INVESTOR PRESENTATION

JULY 2008

CLIFFS NATURAL RESOURCES

Filed by Cleveland-Cliffs Inc

Commission File No. 1-8944

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-12

under the Securities Exchange Act of 1934

Subject Company: Alpha Natural Resources, Inc.

Commission File No. 1-32423

2

“Safe

Harbor”

Statement

under

the

Private

Securities

Litigation

Reform

Act

of

1995

A

number

of

the

matters

discussed

in

this

document

that

are

not

historical

or

current

facts

deal

with

potential

future

circumstances

and

developments,

in

particular,

information

regarding

expected

synergies

resulting

from

the

merger

of

Cleveland-Cliffs

and

Alpha,

combined

operating

and

financial

data,

the

combined

company’s

plans,

objectives,

expectations

and

intentions

and

whether

and

when

the

transactions

contemplated

by

the

merger

agreement

will

be

consummated.

The

discussion

of

such

matters

is

qualified

by

the

inherent

risks

and

uncertainties

surrounding

future

expectations

generally,

and

also

may

materially

differ

from

actual

future

experience

involving

any

one

or

more

of

such

matters.

Such

risks

and

uncertainties

include:

the

risk

that

the

businesses

will

not

be

integrated

successfully;

the

risk

that

the

cost

savings

and

any

other

synergies

from

the

transaction

may

not

be

fully

realized

or

may

take

longer

to

realize

than

expected;

changes

in

demand

for

iron

ore

pellets

by

North

American

integrated

steel

producers,

or

changes

in

Asian

iron

ore

demand

due

to

changes

in

steel

utilization

rates,

operational

factors,

electric

furnace

production

or

imports

into

the

United

States

and

Canada

of

semi-finished

steel

or

pig

iron;

the

impact

of

consolidation

and

rationalization

in

the

steel

industry;

timing

of

changes

in

customer

coal

inventories;

changes

in,

renewal

of

and

acquiring

new

long-term

coal

supply

arrangements;

inherent

risks

of

coal

mining

beyond

the

combined

company’s

control;

environmental

laws,

including

those

directly

affecting

coal

mining

production,

and

those

affecting

customers'

coal

usage;

competition

in

coal

markets;

railroad,

barge,

truck

and

other

transportation

performance

and

costs;

the

geological

characteristics

of

Central

and

Northern

Appalachian

coal

reserves;

availability

of

mining

and

processing

equipment

and

parts;

the

combined

company’s

assumptions

concerning

economically

recoverable

coal

reserve

estimates;

disruption

from

the

transaction

making

it

more

difficult

to

maintain

relationships

with

customers,

employees

or

suppliers;

the

failure

to

obtain

governmental

approvals

of

the

transaction

on

the

proposed

terms

and

schedule,

and

any

conditions

imposed

on

the

combined

company

in

connection

with

consummation

of

the

merger;

the

failure

to

obtain

approval

of

the

merger

by

the

stockholders

of

Cleveland-Cliffs

and

Alpha

and

the

failure

to

satisfy

various

other

conditions

to

the

closing

of

the

merger

contemplated

by

the

merger

agreement;

and

the

risks

that

are

described

from

time

to

time

in

Cleveland-Cliffs’

and

Alpha’s

respective

reports

filed

with

the

SEC,

including

each

of

Cleveland-Cliffs’

and

Alpha’s

annual

report

on

Form

10-K

for

the

year

ended

December

31,

2007

and

quarterly

report

on

Form

10-Q

for

the

quarter

ended

March

31,

2008,

as

such

reports

may

have

been

amended.

This

document

speaks

only

as

of

its

date,

and

Cleveland-Cliffs

and

Alpha

each

disclaims

any

duty

to

update

the

information

herein.

3

Additional

Information

and

Where

to

Find

It

In

connection

with

the

proposed

transaction,

a

registration

statement

on

Form

S-4

will

be

filed

with

the

SEC.

CLEVELAND-

CLIFFS

AND

ALPHA

SHAREHOLDERS

ARE

ENCOURAGED

TO

READ

THE

REGISTRATION

STATEMENT

AND

ANY

OTHER

RELEVANT

DOCUMENTS

FILED

WITH

THE

SEC,

INCLUDING

THE

JOINT

PROXY

STATEMENT/PROSPECTUS

THAT

WILL

BE

PART

OF

THE

REGISTRATION

STATEMENT,

WHEN

THEY

BECOME

AVAILABLE,

BECAUSE

THEY

WILL

CONTAIN

IMPORTANT

INFORMATION

ABOUT

THE

PROPOSED

MERGER.

The

final

joint

proxy

statement/prospectus

will

be

mailed

to

shareholders

of

Cleveland-Cliffs

and

shareholders

of

Alpha.

Investors

and

security

holders

will

be

able

to

obtain

the

documents

free

of

charge

at

the

SEC’s

web

site,

www.sec.gov,

from

Cleveland-Cliffs

Inc,

Investor

Relations,

1100

Superior

Avenue,

Cleveland,

Ohio

44114-2544,

or

call

(216)

694-5700,

or

from

Alpha

Natural

Resources,

Inc.,

One

Alpha

Place,

P.O.

