Cleveland-Cliffs Inc. has extended its offer for all of the shares in Portman Limited for four days.

Cliffs’ offer is now scheduled to close at 7:00 p.m. (Perth time) on March 22, 2005. Cliffs extended the offer to allow shareholders additional time to process their acceptance.

Commenting on the offer, Cleveland-Cliffs Chairman and Chief Executive Officer John Brinzo said, "Since March 7, 2005, the Portman share price has been trading either below, or within two cents of our offer price of A$3.85. Shares in Portman closed at A$3.84 on March 9, 2005, A$0.01 below the offer price of A$3.85 per share. Portman shareholders need to decide whether they want the certainty of A$3.85 cash, or the uncertainty of holding shares in Portman should our offer be unsuccessful.

"There is inherent uncertainty regarding the iron ore prices from 2006 onwards," Brinzo added. "For example, certain broker analysts are now predicting a fall in iron ore prices next year. We believe the offer represents a chance for Portman shareholders to take advantage of currently high iron ore prices, which along with the current Cliffs offer are underpinning the Portman share price, particularly when there is no certainty that these factors will be sustained past 2005."

As stated by the Portman board on February 25, 2005, since the announcement of the offer on January 11, 2005, Portman has not been approached by any other potential bidder and the Portman board has no reason to believe that a higher offer will emerge. The Portman board has indicated that they believe the offer is fair and recommend that it be accepted.

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.