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Cleveland-Cliffs Inc 2007 Annual Report

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Cleveland-Cliffs Inc 2007 Annual Report CLEVELAND-CLIFFS I N C CLEVELAND-CLIFFS IN C 2007 ANNUAL REPORTCLEVELAND-CLIFFS I N C 2007 ANNUAL REPORT 1100 Superior Avenue • Suite 1500 • Cleveland, OH 44114-2544 • www.cleveland-cliffs.com 0408/8000/1003 DIREcTORS INVESTOR AND cORPORATE INFORmATION Director Since 2006 Joseph A. Carrabba (5) CorporaTE OfficE Chairman, President and Chief Executive Officer Cleveland-Cliffs Inc Cleveland-Cliffs Inc 1100 Superior Avenue – Suite 1500 1996 Ronald C. Cambre (2,4,5) Cleveland, OH 44114-2544 Former Chairman and Chief Executive Officer Telephone: 216.694.5700, Fax: 216.694.4880 Newmont Mining Corporation – International mining company www.cleveland-cliffs.com 2005 Susan M. Cunningham (1,4) Senior Vice President of Exploration and Corporate Reserves CoMMoN SharEs Noble Energy Inc. – International energy exploration and NYSE Symbol: CLF production company 2005 Barry J. Eldridge (1,4) Former Managing Director and Chief Executive Officer Portman Limited – Iron ore mining and production company NYSE CERTIFICATION 2007 Susan M. Green (2,4) On August 24, 2007, in accordance with Section 303A.12(a) Deputy General Counsel, U.S. Congressional Office of Compliance COMPANY PROFILE Former Montgomery County, Maryland, Council Aide of the New York Stock Exchange Listed Company Manual, Former Associate Deputy Secretary, U.S. Department of Labor Chief Executive Officer Joseph A. Carrabba submitted his annual certification to the New York Stock Exchange following the 1986 James D. Ireland, III (1,3,5) Cleveland-Cliffs Inc is an international mining company, the largest producer of iron ore pellets in North America Managing Director Company’s annual stockholders’ meeting stating that he is not Capital One Partners, Inc. – Private equity investment firm aware of any violations by Cleveland-Cliffs Inc of the NYSE’s Corporate Governance listing standards as of that date. and a major supplier of metallurgical coal to the global steelmaking industry. The Company operates six iron ore 1996 Francis R. McAllister (2,3,5) Chairman and Chief Executive Officer Stillwater Mining Company – Palladium and platinum producer TraNsfEr AGENT aND REGisTrar mines and three coking coal mines in North America. Cliffs also owns 80 percent of Portman Limited, a large iron Computershare 2002 Roger Phillips (2,3) Former President and Chief Executive Officer P.O. Box 43069 ore mining company in Australia that serves the Asian iron ore markets with direct-shipping fines and lump ore. IPSCO Inc. – North American steel-producing company Providence, RI 02940-3069 Telephone: 800.446.2617 2002 Richard K. Riederer (1,3) In addition, the Company has a 30 percent interest in the Amapá Project, a Brazilian iron ore mine, and Chief Executive Officer RKR Asset Management – Consulting organization, and ANNUal MEETiNG former Chief Executive Officer of Weirton Steel Corporation – Date: May 13, 2008 Steel producing company a 45 percent economic interest in the Sonoma Project, an Australian coking and thermal coal mine. Time: 10 a.m. ET 1991 Alan Schwartz (2,4,5) Place: Forum Conference Center Professor, Yale Law School and Yale School of Management 1375 East 9th Street, Cleveland, Ohio COMMITTEES SERVED: (1) Audit, (2) Board Affairs, (3) Compensation and Organization, (4) Finance, (5) Strategic Advisory ADDiTioNal INforMaTioN Cliffs’ Annual Report to the SEC (Form 10-K) and proxy OFFIcERS* statement are available on Cliffs’ website. Copies of these reports and other Company publications also may be obtained $ 2.3 $ 382 31.6 Years With Company by sending requests to Investor Relations at the corporate $ 1.9 $ 366 27.8 3 Joseph A. Carrabba, 55 Chairman, President and Chief Executive Officer office, or telephone 800.214.0739 or 216.694.5280. $ 1.7 $ 357 27.2 E-mail: [email protected] $ 1.2 $ 118 22.6 26 Donald J. Gallagher, 55 $ 0.8 19.2 President, North American Business Unit 1 William A. Brake, Jr., 47 Executive Vice President, Cliffs Metallics and Chief Technical Officer 2 Laurie Brlas, 50 Executive Vice President-Chief Financial Officer Produced by Clear Perspective Group Designed by Landau Public Relations 35 William R. Calfee, 61 ©2008 Cleveland-Cliffs Inc Executive Vice President-Commercial, North America 1 William C. Boor, 41 Senior Vice President-Business Development 7 Randy L. Kummer, 51 Senior Vice President-Human Resources 2 Duke D. Vetor, 49 Senior Vice President, North American Coal 03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 33 Robert J. Leroux, 57 Vice President, Finance cOmPARATIVE HIGHLIGHTS 1 Terrance Paradie, 39 Vice President, Corporate Controller $ (48) 5 George W. Hawk, Jr., 51 General Counsel and Secretary Revenues From Product Sales and Services (in billions) Operating Income (Loss) (in millions) Consolidated Sales Volume (millions of tons) * Section 16(b) (Age and service at March 17, 2008) CORE VALUES SAFE PRODUCTION record production with lack of injuries...good housekeeping and orderly work areas...well- maintained equipment...proper training and procedures...looking out for and correcting each