Box

2345,

Abingdon,

Virginia

24212,

attention:

Investor

Relations,

or

call

(276)

619-4410.

Participants

In

Solicitation

Cleveland-Cliffs

and

Alpha

and

their

respective

directors

and

executive

officers

and

other

members

of

management

and

employees

may

be

deemed

to

be

participants

in

the

solicitation

of

proxies

in

respect

of

the

proposed

merger.

Information

concerning

Cleveland-Cliffs’

participants

is

set

forth

in

the

proxy

statement

dated

March

26,

2008,

for

Cleveland-Cliffs’

2008

annual

meeting

of

shareholders

as

filed

with

the

SEC

on

Schedule

14A.

Information

concerning

Alpha’

participants

is

set

forth

in

the

proxy

statement,

dated

April

2,

2008,

for

Alpha’s

2008

annual

meeting

of

stockholders

as

filed

with

the

SEC

on

Schedule

14A.

Additional

information

regarding

the

interests

of

participants

of

Cleveland-Cliffs

and

Alpha

in

the

solicitation

of

proxies

in

respect

of

the

proposed

merger

will

be

included

in

the

registration

statement

and

joint

proxy

statement/prospectus

and

other

relevant

materials

to

be

filed

with

the

SEC

when

they

become

available.

Important

Information

for

Investors

and

Shareholders

4

Creates a leading diversified mining and natural resources company

Dramatically increases size and scale

Solidifies platform for growth and diversifies business mix

Capitalizes on strong outlook for iron ore, metallurgical and thermal coal

Shared culture and core values of both companies, including a focus on safety

Strong financial position

—

Pro forma leverage of

1.2x

—

Pro forma 2008E EBITDA of

$1.9bn

Compelling value creation for Cleveland-Cliffs and Alpha Natural Resources shareholders

Transaction Highlights

5

Price:

Cleveland-Cliffs (“CLF”) to acquire all outstanding shares of Alpha

Natural Resources (“ANR”) valued at approximately $10 billion

Premium:

Based on Cilff’s

closing price on July 15, 2008, Alpha

stockholders would receive a premium of 35%

Structure:

Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares

plus $22.23 in cash for each share of Alpha common stock owned

Ownership:

Upon completion of the transaction, Alpha stockholders would own

approximately 40% of the combined company, and Cliffs shareholders

would own approximately 60% percent

Key Conditions:

The transaction is subject to approval by Cliffs and Alpha

shareholders, as well as the satisfaction of customary closing

conditions and regulatory approvals

Timing:

The transaction is expected to close by the end of 2008

Transaction Summary

6

The Right Assets

*

*

*

*

7

0

5

10

30

Alcoa

Freeport

Newmont

PF Cliffs

Natural

Resources¹

Southern

Copper

Peabody

Consol

Arch Coal

Massey

Energy

Walter

Industries

Creates One of the Largest US Mining Companies

Largest US mining companies by 2008E revenue ($ millions)

Source: FactSet, management estimates

1

Based on management estimates

8

Creates One of the Largest US Mining Companies

Largest US mining companies by market capitalization ($ millions)

Source: FactSet, management estimates

0

5

10

15

20

25

30

35

40

Freeport

Southern

Copper

Alcoa

Newmont

Peabody

PF Cliffs

Natural

Resources

Consol

Arch Coal

Massey

Energy

Walter

Industries

30

9

A More Diverse Business Mix

Iron ore

77.1%

Met coal

22.9%

Steam / Met coal

73.4%

Steam coal

26.6%

Iron ore

52.3%

Steam coal

8.6%

Steam / Met coal

23.6%

Iron Ore: 1.0bn tons

Coal: 298mm tons

Coal: 618mm tons

Iron Ore: 1.0bn tons

Coal: 915mm tons

+

=

Cleveland-Cliffs

Iron ore¹

79.5%

Met coal

18.6%

Cliffs Natural Resources

~$3.5bn

~$6.0bn

Alpha Natural Resources

Met coal

56.1%

Steam coal

27.6%

Brokered Coal

16.3%

~$2.5bn

Met coal

34.0%

Iron ore

46.7%

Brokered Coal

6.7%

Steam coal

12.5%

+

=

Steam coal

1.9%

2008E¹

revenue by commodity

2007A reserves by commodity

Cleveland-Cliffs

Cliffs Natural Resources

Alpha Natural Resources

Met coal

15.5%

Source: Company data

¹Excludes revenue from freight and other

10

Solid geographic footprint

Source: Company

Amapa Project

Iron ore assets

Coal assets

Portman Koolyanobbing

Portman Cockatoo Island

Sonoma

Hibbing Taconite

United Taconite

Northshore Mining

Empire

Mine

Tilden

Mine

Oak Grove Mine

Cliffs Corporate

Headquarters

Pinnacle Complex

Pinnacle Mine

Green Ridge Mine

AMFIRE

Kingwood

Brooks Run

Welch

Enterprise

Paramont

Dickenson-Russell

Callaway

Cliffs Asia Pacific

Cliffs North America

Cliffs Latin America

Wabush

Mine

Combined

mine

portfolio

will

include

nine

iron

ore

facilities

and

more

than

60

coal

mines

across

North

America,

South

America

and

Australia

11

World-class Asset Base

Largest iron ore reserves in N. America (mt)

