CEO MESSAGE

With a strong foundation of more than 160 years in service to the steel industry, ours is a company rich in tradition with a dynamic future. Over the past several years, we have been engaged in restructuring transactions that have successfully established Cliffs not only as North America’s largest supplier of iron ore, but also as an international merchant mining company well positioned to serve the world’s fastest growing steel markets.

Today’s Cliffs is a vital and growing mining company with a solid North American franchise and expanding global assets. Of the 11 iron ore mines in North America, we manage six. The company conducts business with virtually all of the integrated steel producers in North America. Cliffs’ mines now account for approximately 46 percent of North American pellet production—28 percent for its own account—earning Cliffs the number one market-share position in North America. Internationally, our presence now extends to Australia, Latin America, and Asia. We remain committed to further deploying our company’s unique mining and processing knowledge to maximize shareholder value.

Equally important is Cliffs’ commitment to being a good steward in its communities and providing a safe, healthy, and creative working environment in which our innovative leaders and their teams are able to contribute to their fullest potential. Our neighbors are our cornerstone, and our people, the strength of our company.

This is an exciting time for Cliffs as we continue to strengthen domestically and expand and diversify globally. We invite you to take a look at the pages ahead for an overview of who we are, where we’re going, and what’s important to us as we create a continuing legacy of success.

Joseph A. Carrabba
Chairman, President and
Chief Executive Officer