CLEVELAND CLIFFS INC
10-K405, 2000-03-16
METAL MINING
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Summary of Financial and Other Statistical Data
Cleveland-Cliffs Inc and Consolidated Subsidiaries		 Exhibit 13(j)
                                 
1999 1998 1997
Financial Data (In Millions, Except Per Share Amounts)
For The Year
Operating Earnings (a)
Operating Revenues - Product Sales and Services $ 305.7 $ 444.1 $ 391.4
- Royalties and Management Fees 48.5 49.7 47.5
- Total 354.2 493.8 438.9
Cost of Goods Sold and Operating Expenses and AS&G Expenses 335.1 416.7 372.0
Operating Earnings 19.1 77.1 66.9
Net Income (Loss) (a) 4.8 57.4 54.9
Net Income (Loss) Per Common Share (a)
Basic .43 5.10 4.83
Diluted .43 5.06 4.80
Cash Flow from Operations Before Changes in Operating Assets and Liabilities 35.6 75.1 74.3
Distributions to Common Shareholders:
Regular Cash Dividends - Per Share 1.50 1.45 1.30
- Total 16.7 16.3 14.8
Special Dividends - Per Share
- Total
Repurchases of Common Shares 17.2 11.5 4.9
At Year-End
Cash and Marketable Securities 67.6 130.3 115.9
Total Assets 679.7 723.8 694.3
Long-Term Obligations Effectively Serviced (c) 74.7 75.4 74.9
Shareholders’ Equity 407.3 437.6 407.4
Book Value Per Common Share 38.27 39.25 36.02
Market Value Per Common Share 31.13 40.31 45.81
Iron Ore Production and Sales Statistics (Millions of Gross Tons)
Production From Mines Managed By Cliffs:
North America 36.2 40.3 39.6
Australia
Total 36.2 40.3 39.6
Cliffs’ Share 8.8 11.4 10.9
Cliffs’ Sales From:
North American Mines 8.9 12.1 10.4
Australian Mine .3
Total 8.9 12.1 10.7
Other Information
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (d) 27.6 87.1 87.8
Earnings Before Interest and Taxes (EBIT) (d) 5.1 66.8 68.9
Common Shares Outstanding (Millions) - Average For Year 11.1 11.3 11.4
- At Year-End 10.6 11.2 11.3
Common Shares Price Range - High $ 43.56 $ 57.69 $ 47.13
- Low 26.81 36.06 40.00
Employees at Year-End (e) 5,947 6,029 5,951

(a) Results include an after-tax credit of $3.5 million ($.31 per diluted share) in 1998, after-tax credits of $8.8 million ($.77 per diluted share) in 1997, net contributions from non-recurring items and extraordinary charge of $2.4 million ($.20 per diluted share) in 1995, recoveries on bankruptcy claims of $23.2 million ($1.92 per diluted share) and $47.1 million ($4.00 per diluted share) in 1993 and 1990, respectively, and a $38.7 million ($3.23 per diluted share) after-tax charge for accounting changes in 1992. Operating results reflect the acquisition of Northshore Mining Company in the fourth quarter of 1994. Represents revenues and income from continuing operations for 1989.

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1996 1995 1994
Financial Data (In Millions, Except Per Share Amounts)
For The Year
Operating Earnings (a)
Operating Revenues - Product Sales and Services $ 451.7 $ 411.2 $ 334.8
- Royalties and Management Fees 51.5 49.5 44.7
- Total 503.2 460.7 379.5
Cost of Goods Sold and Operating Expenses and AS&G Expenses 409.6 371.5 315.8
Operating Earnings 93.6 89.2 63.7
Net Income (Loss) (a) 61.0 57.8 42.8
Net Income (Loss) Per Common Share (a)
Basic 5.26 4.84 3.54
Diluted 5.23 4.82 3.53
Cash Flow from Operations Before Changes in Operating Assets and Liabilities 89.6 84.7 54.5
Distributions to Common Shareholders:
Regular Cash Dividends - Per Share 1.30 1.30 1.23
- Total 15.1 15.5 14.8
Special Dividends - Per Share
- Total
Repurchases of Common Shares 19.5 10.8
At Year-End
Cash and Marketable Securities 169.4 148.8 141.4
Total Assets 673.7 644.6 608.6
Long-Term Obligations Effectively Serviced (c) 72.9 76.3 84.2
Shareholders’ Equity 370.6 342.6 311.4
Book Value Per Common Share 32.59 28.96 25.74
Market Value Per Common Share 45.38 41.00 37.00
Iron Ore Production and Sales Statistics (Millions of Gross Tons)
Production From Mines Managed By Cliffs:
North America 39.9 39.6 35.2
Australia 1.6 1.5 1.5
Total 41.5 41.1 36.7
Cliffs’ Share 12.0 11.3 8.3
Cliffs’ Sales From:
North American Mines 11.0 10.4 8.2
Australian Mine 1.7 1.5 1.5
Total 12.7 11.9 9.7
Other Information
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (d) 108.2 85.6 70.6
Earnings Before Interest and Taxes (EBIT) (d) 90.6 68.8 56.2
Common Shares Outstanding (Millions) - Average For Year 11.6 11.9 12.1
- At Year-End 11.4 11.8 12.1
Common Shares Price Range - High $ 46.88 $ 46.75 $ 45.50
- Low 36.25 36.13 34.00
Employees at Year-End (e) 6,251 6,411 6,504
                                 