Largest met coal reserves in U.S. (mt)

Source: Company data

Note: Only includes North American reserves

0

100

200

300

400

500

600

700

800

900

1,000

Cliffs Natural

Resources

U.S. Steel

ArcelorMittal

IOC

0

100

200

300

400

500

600

Cliffs Natural

Resources

Consol

Massey

Energy

United Coal

Jim Walter

12

U.S. Steel

24%

Iron Ore

Company of

Canada

16%

Arcelor

Mittal

15%

Cliffs Natural

Resources

Managed

45%

A Leading Supplier to the Global Steel Industry

Top US met coal producers

Top North American iron ore pellet producers

Source: Company data

Patriot

Cliffs Natural

Resources

30%

All others

18%

United Coal

Corp

6%

Consol

7%

10%

Jim Walter

Resources

11%

Massey

Energy

18%

13

The Right Time

*

*

*

*

14

Strong Met Coal Outlook

0

50

100

150

200

250

300

1990

1992

1994

1996

1998

2000

2001

2004

2006

2008E

Met coal prices ($/tonne)

Source:  Metal Strategies, equity research

15

Strong Iron Ore Outlook

0

25

50

75

100

125

150

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008E

Pellets

Lump

Fines

Iron ore prices ($/tonne)

Source:  Tex Reports

16

Robust Steel Demand

Global steel demand (millions of tonnes)

Post World War II reconstruction

and Japanese industrialization

CAGR 1950-1973: 5.9%

Post-oil crisis slow down

CAGR 1973-1995: 0.4%

BRIC cycle

CAGR 1995-2015: 4.4%

Source: IISI, Metal Strategies

0

500

1,000

1,500

2,000

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

17

The Right Platform

*

*

*

*

18

Shared core values

—

Best-in-class safety standards and practices

—

Both companies recognize that the processing of the earth’s mineral resources must be

accomplished in a socially responsible manner

Integrated Management and Board structure

—

Following

the

close

of

the

transaction,

Cleveland-Cliffs’

Board

of

Directors

will

be

expanded

by

two

seats

to

be

filled

by

two

current

Alpha

Natural

Resources

directors,

Michael

Quillen

and

Glenn

Eisenberg

—

Joseph Carrabba will serve as Chairman and Chief Executive Officer

—

Michael Quillen

will serve as non-executive Vice Chairman

—

Kevin Crutchfield will become President of the combined company’s Coal division

—

Donald Gallagher will become President of the combined company’s Iron Ore division

—

Laurie Brlas will serve as Executive Vice President and Chief Financial Officer

Shared Cultural Commitment to Integrity,

Safety & Environment

19

Alpha Natural Resources is the Right Next Step

Selects Michigan site

for iron nugget plant

Acquires PinnOak

Resources,

premium-quality metallurgical

coal producer

Cliffs transitions

from mine manager

to international

merchant mining

company

Diversifies into coal through 45% economic

interest in the Sonoma Project, an Australian

coking and thermal coal project

Joseph Carrabba named CEO;

Cliffs reorganizes into

business-unit structure

Expands into Latin America; acquires

30% ownership position in Brazilian

iron ore project Amapá

Mine

Cliffs acquires Portman

Limited, Australia’s then

third-largest iron ore miner

2006

2007

2008

Early 2000s

Sonoma commences

shipments

Cleveland-Cliffs

merges with Alpha

Natural Resources,

forming Cliffs

Natural Resources

Selects Michigan site

for iron nugget plant

Acquires PinnOak

Resources,

premium-quality metallurgical

coal producer

Diversifies into coal through 45% economic

interest in the Sonoma Project, an Australian

coking and thermal coal project

Joseph Carrabba named CEO;

Cliffs reorganizes into

business-unit structure

Expands into Latin America; acquires

30% ownership position in Brazilian

iron ore project Amapá

Mine

Sonoma commences

shipments

Cleveland-Cliffs

merges with Alpha

Natural Resources,

forming Cliffs

Natural Resources

2005

20

Cliffs Natural Resources Strategic Imperatives

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

21

Value Creation

*

*

*

*

22

Strong Financial Position

Pro forma enterprise value of $22bn

Estimated annual synergies of

$200 million beginning in 2010

Financials

Revenue

$6.5bn

$10bn

EBITDA

$1.9bn

$4.7bn

Margin (%)

29%

47%

Leverage

Total debt

$2.1bn

$1.9bn

Debt/EBITDA

1.2x

0.4x

Pro forma 2008E

Pro forma 2009E

INVESTOR PRESENTATION

JULY 2008

CLIFFS NATURAL RESOURCES