INVESTOR PRESENTATION

AUGUST 2008

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

CLIFFS NATURAL RESOURCES

“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 independent supplier of critical raw materials

to the robust North

American steel industry and a major global player

—

Core iron ore and met coal businesses strongly correlated

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 outlook positions company for ongoing growth opportunities

—

Pro forma 2008E EBITDA of

$1.9bn

1

, increasing to   $4.7bn

1

in 2009E

—

Pro forma leverage (Debt/2008E EBITDA) of

1.2x

1

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

Transaction Highlights

1

Management estimates

~

~

~

~

~

~

5

Largest US met coal supplier

Strong management team with 20+ years of industry experience

Supply/demand metrics in coal market

Unique blending and coal optimization capabilities drive meaningful synergy potential

Meaningfully increases exposure to export market given infrastructure and sales network

Well diversified production profile with 8 business units and met/steam sales mix

Why Alpha?

6

Overview:

Cleveland-Cliffs (“CLF”) to acquire 100% of Alpha Natural

Resources (“ANR”) for cash and stock

Purchase Price:

Equity purchase price of approximately $10 billion

1

Premium:

Based on Cliffs’

closing price on July 15, 2008, Alpha

stockholders would receive a premium of 35%

Consideration:

Alpha stockholders would receive 0.95 Cleveland-Cliffs common shares

plus $22.23 in cash for each share of Alpha stock they 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 on a fully-diluted basis

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

1

Based on Cliff’s closing price on July 15, 2008

7

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

8

The Right Platform –

Supplier to the Steel Industry

9

Steel is a Large, Growing, Global Business

UK

1200

1000

800

600

400

200

0

Purchasing Power Parity GDP/Capita

0

10

20

30

40

50

Germany

Canada

US

Australia

Japan

Korea

Russia

China

Overall, China’s steel consumption is

three times that of the US

On a per capita basis, however, China

only consumes half as much as the US

The US remains a net importer of steel

Approx. 50mm tonnes

Note: Size of bubbles represent size of absolute steel consumption 2007 in each respective country

BRIC economic growth is substantial and appears inevitable

Brazil

India

Steel consumption potential (2007)

10

Robust Steel Demand Drives this Combination

Global steel demand (millions of tonnes)

0

500

1,000

1,500

2,000

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010E

2015E

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

11

US Steel Industry is Particularly Well-Positioned

Source: FactSet, Metal Strategies, AME

Dollar vs. Euro ($/€)

Market share of top 3 US producers (%)

0.50

0.75

1.00

1.25

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

US steel consumption (millions of tonnes)

0

25

50

75

100

125

150

2000

2002

2004

2006

2008E

US steel consumption

US steel imports

HRC prices ($/tonne)

0

200

400

600

800

1,000

1996

2000

2004

2008E

0%

20%

40%

60%

80%

100%

HRC

Plate

CRC

Tin Mill

2000

2006

•

Mitigates imports and strengthens exports

•

US is a net importer

•

US is becoming a low cost producer

•

US steel industry continues to attract foreign investment

12

All others

32%

Consol

6%

Patriot Coal

10%

Jim Walter

Resources

11%

Massey

Energy

16%

Cliffs Natural

Resources

25%

U.S. Steel

24%

Iron Ore

Company of

Canada

16%

Arcelor

Mittal

15%

Cliffs Natural

Resources

Managed

45%

CNR will be the Leading Supplier to the Robust

North American Steel Industry

Source: Company data, EIA

1

2007

coal

production

of

US

companies

with

meaningful

met

coal

production

Cliffs Natural Resources will be well-positioned to optimize operations from the

combined company’s asset base

NA iron ore pellet production

Coal

production

mix

1

(million

of

tons)

US met coal production (%)

