-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UN6ZdwcWV6LcJXaZxWTf1VL4/ravak9x+KiPbLnM75JzPLPz249ZO8uBMXQuoLkU XQlVEgmHPjlTumQS5as8JA== 0000950152-99-007691.txt : 19990921 0000950152-99-007691.hdr.sgml : 19990921 ACCESSION NUMBER: 0000950152-99-007691 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990914 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CLEVELAND CLIFFS INC CENTRAL INDEX KEY: 0000764065 STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000] IRS NUMBER: 341464672 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-08944 FILM NUMBER: 99713885 BUSINESS ADDRESS: STREET 1: 1100 SUPERIOR AVE 18TH FLR CITY: CLEVELAND STATE: OH ZIP: 44114 BUSINESS PHONE: 2166945700 MAIL ADDRESS: STREET 2: 1100 SUPERIOR AVE 18TH FLOOR CITY: CLEVELAND STATE: OH ZIP: 44114 8-K 1 CLEVELAND-CLIFFS INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 -------------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): September 14, 1999 CLEVELAND-CLIFFS INC - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) OHIO 1-8944 34-1464672 - ---------------------------- ----------------------- ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.)
1100 Superior Avenue, Cleveland, Ohio 44114 - ------------------------------------------- --------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (216-694-5700) -------------- - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 ITEM 5. OTHER EVENTS. ------------- Cleveland-Cliffs Inc published a News Release with respect to expansion of its stock repurchase program. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. ---------------------------------- (a) Financial Statements of Business Acquired: None ----------------------------------------- (b) Pro Forma Financial Information: None ------------------------------- (c) Exhibits: -------- EXHIBIT NUMBER EXHIBIT ------ ------- ---------- 99(a) Cleveland-Cliffs Inc News Release Filed published on September 14, 1999, Herewith with respect to expansion of its stock repurchase program SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. CLEVELAND-CLIFFS INC By: /s/ C. B. Bezik -------------------------------------- Name: C. B. Bezik Title: Senior Vice President-Finance Dated: September 20, 1999 2 3 INDEX TO EXHIBITS EXHIBIT NUMBER EXHIBIT ------ ------- ----------- 99(a) Cleveland-Cliffs Inc News Release Filed published on September 14, 1999, Herewith with respect to expansion of its stock repurchase program. 3 EX-99.A 2 EXHIBIT 99(A) 1 Exhibit 99(a) NEWS RELEASE Cleveland-Cliffs Inc 1100 Superior Avenue Cleveland, Ohio 44114-2589 CLEVELAND-CLIFFS ANNOUNCES EXPANSION ------------------------------------ OF STOCK REPURCHASE PROGRAM --------------------------- Cleveland, OH, September 14, 1999 - Cleveland-Cliffs Inc (NYSE-CLF) today announced that its Board of Directors authorized a 500,000 share increase in the Company's stock repurchase program. The increase, which is the third since the program was initiated in 1995, raises the total repurchase authorization to 2.0 million shares. As of September 13, the Company has purchased 1,264,950 shares under the repurchase program, at a total cost of $50.8 million. There are currently 11.1 million shares outstanding. Acquired stock will initially be retained as treasury stock. The program is flexible with respect to the timing and pricing of repurchase activity, and there is no deadline for completion of the program. John S. Brinzo, Cliffs' president and chief executive officer, said, "Expansion of the repurchase program complements our strategic plan to build shareholder value and can be implemented without interfering with our business operations or strategic investment opportunities. Based on yesterday's closing price of $32.25 per share, the cost to complete the program would be $23.7 million, and the total cost of the 2.0 million share program would be $74.5 million. * * * * Cleveland-Cliffs is the largest supplier of iron ore products to the North American steel industry and is developing a significant ferrous metallics business. Subsidiaries of the Company manage six iron ore mines in North America and hold equity interests in five of the mines. Cliffs has a major iron ore reserve position in the United States, is a substantial iron ore merchant, and is beginning production of hot briquetted iron at a joint venture plant in Trinidad and Tobago. Contacts - -------- Media: David L. Gardner, (216) 694-5407 Financial Community: Fred B. Rice, (800) 214-0739 or (216) 694-5459 To obtain faxed copies of Cleveland-Cliffs Inc news releases dial (800) 778-3888. New releases and other information on the Company are available on the Internet at http://www.cleveland-cliffs.com -----END PRIVACY-ENHANCED MESSAGE-----