STATEMENT OF CONSOLIDATED SHAREHOLDERS' EQUITY Exhibit 13(f)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
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Capital In
Excess of Common
Common Par Value Retained Shares in Comprehensive
Shares Of Shares Income Treasury Other Total Income
------ ---------- -------- --------- ----- ----- -------------
Balance December 31, 1995 $16.8 $65.2 $386.1 $(123.8) $(1.7) $342.6
Comprehensive income
Net income 61.0 61.0 $61.0
Other comprehensive income (loss)
Unrealized (losses) on securities (1.1)
Foreign currency translation adj. (.2)
-----
Total (1.3) (1.3) (1.3)
-----
Comprehensive income $59.7
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Cash dividends - $1.30 a share (15.1) (15.1)
Stock plans
Restricted stock/stock options .4 .8 (1.1) .1
Performance shares 3.2 (.4) 2.8
Repurchases of Common Shares (19.5) (19.5)
----- ----- ------ ------- ----- ------
Balance December 31, 1996 16.8 68.8 432.0 (142.5) (4.5) 370.6
Comprehensive income
Net income 54.9 54.9 $54.9
Other comprehensive income (loss)
Unrealized (losses) on securities (1.0)
Foreign currency translation adj. (.1)
-----
Total (1.1) (1.1) (1.1)
-----
Comprehensive income $53.8
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Cash dividends - $1.30 a share (14.8) (14.8)
Stock plans
Restricted stock/stock options .2 .4 (.5) .1
Performance shares .8 .7 1.0 2.5
Repurchases of Common Shares (4.9) (4.9)
Other .1 .1
----- ----- ------ ------- ----- ------
Balance December 31, 1997 16.8 69.8 472.1 (146.2) (5.1) 407.4
Comprehensive income
Net income 57.4 57.4 $57.4
Other comprehensive income (loss)
Unrealized (losses) on securities (2.3)
-----
Total (2.3) (2.3) (2.3)
-----
Comprehensive income $55.1
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Cash dividends - $1.45 a share (16.3) (16.3)
Stock plans
Restricted stock/stock options .3 .6 .2 1.1
Performance shares .7 1.1 (.2) 1.6
Repurchases of Common Shares (11.5) (11.5)
Other .1 .1 .2
----- ----- ------ ------- ----- ------
Balance December 31, 1998 $16.8 $70.9 $513.2 $(155.9) $(7.4) $437.6
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See notes to consolidated financial statements.
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