3

9

13

5

6

31

40

6

22

66

Pro forma

Cliffs

Massey

Walter

Patriot

CONSOL

Met Coal

Steam Coal

13

9

6

5

3

13

More Than 80% of Revenue Driven by Steel Industry

~$6bn

Met coal

34.0%

Iron ore

46.7%

Brokered coal

6.7%

Steam coal

12.5%

Pro

forma

revenue

1

&

production

(2008E)

Source: Company data

1

Excludes revenue from freight & other

2

Per

Alpha

Natural

Resources’

latest

annual

filing,

steam/met

mix

related

to

mine

geology

Iron ore

52.3%

Steam coal

8.6%

Steam / Met coal²

23.6%

Iron ore: 1bn tons

Coal: 915mm tons

Pro forma global reserves (2007)

Met coal

15.5%

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 North America

Wabush Mine

Iron ore assets

Coal assets

~72mm tons

Met coal

23.4%

Iron ore

50.6%

Brokered coal

7.8%

Steam coal

18.2%

14

Strong Iron Ore Trends

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

Recently

announced

iron

ore

pellet

contracts

at

$140/tonne

~

~

15

The Right Time –

Coal Fundamentals are Attractive

16

Strong Coal Pricing Trends

0

20

40

60

80

100

120

140

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008E

Note:

CAPP

steam

coal

index

–

CSX,

12,500

Btu,

1#

Rail

Source:  Bloomberg, Platts

Met coal prices ($/tonne)

Steam coal prices ($/ton)

0

50

100

150

200

250

300

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008E

Source:  Metal Strategies, equity research

Alpha

recently

announced

met

coal

contracts

for

between

$300-

$305/tonne at the port

These

contracts

are

for

3

mt

and

equate

to

$250/ton

at

the

mine

Steel producers are currently seeking to negotiate 2009 met coal

contracts early

Alpha

recently

announced

2.7

mt

of

steam

coal

contracts

for

2008/2009

delivery

at

$102/ton

~

~

~

~

~

~

~

~

~

~

17

Favorable Met Coal Outlook

Demand driven by strong expected continued growth in global steel production—both domestically

and abroad

—

Weak dollar and availability of iron and met coal favorable for US production outlook

—

US is swing supplier for export met coal markets to meet global demand

Greater

than

50%

growth

in

met

export

supply

YTD

Meaningful

port

capacity

—

Hampton

Roads,

DTA,

etc.

Supply constraints increasingly challenging

—

Specific events, such as floods in Australia, highlight tight market

—

China export limitations

—

Long capital equipment lead times

—

Aging workforce and availability of new labor

—

Difficulty in obtaining permits

—

Identified additional sizable reserves limited

Recent accidents at major coking coal mines in Eastern Europe have raised concerns about the

safety/security of indigenous supply (Ukraine, Russia, Kazakhstan, Poland)

18

Favorable Met Coal Outlook

Global seaborne met coal supply / demand

(millions of tonnes)

US met coal exports (millions of tonnes)

Few substitutes for coking coal

—

Scarcity of high quality met coal

—

Limitations on use of PCI & semi-soft coal in

blast furnaces

Large international steel companies  securing

sources of supply

—

POSCO and ArcelorMittal acquire meaningful

position in Macarthur

—

ArcelorMittal acquired privately-held met coal

producers Mid Vol and Concept Coal

—

Several other met coal M&A situations drawing

attention of international steel producers

+3

+12

-3

-2

-10

Source: Equity research, EIA

2006

2007

2008E

2009E

2010E

Import Demand

Export Supply

2006

2007

2008E

2009E

2010E

182

193

204

219

225

185

205

201

217

215

Import Demand

Export Supply

24.3

26.0

24.9

29.2

41.7

19

Demand Shifted as China Became Net Importer of

Met Coal in 2007

As China grew, its met coal exports and imports shifted by nearly 17 million tonnes

2007 net

imports:

3.7

2002 net

exports:

13.0

Source:  McCloskey’s

0

2

4

6

8

10

12

14

2002

2003

2004

2005

2006

2007

    Exports

    Imports

AME Mineral Economics: net imports will increase further

to at least 10 million tonnes

by 2013

Imports/exports

balance

(millions

of

tonnes)