other...safe conditions and behavior...qualification for MSHA national safety award Sentinels” of Safety” CUSTOMER FOCUS listening to the customer...being responsive and on time...meeting quality expectations...helping the customer succeed CREATING ECONOMIC VALUE doing the right things right the first time...elimination of waste and inefficiency...breakthroughs in productivity This reservoir on the site of Cliffs’ Tilden Mine in Michigan provides not only a freshwater source for operations, but also 1,400 acres and 26 miles of shoreline for the enjoyment of its surrounding communities. and technology BIAS FOR ACTION getting things done...reduced red tape... ” barrierless” ...call anybody you want...management by fact....plan COMParaTIve HIGHLIGHTS the work, work the plan 2007 2006 TRUST, REspECT AND OpEN COMMUNICATION Financial (In Millions, Except Per-Share Amounts) open access to information...constructive conflict... Revenue From Product Sales and Services $ 2,275.2 $ 1,921.7 delegation to the appropriate level...toleration of failure in pursuit of business success...encouraging Sales Margin 462.0 414.0 and accepting different views...feeling an obligation Operating Income 381.6 365.7 to explain your actions to those affected...gender and Net Income 270.0 280.1 racial diversity Net Income Attributable to Common Shares: GROUP AND INDIVIDUAL ACCOUNTABILITY Amount $ 264.8 $ 274.5 behaving in line with our core values...being responsible for our actions...providing plans/standards/ Per Diluted Share 5.14 5.20 expectations...holding yourself and/or the group to a Cash Dividends Paid Per Common Share .50 .475 high standard of performance...walk the talk At December 31: INTEGRITY Cash and Cash Equivalents $ 157.1 $ 351.7 doing what you say you are going to do...no hidden Debt Obligations 641.9 6.9 agendas...doing the right thing...being truthful...zero tolerance...not walking away from a situation... Preferred Stock 134.7 172.3 being credible Shareholders’ Equity 1,163.7 745.8 TEAMWORK Market Value Per Common Share $ 100.80 $ 48.44 actively involve others in decision-making...know when to take a leadership role and when to be an active Sales in Tons: member...recognize the value of teamwork and the North American Iron Ore (Millions of Long Tons) 22.3 20.4 synergy it creates North American Coal* (Millions of Short Tons) 1.2 na RECOGNIZE AND REWARD ACHIEVEMENT Asia-Pacific Iron Ore (Millions of Metric Tons) 8.1 7.4 celebrating successes...stress training and development...an effective appraisal of performance... *Since 7/31/07 acquisition of PinnOak Resources, LLC expressing a simple thank you ENVIRONMENTAL STEWARDSHIP going beyond compliance...being socially responsible... anticipating and addressing potential impacts before they occur...personal accountability...operating to preserve the environment for future generations 1 leTTer TO our SHareHolDers Cleveland-Cliffs emerged from 2007 a fundamentally different company. This was the result of dynamic execution of our global expansion and diversification strategy. In addition to achieving record revenues, we completed three strategic transactions that not only changed the profile of our Company, but are expected to be meaningful performance contributors beginning this year. The transactions, which include new interests in Asia-Pacific and Latin American mining operations, as well as exportable North American coal assets, illustrate the ongoing realization of our plan. Joseph A. Carrabba Chairman, STRATEGY FOR GROWTH President and CEO With our highly productive, cash-generating North American and Asia-Pacific iron ore assets producing at record levels, in early 2007, management undertook a disciplined macroeconomic assessment to guide our future growth. This assessment resulted in a concentration on natural resources characterized by: – Recent and unprecedented demand in Asia, particularly China; – Favorable geologic or industry dynamics; and – High potential for long-term cash generation. This focus is guiding our strategy. It has also led to Cliffs capitalizing on opportunities in seaborne iron ore and metallurgical coal. BUILDING A GLOBAL PRESENCE: AMAPÁ AND SONOMA Analytical and qualitative reviews of two development-stage projects early in 2007 culminated in acquisitions that further extended Cliffs’ international reach. We completed our first Latin American transaction in March 2007 with the purchase of a 30 percent interest in the Amapá Project. Amapá is located in Brazil and MMX Mineração e Metálicos S.A., an integrated mining, mineral processing, production and logistics company, currently owns the remaining 70 percent. Production at this operation, which commenced in December 2007, consists of iron ore concentrate and is fully committed to a 20-year supply agreement with a customer in the Middle East. Early in 2008, this project received a vote of confidence when MMX announced a planned transaction to sell its majority stake to Anglo-American, a world-renowned mining major with a proven track record as a world-class operator. 2 A Great Lakes freighter loads Cliffs’ iron ore pellets from the Company’s LS&I Railroad ore dock in Michigan’s Upper Peninsula.
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