Cleveland-Cliffs Inc has entered into a $350 million unsecured credit agreement with a syndicate of 13 financial institutions, jointly led by Fifth Third Bank and Bank of America Corp.

The new credit agreement replaces an existing $30 million unsecured revolving credit facility with Fifth Third Bank, which was scheduled to expire in April 2005. The new facility boosts Cliffs’ borrowing capacity under a revolving credit line to $350 million, with no scheduled maturities other than the three-year term of the agreement.

Commenting on the announcement, Chief Financial Officer and Treasurer Donald J. Gallagher stated: "We are pleased by the support and confidence we received from our lenders. The enhanced financial flexibility and liquidity provided by this new facility enable Cliffs not only to complete its funding needs for the Portman acquisition, but also support its long-term strategies for shareholder value creation."

Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc is the largest producer of iron ore pellets in North America, selling the majority of its pellets to integrated steel companies in the United States and Canada. The company operates six iron ore mines located in Michigan, Minnesota and Eastern Canada.