20

Strong Demand for Met Coal is Expected to

Continue

New battery construction outside of China creating 52 million tonnes of incremental met coal demand

Note:  Metric tonnes in millions

Source:  Alpha management estimates from various studies & published sources

2.9

9.5

1.4

14.7

11.2

6.6

5.7

0

2

4

6

8

10

12

14

16

2004

2005

2006

2007

2008

2009

2010

+ 25

+27

Estimated

new

met

coal

demand

from

announced

coke

batteries

(ex-China)

(million

of

tonnes)

21

Coal is Well Positioned in US Energy Market

Natural

gas

prices

near

historic

highs

1

($/mm

Btu)

Crude oil prices near historical highs¹

($/barrel)

US coal production²

(mm short tons)

Electricity

generated

by

coal

is

growing

3

•

YTD 2008, US coal production is up 0.7%

•

YTD 2008, coal fired electricity generation is up 1.8%

1,128

1,094

1,072

1,112

1,133

1,163

1,147

1,150

900

950

1,000

1,050

1,100

1,150

1,200

2001

2002

2003

2004

2005

2006

2007

LTM

1

Source: Bloomberg.  From 01/01/03 through 07/25/08

2

Source: EIA.  Data through June 2008 as of 07/24/08 report

3

Source: EIA.  Data through February 2008 as of 07/10/08 report

$124.65

$9.33

Average: $59.85

Average: $7.07

Coal

51%

Nuclear

20%

Natural Gas

19%

Hydroelectric

6%

Other

4%

2003

2004

2005

2007

2008

2006

2003

2004

2005

2007

2008

2006

$3

$6

$9

$12

$15

$0

$30

$60

$90

$120

$150

$180

22

Attractive Steam Coal Fundamentals

Global seaborne steam coal supply / demand

(millions of tonnes)

US

steam

coal

exports

(millions

of

tonnes)

China factor

—

Power supplies tight

—

Domestic prices capped

—

Export volumes limited by quotas

Country-specific export impediments

—

Australian infrastructure expansion delays

—

Power rationing in South Africa

Strong import demand from India, Japan, Korea

U.S. fundamentals sound

—

Production growth ~1% YTD

—

Thermal export growth greater than 50% YTD

—

Utility stockpiles are stable

+31

+14

-14

-22

-7

Source: Equity research, EIA

2006

2007

2008E

2009E

2010E

Import Demand

Export Supply

2006

2007

2008E

2009E

2010E

442

465

484

507

502

473

479

471

485

495

Import Demand

Export Supply

19.2

19.3

20.0

24.5

35.7

23

Value Creation

24

History of Successful and Well-Timed Investments

Cleveland-Cliffs share price performance ($)

Source:  FactSet, company data.  Adjusted for 2-for-1 stock split on May 16, 2008

March 31, 2005

Acquires 68.7% of

Portman for $372mm

April 19, 2005

Raises stake in

Portman to 80.4%

for $62mm

March 5, 2007

Acquires 30% interest in

Amapa Project for $133mm

April 18, 2007

Invests $120mm in

Sonoma Coal Project

September 1, 2006

Joe Carrabba named

President and CEO

of Cleveland-Cliffs

+783%

CAGR: 85%

$0

$25

$50

$75

$100

$125

$150

Jan 2005

Jul 2005

Jan 2006

Jul 2006

Jan 2007

Jul 2007

Jan 2008

Jul 2008

Portman Ltd Acquisition

•

January

11,

2005]

Launched

all-cash

offer

for

Portman

Ltd, a Western Australia-based iron ore producer & a key

supplier to Chinese and Japanese steel producers

•

By April 2005, Cleveland-Cliffs had acquired 80.4% of

Portman for A$3.85 per share

•

Current share price of  A$17.50 represents an increase

of 355%

PinnOak Resources Acquisition

•

July

31,

2007]

