Cleveland-Cliffs Inc.’s Cleveland-Cliffs Australia Pty Limited subsidiary has extended its offer for all of the shares in Portman Limited by two weeks. The deadline is now Tuesday, April 19, 2005 at 7:00 p.m. (Perth time).

Cleveland-Cliffs urges Portman shareholders to consider that this offer is unconditional. Shareholders will be paid cash consideration of $3.85 per share within five business days of accepting the Cleveland-Cliffs offer.

The company also advises that ff shareholders choose not to accept the offer, and the Cleveland-Cliffs offer closes without Cleveland-Cliffs reaching the 90% acceptance level required to proceed with compulsory acquisition, shareholders should be aware that liquidity in Portman shares will be substantially diminished and that the Portman share price may fall substantially below the $3.85 per share offer price. In addition, Cleveland-Cliffs is likely to propose that Portman review the dividend policy of Portman with regard to any capital-funding requirements of Portman identified through a proposed strategic review. It is possible that no dividends will be payable under these circumstances.

If shareholders do not accept the offer, and Cleveland-Cliffs reaches the 90% acceptance level and is entitled to proceed to compulsory acquisition, Cleveland-Cliffs intends to compulsorily acquire all Portman shares at $3.85 per share. Under these circumstances, payment is unlikely to take place for at least one month.

The Portman Board unanimously recommends that shareholders accept the Cleveland-Cliffs offer. Former Chairman George Jones, who had previously recommended that shareholders reject the offer, has now accepted with regard to his own shares.

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.