitment to making the mine a viable operation for many years. Recent mine studies indicate that Empire has an econ)Tj 52.2373 0 TD (omic )Tj -52.2373 -1.1192 TD (life of about 10 years; however, this can be extended by reducing costs and potentially combining Empire with Tilden. There are)Tj 51.4863 0 TD ( )Tj -51.4863 -1.1192 TD (additional iron ore resources at Empire that could become economic with a reduction of mine costs. It is currently expected tha)Tj 50.7914 0 TD (t Empire )Tj -50.7914 -1.1192 TD (will operate at capacity and produce 6.2 million tons in 2003, up from 3.7 million tons in 2002.)Tj /F2 1 Tf 38.0785 0 TD ()Tj /F12 1 Tf 0.444 0 TD ( )Tj -10.9485 -2.6907 TD (2)Tj ET endstreamendobj4 0 obj<< /Type /Page /Parent 11 0 R /Resources 5 0 R /Contents 6 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj5 0 obj<< /ProcSet [ /PDF /Text ] /Font << /F2 28 0 R /F6 27 0 R /F12 10 0 R >> /ExtGState << /GS1 32 0 R >> >> endobj6 0 obj<< /Length 3751 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -378.24 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj 10.079 0 0 10.079 25.65 953.13 Tm ( Separately, Cliffs has entered into a 12-year sales agreement with Ispat Inland that makes Cliffs the sole supplier of Isp)Tj 48.9036 0 TD (at Inland pellet )Tj -48.9036 -1.1191 TD (requirements in excess of the pellets provided from Ispat Inland)Tj /F2 1 Tf 25.5207 0 TD ()Tj /F12 1 Tf 0.333 0 TD (s remaining interest in Empire and pellets from their wholly-owned )Tj -25.8537 -1.1192 TD (Minorca Mine. Sales to Ispat Inland in 2003 are expected to be at least 1.3 million tons. )Tj /F6 1 Tf 26.0501 -2.5955 TD (* * * * *)Tj /F12 1 Tf -26.0501 -2.5717 TD ( Cleveland-Cliffs is the largest producer and merchant of iron ore pellets in North America. The Company operates five iron)Tj 50.7634 0 TD ( ore mines )Tj -50.7634 -1.1191 TD (located in Michigan, Minnesota and Eastern Canada. References in this news release to )Tj /F2 1 Tf 35.1838 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 subsidiaries and )Tj -45.0699 -1.1192 TD (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 Securities Litigation Reform Act of 1995. Although the Company believes that its forward-looking statements are )Tj 51.4623 0 TD (based on )Tj -51.4623 -1.1192 TD (reasonable assumptions, such statements are subject to risks and uncertainties. )Tj 0 -2.524 TD ( Actual results may differ materially from such statements for a variety of factors. Risks and uncertainties include: the e)Tj 48.8756 0 TD (stimate )Tj -48.8756 -1.1192 TD (concerning the potential impairment charge relating to the Empire Mine depends on a determination that impairment has occurred )Tj 52.2643 0 TD (and )Tj -52.2643 -1.1192 TD (may differ significantly from the actual impairment charge because of timing, changes in economic conditions, changes in the es)Tj 51.4863 0 TD (timates )Tj -51.4863 -1.1192 TD (of mine life, mine closure costs, and other factors; the expectations for pellet production at the Empire Mine and Cliffs)Tj /F2 1 Tf 47.4607 0 TD ()Tj /F12 1 Tf 0.333 0 TD ( pellet sales to )Tj -47.7937 -1.1191 TD (Ispat Inland in 2003 may differ significantly from actual results because of demand for iron ore pellets by Ispat Inland and ot)Tj 49.9585 0 TD (her )Tj -49.9585 -1.1192 TD (customers, and changes in domestic or international economic and political conditions. )Tj 0 -2.524 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 -1.1192 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 ( website. 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 0 -2.5479 TD [( )-3083.6( Cliffs expects to report fourth quarter and full year results for 2002 on January 29, 2003.)]TJ 27.5741 -2.6907 TD (3)Tj ET endstreamendobj7 0 obj<< /Type /Page /Parent 11 0 R /Resources 8 0 R /Contents 9 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj8 0 obj<< /ProcSet [ /PDF /Text ] /Font << /F6 27 0 R /F12 10 0 R >> /ExtGState << /GS1 32 0 R >> >> endobj9 0 obj<< /Length 953 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -971.76 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj /F6 1 Tf 10.079 0 0 10.079 276.45 952.41 Tm -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 -1.1191 TD (behalf by the undersigned, hereunto duly authorized. )Tj 0 -2.5241 TD ( )Tj /F6 1 Tf 27.836 -0.0714 TD -0.0001 Tc 0.0001 Tw (CLEVELAND-CLIFFS INC)Tj /F12 1 Tf -27.836 -2.5717 TD 0 Tc 0 Tw [( )-27586(By: )-19.6(/s/ C. 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