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): June 11, 2007

Cleveland-Cliffs Inc
__________________________________________
(Exact name of registrant as specified in its charter)

Ohio	1-8944	34-1464672
_____________________ (State or other jurisdiction	_____________ (Commission	______________ (I.R.S. Employer
of incorporation)	File Number)	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 June 11, 2007, Portman Limited ("Portman") filed with the Australian Stock Exchange its quarterly earnings for the period ended March 31, 2007. The first quarter report for 2007 is contained in Item 9.01 as exhibit 99(a) on 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

99(a) Portman announced its quarterly earnings for the period ended 31 March 2007 with the Australian Stock Exchange on June 11, 2007

SIGNATURES

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
June 12, 2007	By:	Traci L. Forrester
		Name: Traci L. Forrester
		Title: Assistant Secretary

Exhibit Index

Exhibit No.	Description
99.(a)	Portman Limited announced the quarterly earnings for the period ended March 31, 2007 with the Australian Stock Exchange on June 11, 2007

EX-99.(A)

P
Portman
Limited

11 June 2007 ABN 22 007 871 892

Level 11
The Quadrant
1 William Street
Perth 6000
Western Australia
GPO Box W2017
Perth, 6001
Tel:
Fax:








61 8 9426 3333
61 8 9426 3344

(3 pages in total)

The Announcements Officer
Australian Stock Exchange (Sydney) Limited
Level 10
20 Bond Street
SYDNEY NSW 2001

Electronically Lodged

Dear Sir

QUARTERLY EARNINGS FOR THE PERIOD ENDED 31 MARCH 2007

Please find attached Portman’s Quarterly Earnings for the period ended 31 March 2007.

Yours faithfully

/s/ C. M. Rainsford
CM Rainsford
Company Secretary
PORTMAN LIMITED

PORTMAN LIMITED

P

A.B.N. 22 007 871 892
QUARTERLY EARNINGS FOR THE PERIOD ENDED 31 MARCH 2007

PORTMAN LIMITED REPORTS FIRST-QUARTER EARNINGS

Perth, WA — June 11, 2007 — Portman Limited (ASX: PMM) today reported a first-quarter 2007 unaudited net income of $28.9 million or 16.49 cents per share. (All per-share amounts are “diluted.”). This compares with net income of $16.8 million or 9.58 cents per share in the first quarter of 2006.

Following is a summary:

	(In Millions Except Per Share)
	First Quarter
	2007		2006
Sales Tonnes		1.9		1.5
Sales Revenue	$	128.4	$	84.0
Net profit before tax	$	41.3	$	24.0
Net profit after tax:
Amount	$	28.9	$	16.8
Cents per share		16.49		9.58
Depreciation and Amortisation	$	5.8	$	4.4
Capital additions	$	1.5	$	20.1
* There were $0.6 and $9.8 million of non-cash additions at 31 March 2007 and 2006
respectively.

• First quarter sales margin of $44.7m increased $17.9m compared with the first quarter of 2006. The increase in sales margin was due to higher sales prices and volume, partially offset by higher production costs.

• Sales revenue of $128.4 million on 1.9 million tonnes in the first quarter of 2007, was $44.4 million higher than the same period in 2006, due primarily to higher sales prices, $27.3 million and the effect of a 0.4 million tonne sales volume increase $25.4 million. This was partly offset by exchange rate, $5.1 million and sales mix $3.2 million.

• Costs of goods sold and operating expenses of $89.0 million in the first quarter of 2007, increased $27.9 million compared to the same quarter in 2006, primarily reflecting the effects of higher volume, $13.3 million, increased waste movement $7.0 million and increased unit production costs, $5.0 million. Increased exploration and evaluation expenditure also contributed an additional $1.2 million.