STATEMENT OF CONSOLIDATED INCOME Exhibit 13(d) Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions, Except Per Share Amounts) Year Ended December 31 ------------------------------------- 1998 1997 1996 - ------------------------------------------------------------------------------------------ REVENUES - -------- Product sales and services $ 444.1 $ 391.4 $ 451.7 Royalties and management fees 49.7 47.5 51.5 --------- --------- --------- Total Operating Revenues 493.8 438.9 503.2 Investment income (securities) 5.4 6.3 9.5 Recovery of excess closedown provision 5.0 Other income 4.7 5.9 5.4 --------- --------- --------- Total Revenues 503.9 456.1 518.1 COSTS AND EXPENSES - ------------------ Cost of goods sold and operating expenses 398.0 354.9 392.9 Administrative, selling and general expenses 18.7 17.1 16.7 Interest expense .4 2.6 4.6 Other expenses 15.0 8.9 8.4 --------- --------- --------- Total Costs and Expenses 432.1 383.5 422.6 --------- --------- --------- INCOME BEFORE INCOME TAXES 71.8 72.6 95.5 INCOME TAXES 14.4 17.7 34.5 --------- --------- --------- NET INCOME $ 57.4 $ 54.9 $ 61.0 ========= ========= ========= NET INCOME PER COMMON SHARE - --------------------------- Basic $ 5.10 $ 4.83 $ 5.26 Diluted $ 5.06 $ 4.80 $ 5.23 AVERAGE NUMBER OF SHARES - ------------------------ Basic 11.2 11.4 11.6 Diluted 11.3 11.5 11.7
See notes to consolidated financial statements. 40