Cleveland-Cliffs Inc has received acceptances increasing its voting power in Portman Limited to over 60%.

Having passed the 50% minimum, the offer has been automatically extended under Australian law for 14 days. The offer is now scheduled to close at 7:00 p.m. (Perth time) on Tuesday, April 5, 2005.

Cleveland-Cliffs has declared the offer free from all conditions, including the 90% minimum acceptance condition. In addition, Cleveland-Cliffs has accelerated payment terms so that shareholders who validly accept the offer will be paid A$3.85 cash consideration on or before five business days after the date of this announcement or the date the shareholder validly accepts the offer, whichever is the later.

Commenting on the successful offer, Cleveland-Cliffs CEO John Brinzo said, "We are extremely pleased to have acquired this interest in Portman and expect to see additional shares tendered now that the offer is unconditional.

"As the company's majority shareholder we look forward to working with the high-quality management team and staff to ensure the ongoing success of the Portman business. This transaction marks an integral step in Cliffs' long-term strategy and provides us with a presence in the world's fastest growing iron ore markets."

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.