8-K

UNITED STATES

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): February 27, 2007

CLEVELAND-CLIFFS INC

(Exact Name of Registrant as Specified in Its Charter)

OHIO	1-8944	34-1464672
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1100 Superior Avenue, Cleveland, Ohio	44114-2589
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (216-694-5700)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01.  Regulation FD Disclosure

On February 27, 2007, Joseph A. Carrabba, President and Chief Executive Officer, and Laurie Brlas, Senior Vice President, Chief Financial Officer and Treasurer of Cleveland-Cliffs Inc, made a presentation at the BMO Capital Markets 2007 Global Resources Conference.

The presentation is contained in Item 9.01 as exhibit 99(a) on this Current Form 8-K and is incorporated into this Item 7.01 by reference. The information on this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or incorporated by reference in any filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01.  Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number	Exhibit
99(a)	Presentation by Joseph A. Carrabba, President and CEO and Laurie Brlas, Senior Vice President – CFO and Treasurer of Cleveland-Cliffs Inc at the BMO Capital Markets 2007 Global Resources Conference on February 27, 2007	Filed Herewith

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/ George W. Hawk, Jr.
Name:	George W. Hawk, Jr.
Title:	General Counsel and Secretary

Dated: February 27, 2007

INDEX TO EXHIBITS

Exhibit Number	Exhibit
99(a)	Presentation by Joseph A. Carrabba, President and CEO and Laurie Brlas, Senior Vice President – CFO and Treasurer of Cleveland-Cliffs Inc at the BMO Capital Markets 2007 Global Resources Conference on February 27, 2007	Filed Herewith

EX-99.(A)

1

BMO CAPITAL MARKETS

2007 GLOBAL RESOURCES

CONFERENCE

February 27, 2007

JOSEPH CARRABBA

President and Chief Executive Officer

LAURIE BRLAS

Senior

Vice

President—CFO

and

Treasurer

Exhibit 99(a)

2

This presentation includes predictive information that is intended to be

made as “forward-looking”

within the safe harbor protections of the

Private Securities Litigation Reform Act of 1995.  Although the Company

believes that its forward-looking information is based on reasonable

assumptions, such information is subject to risks and uncertainties, which

could cause materially different results.  Important factors that could cause

actual results to differ materially from those in the forward-looking

information are set forth in the Company’s most recent Annual Report and

reports on Form 10-K and 10-Q, and news releases filed with the Securities

and Exchange Commission.  All reports and news releases are available on

Cliffs’

website www.cleveland-cliffs.com.

FORWARD-LOOKING STATEMENTS

3

TODAY’S AGENDA

•

Cliffs’

Strategy

•

Industry Overview

–

Cliffs’

Customer Base

–

Our Industry

•

Cleveland-Cliffs

–

North America

–

Asia-Pacific

–

Latin America

•

Financials

•

Summary

4

CLIFFS’

STRATEGY

5

VISION OF CLIFFS –

FOUR STRATEGIC CHANGES

Growth and Diversification

•

Revenue Growth

•

Product Diversification

•

Geographic Growth

Operational Excellence

•

Safety

•

Technical Competencies

•

Operating Efficiencies

Global Execution

•

Competencies of the Firm

•

Outlook of Personnel

•

Global Scalability

Shareholder Returns

•

Shareholder Value

•

Risk Management

•

“Earning the Right to Grow”

Growth and

Diversification

Shareholder

Returns

Global

Execution

Operational

Excellence

Strategy

6

CLIFFS’

STRATEGY

•

Maintain the Core

–

North America

•

Capitalize on Cliffs’

Unique Technological Expertise

•

Expand Globally and Diversify Products

Strategy

7

0

5

10

15

20

25

1980

1990

2000

2006

Cliffs' Sales

Gross Tons

(millions)

0%

5%

10%

15%

20%

25%

30%

Cliffs'

Market

Share

CLIFFS’

GROWTH IN NORTH AMERICAN

MARKET SHARE

Cliffs’

Pellet Sales

Cliffs’

