Cleveland-Cliffs Inc has acquired a total relevant interest in approximately 48.4 million Portman shares, representing approximately 27.6% of Portman's issued share capital as of Monday morning. The offer for Portman was due to close at 7:00 p.m. (Perth time), which is 6:00 a.m. (New York time) on March 22, 2005.

If Cleveland-Cliffs receives acceptances increasing its voting power to more than 50% by this time, the offer automatically will be extended under Australian law for two weeks from the date of the increase. If this occurs, Cleveland-Cliffs intends to declare the offer free from all conditions and to reduce the time in which Portman shareholders would be paid, if they accept the offer, by accelerating the payment terms to five business days.

Commenting on the offer, Cleveland-Cliffs CEO John Brinzo said: "We are encouraged with the number of acceptances to date. The level of interest in our offer has grown rapidly since we announced we would not extend the offer. Through our conversations with institutions we are expecting to see the number of acceptances increase right up until the deadline.

"We urge Portman shareholders to accept our offer. If we do not reach 50% by 7:00 p.m. (Perth time) on March 22, 2005 our offer will lapse. If this happens, we believe there is a real risk the Portman share price will fall."

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.