Acquired

PinnOak

Resources, a US-based met coal producer

with operations in West Virginia & Alabama

•

Total acquisition cost of $610mm

•

Key supplier of metallurgical coal for North

American steel industry

25

Successful and Well-Timed International

Investments in Fast Growing Regions

Source: Company data

Amapa Project

Iron ore assets

Coal assets

Portman Koolyanobbing

Portman Cockatoo Island

Sonoma

Cliffs Asia Pacific

Cliffs Latin America

International highlights

Portman stake provides crucial

access to the Asian market

Production expected to reach 8 million

tonnes in 2008 and has over 90

million tonnes of reserves

45% interest in the Sonoma Coal

Project in Queensland, Australia

Production is expected to reach 2

million tonnes of coal in 2008 and 3-4

in 2009 and beyond and has 27

million tonnes of reserves

30% interest in the Amapa Project

in northern Brazil

Production of iron ore is predicted to

reach 3 million tonnes of iron ore in

2008 and 6.5 million in the following

years

26

Alpha’s Pro Forma Contribution Accelerates in ’09

and Beyond with the Strong Met Coal Outlook

Pro forma EBITDA

1,2

($ billion)

Source: FactSet, company data, management estimates

1

2007A based on company filings

2

Approximate midpoints of management estimates

3

Based on stock prices as of close on July 15, 2008

Financial multiples

2

Cleveland-Cliffs

—

2009E

EBITDA

$2.75bn

—

EV/2009E

EBITDA³

4.6x

Alpha Natural Resources

—

2009E

EBITDA

$1.95bn

—

EV/2009E

EBITDA³

5.0x

Cleveland-Cliffs

60%

Alpha Natural

40%

Pro forma EBITDA

2

(2009E)

0

1

2

3

4

5

2007A

2008E

2009E

~

~

~

~

~

~

~

~

~

~

~

~

27

Undervalued Relative to Large-Cap Iron Ore, Coal

and Diversified Peers

Firm Value / 2009E EBITDA vs. Peers

Source: FactSet, company data, approximate midpoints of management guidance

Note:Based

on stock prices as of close on July 15, 2008;Forward data per Wall Street consensus estimates except for Cliffs which is per management guidance;

Pro

forma

Cliffs

Natural

Resources

calculated

as

Cliffs

price

as

of

07/15/08

times

pro

forma

fully

diluted

shares

outstanding

plus

net

debt

and

other

firm

value

adjustments (excluding transaction costs) divided by the approximate midpoint of management guidance for 2009E EBITDA

4.8x

5.2x

5.3x

5.4x

6.5x

7.3x

7.7x

8.6x

8.7x

0x

2x

4x

6x

8x

10x

Peabody

Fortescue

CONSOL

Arch Coal

Rio Tinto

Xstrata

BHP

Vale

Pro forma

Cliffs

Natural

Resources

Iron Ore / Diversified

Coal

28

Strong Financial Position

Financials

Revenue

$6.5bn

$10.2bn

EBITDA

$1.9bn

$4.7bn

Margin (%)

28%

47%

Leverage

Total debt

$2.1bn

$1.9bn

Debt/EBITDA

1.2x

0.4x

Estimated annual

synergies

of

$200

million

beginning

in

2010

Pro forma 2008E

Pro forma 2009E

Source: Management estimates

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

29

Creates

a

leading

independent

supplier

of

critical

raw

materials

to

the

robust

North

American steel industry and a major global player

—

Core iron ore and met coal businesses strongly correlated

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 outlook positions company for ongoing growth opportunities

—

Pro forma 2008E EBITDA of    $1.9bn

1

, increasing to   $4.7bn

1

in 2009E

—

Pro

forma

leverage

(Debt/2008E

EBITDA)

of

1.2x

1

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

Transaction Highlights

1

Management estimates

~

~

~

~

~

~

INVESTOR PRESENTATION

AUGUST 2008

CLIFFS NATURAL RESOURCES