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ISG to Assume Cliffs-Weirton
Pellet Contract

May 19, 2004 — Cleveland-Cliffs Inc. announced today that International Steel Group (ISG) has assumed Cliffs' pellet sales contract with Weirton Steel with some modifications.

The deal was worked out as part of ISG’s acquisition of the assets of Weirton Steel. The contract term is for 15 years with Cliffs supplying the majority of pellets required for the ISG-Weirton facility in 2004 and 2005 and all of ISG-Weirton's pellet requirements thereafter. Cliffs sold 2.8 million tons of pellets to Weirton in 2003.

John S. Brinzo, Cliffs' Chairman and CEO, said, "Weirton has been a valued customer of Cliffs for many years, and we are very pleased that we will continue to supply ISG-Weirton's pellet requirements. It's remarkable that in just over two years, ISG has become one of North America's largest and most progressive steel companies. We are proud to be ISG's primary iron ore supplier, and we look forward to building on the alliance we have established with them."

Headquartered in Cleveland, Ohio, Cleveland-Cliffs is the largest producer of iron ore pellets in North America, selling the majority of its pellets to integrated steel companies in North America and Canada. The company operates six iron ore mines located in Michigan, Minnesota and Eastern Canada.

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