May 10, 2006 — Cleveland-Cliffs Inc. announced that John S. Brinzo has chosen to retire as Chief Executive Officer of the company on September 1, 2006 after serving nine years as CEO and over 37 years with the company.

Mr. Brinzo, who is 64 years old, will continue as Chairman of the Board until the company's annual meeting in 2007. Joseph A. Carrabba, President and Chief Operating Officer, has been designated to succeed Mr. Brinzo as CEO upon Mr. Brinzo's retirement.

The company also announced the formation of the Office of the Chairman to aid in the transition of the new Chief Executive. Mr. David H. Gunning, Vice Chairman, will join Messrs. Brinzo and Carrabba in the Office of the Chairman.

John Brinzo joined Cleveland-Cliffs in 1969 as a financial analyst. He has held positions with progressively increasing management responsibilities, including assignments at the company's Michigan operations. He was named Chief Financial Officer in 1986, and President and CEO in 1997. While CEO, Brinzo skillfully steered the company through one of the most difficult periods ever confronted by the iron ore and steel industries, transforming Cliffs into a highly successful iron ore merchant. During his tenure as CEO, the company's revenues increased almost four-fold to $1.7 billion and its equity market capitalization increased five-fold to $2.5 billion.

Mr. Brinzo said, "While I will miss my day-to-day dealings with all Cliffs' people, I couldn't be more pleased with the choice of Joe Carrabba to lead our company to even greater success. I look forward to working with him in the transition of the new leadership team."

Mr. Carrabba, 53 years old, joined the company as President and Chief Operating Officer in May 2005. He will become only the 10th Chief Executive in the company's 159-year history. He was previously employed with Rio Tinto PLC, a global mining company, where he was President and Chief Operating Officer of Diavik Mines, a major producer of diamonds. His career at Rio Tinto spanned approximately 20 years during which time he had several major global management assignments.

Headquartered in Cleveland, Ohio, Cleveland-Cliffs Inc. is the largest producer of iron ore pellets in North America and sells the majority of its pellets to integrated steel companies in the United States and Canada. Cliffs operates a total of six iron ore mines located in Michigan, Minnesota and Eastern Canada. The company is majority owner of Portman Limited, the third-largest iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore.