
<TABLE>
                                                              Exhibit 11

                      COMPUTATION OF EARNINGS PER SHARE           
        
              CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES
                                               
<CAPTION>                                      
                                                 (In Millions, Except
                                                  Per Share Amounts)
                                                  Three Months Ended
                                                       March 31
                                                ------------------------
                                                  1997            1996
                                                --------        --------
<S>                                              <C>              <C>
Primary and fully diluted earnings per share:  
  Average shares outstanding                      11.4             11.8
  Net effect of dilutive stock options         
    and performance shares based on            
    treasury stock method using                
    average market price                            --               --
                                                  ----             ----
  Average shares and equivalents                  11.4             11.8
                                                  ====             ====
  Net income applicable to average             
    share and equivalents                        $ 3.0            $ 3.6
                                                 =====            =====
  Income per share                               $ .26            $ .30
                                                 =====            =====
</TABLE>                                       


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