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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 14, 1999
CLEVELAND-CLIFFS INC
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
OHIO 1-8944 34-1464672
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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1100 Superior Avenue, Cleveland, Ohio 44114
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (216-694-5700)
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
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Cleveland-Cliffs Inc published a News Release with respect to expansion
of its stock repurchase program.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(a) Financial Statements of Business Acquired: None
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(b) Pro Forma Financial Information: None
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(c) Exhibits:
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EXHIBIT
NUMBER EXHIBIT
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99(a) Cleveland-Cliffs Inc News Release Filed
published on September 14, 1999, Herewith
with respect to expansion of its
stock repurchase program
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
CLEVELAND-CLIFFS INC
By: /s/ C. B. Bezik
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Name: C. B. Bezik
Title: Senior Vice President-Finance
Dated: September 20, 1999
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INDEX TO EXHIBITS
EXHIBIT
NUMBER EXHIBIT
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99(a) Cleveland-Cliffs Inc News Release Filed
published on September 14, 1999, Herewith
with respect to expansion of its
stock repurchase program.
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Exhibit 99(a)
NEWS RELEASE Cleveland-Cliffs Inc
1100 Superior Avenue
Cleveland, Ohio 44114-2589
CLEVELAND-CLIFFS ANNOUNCES EXPANSION
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OF STOCK REPURCHASE PROGRAM
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Cleveland, OH, September 14, 1999 - Cleveland-Cliffs Inc (NYSE-CLF)
today announced that its Board of Directors authorized a 500,000 share increase
in the Company's stock repurchase program. The increase, which is the third
since the program was initiated in 1995, raises the total repurchase
authorization to 2.0 million shares.
As of September 13, the Company has purchased 1,264,950 shares under
the repurchase program, at a total cost of $50.8 million. There are currently
11.1 million shares outstanding. Acquired stock will initially be retained as
treasury stock. The program is flexible with respect to the timing and pricing
of repurchase activity, and there is no deadline for completion of the program.
John S. Brinzo, Cliffs' president and chief executive officer, said,
"Expansion of the repurchase program complements our strategic plan to build
shareholder value and can be implemented without interfering with our business
operations or strategic investment opportunities.
Based on yesterday's closing price of $32.25 per share, the cost to
complete the program would be $23.7 million, and the total cost of the 2.0
million share program would be $74.5 million.
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Cleveland-Cliffs is the largest supplier of iron ore products to the
North American steel industry and is developing a significant ferrous metallics
business. Subsidiaries of the Company manage six iron ore mines in North America
and hold equity interests in five of the mines. Cliffs has a major iron ore
reserve position in the United States, is a substantial iron ore merchant, and
is beginning production of hot briquetted iron at a joint venture plant in
Trinidad and Tobago.
Contacts
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Media: David L. Gardner, (216) 694-5407
Financial Community: Fred B. Rice, (800) 214-0739 or (216) 694-5459
To obtain faxed copies of Cleveland-Cliffs Inc news releases dial
(800) 778-3888. New releases and other information on the Company are available
on the Internet at http://www.cleveland-cliffs.com