North American Market Share

Strategy

8

NEW IRON TECHNOLOGY

•

Continue to be a global leader and innovator in technological

“know how”

to upgrade low-grade iron ores to make high-quality

products

–

Commercialization of Kobe’s ITmk3 Technology

–

Allows Cliffs to participate in the EAF Market

–

Use the technology to reduce transportation cost in remote

locations

–

Cliffs and Kobe intend to proceed with development of a

commercial-scale plant in North America

Strategy

9

TARGET MARKETS -

OVERVIEW

Attractive

•

Insufficient Chinese

production, or

•

Geologic oligopoly, or

•

Structured oligopoly

Medium

Unattractive

•

On-demand capacity, or

•

Backed-up pipeline, or

•

By-product production

Coal –

Domestic Thermal

Bentonite

Coal -

Domestic Metallurgical

Kaolin

Silver

Zeolites

0-3%

Coal –

Seaborne Metallurgical*

Platinum Group Metals*

Uranium

Nickel

Aggregates

Cobalt

Gold

Lithium

Rare Earths

Talc

Tin

3-5%

Iron Ore

Diamonds

Manganese

Oil Sands**

Bauxite

Coal -

Seaborne Thermal

Copper

>5%

Most Promising

Tier 2

Tier 3

*Growth of markets served by Australia

**Reduced priority due to lack of entry vehicles

World

Demand

Growth

Supply Dynamics

Strategy

10

FIRST PRIORITY -

IRON ORE

1.

Diversification

analysis

shows

it

to

be

one

of

the

most

attractive

markets

-

Strong demand driven by world growth in steel production

-

Geologic shortage of quality ore in China

-

Highly concentrated supplier base

2.  Opportunities to acquire smaller assets that do not interest

the “Big Three”

3.  Opportunities to partner

-

Steel mills seek stability of supply and competitive pricing

-

Cliffs is one of the few alternatives to the Big Three

-

Cliffs has operational expertise, credibility as partner

4.  However -

attractive properties are scarce, and currently high priced

-

First priority -

but cannot be the only opportunity that will be considered

Target –

at least 50% of growth in iron ore

Strategy

11

TARGET MARKETS: SEABORNE MET. COAL

AND DOMESTIC THERMAL COAL

Good fit with current operations

Historically holds a cost advantage over

natural gas

Stable pricing over the long term

Good fit with Cliffs' operational competencies

Opportunity to serve high-growth emerging

markets from low-risk Australian production

base

Business

Environment

Supply base is continuing to become more

concentrated with currently over 55% market

share for the top-5 players and growing

Industry is concentrated with nearly 50%

market share of top-3 players

Supply

Dynamics

Steady growth of coal-based power generation

Very

large

market

-

12

times

the

value

of

the

U.S.

iron ore market

Attractive exposure to growing emerging-

market steel production

Steady growth of coal-based power generation

2-5% average annual growth of markets served

by Australia

Demand

Growth

Domestic Thermal Coal (US)

Seaborne Met Coal (Australia)

Strategy

12

CLIFFS’

CUSTOMER BASE

13

847

968

1,067

1,130

1,190

1,240

0

200

400

600

800

1,000

1,200

1,400

2000

2003

2004

2005

2006E

2007E

GLOBAL STEEL PRODUCTION

5-Year CAGR =

8%

Cliffs’

Customer Base

Millions of Tonnes (Production)

14

820

795

780

784

747

720

420

395

350

221

127

283

0

250

500

750

1,000

1,250

2007E

2006E

2005

2004

2003

2000

Rest of World (5-YR CAGR 3%)

China (5-YR CAGR 27%)

CHINA’S IMPACT ON

THE WORLD STEEL INDUSTRY

Millions of Tonnes (Production)

847

968

1,067

1,130

1,240

1,190

Cliffs’

Customer Base

15

OUR INDUSTRY

16

GLOBAL IRON ORE

INDUSTRY PROFILE

•

Very few steel producers have vertically integrated into iron ore

•

1.5 billion metric tons of iron ore production capacity

•

Limited new discovery of large iron ore deposits

•

Pricing is negotiated and set annually among the largest buyers and

sellers

–

2007 settlements

•

9.5% increase for lump and fines ore

•

5.3% increase for pellets

•

Approximately 80% fines, lump and concentrates

•

About 20% pellets (for blast furnaces and direct-reduction plants)