1993 1992 1991
Financial Data (In Millions, Except Per Share Amounts)
For The Year
Operating Earnings (a)
Operating Revenues - Product Sales and Services $ 268.1 $ 266.9 $ 271.6
- Royalties and Management Fees 39.7 43.8 45.8
- Total 307.8 310.7 317.4
Cost of Goods Sold and Operating Expenses and AS&G Expenses 268.5 275.5 275.0
Operating Earnings 39.3 35.2 42.4
Net Income (Loss) (a) 54.6 (7.9 ) 53.8
Net Income (Loss) Per Common Share (a)
Basic 4.55 (.66 ) 4.55
Diluted 4.53 (.66 ) 4.51
Cash Flow from Operations Before Changes in Operating Assets and Liabilities 34.8 49.7 106.0
Distributions to Common Shareholders:
Regular Cash Dividends - Per Share 1.20 1.18 1.03
- Total 14.4 14.1 12.1
Special Dividends - Per Share 2.70 (b) 4.00
- Total 32.4 (b) 47.0
Repurchases of Common Shares
At Year-End
Cash and Marketable Securities 161.0 128.6 95.9
Total Assets 549.1 537.2 478.7
Long-Term Obligations Effectively Serviced (c) 88.6 92.1 65.0
Shareholders’ Equity 280.4 269.5 290.8
Book Value Per Common Share 23.25 22.47 24.40
Market Value Per Common Share 37.38 35.63 36.13
Iron Ore Production and Sales Statistics (Millions of Gross Tons)
Production From Mines Managed By Cliffs:
North America 32.3 32.9 32.1
Australia 1.5 1.5 1.3
Total 33.8 34.4 33.4
Cliffs’ Share 6.8 7.3 7.0
Cliffs’ Sales From:
North American Mines 6.4 6.0 6.0
Australian Mine 1.4 1.3 1.3
Total 7.8 7.3 7.3
Other Information
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (d) 86.7 50.9 81.3
Earnings Before Interest and Taxes (EBIT) (d) 73.2 36.8 65.3
Common Shares Outstanding (Millions) - Average For Year 12.0 12.0 11.8
- At Year-End 12.1 12.0 11.9
Common Shares Price Range - High $ 37.50 $ 40.38 $ 36.50
- Low 28.75 29.50 25.00
Employees at Year-End (e) 6,173 6,594 6,709
                                 
1990 1989 1988
Financial Data (In Millions, Except Per Share Amounts)
For The Year
Operating Earnings (a)
Operating Revenues - Product Sales and Services $ 272.2 $ 294.9 $ 247.9
- Royalties and Management Fees 37.7 55.6 50.2
- Total 309.9 350.5 298.1
Cost of Goods Sold and Operating Expenses and AS&G Expenses 279.7 257.8 227.6
Operating Earnings 30.2 92.7 70.5
Net Income (Loss) (a) 73.8 62.5 42.6
Net Income (Loss) Per Common Share (a)
Basic 6.31 5.37 3.12
Diluted 6.26 5.32 3.08
Cash Flow from Operations Before Changes in Operating Assets and Liabilities 32.1 81.5
Distributions to Common Shareholders:
Regular Cash Dividends - Per Share .80 .40
- Total 9.3 4.7
Special Dividends - Per Share .79 (b)
- Total 12.8 (b)
Repurchases of Common Shares 125.2
At Year-End
Cash and Marketable Securities 96.0 95.5 52.4
Total Assets 510.9 415.2 390.6
Long-Term Obligations Effectively Serviced (c) 82.4 93.4 145.7
Shareholders’ Equity 290.8 226.0 168.6
Book Value Per Common Share 24.88 19.36 14.53
Market Value Per Common Share 27.13 29.00 26.63
Iron Ore Production and Sales Statistics (Millions of Gross Tons)
Production From Mines Managed By Cliffs:
North America 31.7 39.3 39.0
Australia 2.2 2.3 2.4
Total 33.9 41.6 41.4
Cliffs’ Share 6.6 8.9 9.1
Cliffs’ Sales From:
North American Mines 6.5 7.5 6.7
Australian Mine .3
Total 6.8 7.5 6.7
Other Information
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (d) 119.2 107.0
Earnings Before Interest and Taxes (EBIT) (d) 103.8 92.0
Common Shares Outstanding (Millions) - Average For Year 11.7 11.6 13.2
- At Year-End 11.7 11.7 11.6
Common Shares Price Range - High $ 35.00 $ 34.00 $ 28.00
- Low 19.63 25.75 14.25
Employees at Year-End (e) 6,900 7,729 7,832

(b) Includes securities at market value on distribution date.

(c) Includes the Company’s share of ventures and equipment acquired on capital leases.

(d) EBITDA and EBIT are not presented as substitute measures of operating results or cash flow from operations, but because they are widely accepted indicators of a company’s ability to acquire and service debt.

(e) Includes employees of managed mining ventures.

At December 31, 1999, the Company had 2,702 shareholders of record.

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