Cleveland Cliffs Reports Record Earnings

Cleveland, OH – Cleveland Cliffs, Inc. saw record earnings in the fourth quarter of last year. The company reported $203 million in net income for the period ending December 31st of 2004. That's compared with a net loss of $8.9 million for the fourth quarter of 2003. Net income for the entire year was a record $323.6 million. Total pellet production in 2004 was 21.7 million tons, which beat the previous record by 3.6 million tons. Cliffs Chairman and CEO John Brinzo says 2005 pellet production is expected to exceed the 2004 level.