Our Industry

17

Consumers by Country

IRON ORE PRODUCERS AND CONSUMERS

Producers by Country

2006 World Production: 1,755 million tonnes

Commonwealth of

Independent States 11%

China 32%

North America 6%

India 8%

Other 8%

Australia 17%

Brazil 18%

China 51%

Japan 8%

Middle East &

Africa 3%

North America 5%

South America 5%

Commonwealth of

Independent States 9%

Europe 11%

Other Asia &

Oceania 8%

Our Industry

18

IRON ORE PRODUCERS AND CONSUMERS

Producers by Company

Consumers by Company

Corus 2%

Arcelor Mittal 10%

Other 70%

Thyssenkrupp 2%

US Steel 2%

Nucor 2%

Boasteel 3%

POSCO 3%

JFE 3%

Nippon 3%

BHP 15%

CVRD 35%

Other 19%

Cliffs 1%

LKAB 3%

Kumba 4%

Rio Tinto 23%

Concentration vs Fragmentation

Largest Iron Ore Producers  vs Top 100 Steel Mills

Our Industry

19

$0

$10

$20

$30

$40

$50

$60

$70

$80

Pellets

Lump

Fines

GLOBAL IRON ORE

HISTORIC MARKET PRICES

Pellet Prices $DMT Based on Eastern Canadian Pellet Price With 64% Iron Content

Lump and Fines $DMT for Australian Iron Ore Shipments to Japan

Source:  TEX Report, Cleveland-Cliffs

+86%

+5.3%

+19%

+71.5%

-3%

+9.5%

+71.5%

+19%

+9.5%

Our Industry

20

CLIFFS PROFILE

21

Early 1950s

High-grade ore exhausted in North America; enriching leaner ore becomes a necessity

Late 1990s/Early 2000s

Transitions from primarily mine manager to merchant mining company

Late 1950s

Iron ore pellets become steel industry’s preferred feedstock

2005

Acquires

Portman

Limited,

then

Australia’s

3rd-largest

iron

ore

miner

2006

Joseph Carrabba named CEO

Reorganized into business-unit structure

2007

Planned expansions:

Latin America

Diversify into coking coal

CLIFFS’

KEY EVENTS

Cliffs’

Profile

22

CLIFFS STOCK PERFORMANCE

Cleveland-Cliffs’

Stock Price: January 1, 2002 –

February 1, 2007

(Adjusted for dividends and stock splits)

$0

$10

$20

$30

$40

$50

$60

23

CLIFFS’

SALES BY SEGMENT

21%

79%

North America

Austalia

Cliffs’

Profile

24

0

5

10

15

20

25

30

35

40

45

2001

2002

2003

2004

2005*

2006*

Managed Production

Cliffs' Equity Production

Cliffs' Sales

*Reflects Cliffs’

Portman ownership as of 3/31/2005, and includes minority interest.  Managed production does not include

Portman’s 50% joint-venture interest in the Cockatoo Island operation.

CLIFFS’

CONSOLIDATED

PRODUCTION AND SALES

(Million Gross Tons)

Cliffs’

Profile

25

CLIFFS’

PROFILE

NORTH AMERICA

26

CLIFFS’

PROFILE

NORTH AMERICA

•

Largest supplier of iron ore pellets to the integrated steel industry

in North America

•

Cliffs led the consolidation of the North American iron ore

industry and obtained a larger share of the market

•

Virtually 100% of current North American iron ore production is

committed to long-term sales agreements

North America

27

NORTH AMERICAN INTEGRATED STEEL

North America

2001 Market Participants

2006 Market Participants

US Steel 20%

Bethlehem 15%

Other 13%

LTV 11%

National 10%

Stelco 10%

Ispat 6%

Weirton 5%

Algoma

4%

Rouge

3%

Dofasco

3%

Mittal 39%

US Steel 30%

Stelco 10%

AK Steel 7%

Other 7%

Algoma 4%

Severstal 3%

28

4%

11%

15%

24%

46%

US Steel

Quebec Cartier Mining Company

Minorca (Mittal)

Cliffs Managed

Iron Ore Company of Canada

NORTH AMERICAN

PELLET PRODUCERS

North America

29

CLIFFS’

IRON ORE SHIPPING ROUTES

North America

30

CLIFFS’

PROFILE

ASIA-PACIFIC

31

CLIFFS ASIA-PACIFIC

Asia-Pacific

32

PORTMAN

PORT OPERATIONS, ESPERANCE

Asia-Pacific

33

GLOBAL MARKET GROWTH

PORTMAN

•

Provided immediate presence in Australia and Asia

•

When acquired by Cliffs, Portman Limited was Australia’s

third-largest iron ore producer

•

Access to fastest growing steel markets and relationships where

Cliffs’

iron ore competencies can be levered

•

Capacity increased from 6 million to 8 million tonnes in 2006

•

Portman has 89 million tonnes of proved reserves and an active

exploration program

•

Production contracted for next three years

•

Customers in China (73%) and Japan (27%)

Asia-Pacific

34

ASIA-PACIFIC MARKET GROWTH

SONOMA COAL PROJECT

•

Partnered with QCoal for a 45% interest in the Sonoma Project

•

At the northern limit of Queensland’s Bowen Basin coalfields

•

Initial production two million tonnes beginning in late 2007

•

Production increasing to between three million and four million

tonnes in 2008

•

JORC Resource estimate of 97 million tonnes

•

Moves by rail to the Abbot Point Bulk Coal Terminal for export

•

Oversight by Cliffs Asia-Pacific unit in Perth

•

Cliffs’

investment ~ $109 million

Asia-Pacific

35

CLIFFS’

PROFILE

LATIN AMERICA

36

•

Regional office opened February 1, 2007, in Rio de Janeiro

staffed by two ex-pats

•

Active business development program evaluating numerous

deposits

•

Amapá

provides an attractive opportunity in Latin America and,

over time, is anticipated to serve as a platform for further

expanding Cliffs’

presence in the region

LATIN AMERICA

Latin America

37

AMAPÁ

PROJECT

•

Signed share purchase agreement with MMX Mineração e

Metálicos SA for the purchase of 100% of the shares of

Centennial Asset Amapá

Participações SA

Latin America

38

•

Centennial Amapá

owns 30% of the Amapá

Project, a Brazilian iron

ore project on the banks of the Amazon

–

Iron ore deposit

–

192-kilometer railway

–

71 hectares of real estate

•

Cliffs would purchase 100% of the shares of Centennial Amapá

for

$133 million

•

Anticipated ~ $275 million in future capital

•

Expected to produce 6.5 million tonnes of iron ore concentrate

annually once fully operational

•

Due diligence ongoing

AMAPÁ

PROJECT

Latin America

39

FINANCIALS

40

Financials

CLIFFS’

REVENUES

(In Billions)

$0.8

$1.2

$1.7

$2.0

$0.0

$0.5

$1.0

$1.5

$2.0

2003

2004

2005

2006

3-Year CAGR =

34%

41

Financials

CLIFFS’

SALES MARGIN

(In Millions)

($9.9)

$149.5

$389.0

$435.8

($50)

$50

$150

$250

$350

$450

$550

2003

2004

2005

2006

42

FINANCIAL RESULTS

Product Sales and Service Revenue

Operating Income

Net Income

EPS (Diluted)

Cash and Marketable Securities

Debt

Book Net Worth

2

Equity Market Cap

2

Full Year Ended:

1

Includes after-tax gain on sale of ISG stock and the reversal of a deferred tax

asset valuation allowance totaling $213 million

2

Includes convertible preferred stock

(All figures in millions)

1,740

357

278

4.99

203

Nil

824

2,482

1,988

388

294

5.46

352

Nil

932

2,529

1,203

118

324

5.90

400

Nil

597

1,393

Dec. 2006

2006

2005

2004

Dec. 2005

Dec. 2004

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

$

At December 31,

1

Financials

1

43

SUMMARY

44

VISION OF CLIFFS -

2015

Summary

Growth and Diversification

•

Revenues doubled

•

50% of revenues from outside of

North America

•

Up to 25% of revenues from

outside of iron ore

Operational Excellence

•

MSHA frequency rate

below 2.00

•

Net savings of $5.00 per

ton of iron ore production

Global Execution Metrics

•

Global corporate development,

externally recognized as

Cliffs expertise

•

Globally scalable operations

•

Significant share of management

from outside United States

Shareholder Returns

•

Average annual return of 12%

•

Balanced shareholder returns

–Dividends

–Share repurchases

–Capital appreciation

Combined into a vision of a new Cleveland-Cliffs

Growth and

Diversification

Shareholder

Returns

Global

Execution

Operational

Excellence

45

BMO CAPITAL MARKETS

2007 GLOBAL RESOURCES

CONFERENCE

February 27, 2007

JOSEPH CARRABBA

President and Chief Executive Officer

LAURIE BRLAS

Senior Vice President—CFO

and Treasurer