SUMMARY OF FINANCIAL AND OTHER STATISTICAL DATA Exhibit 13(j)
CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES
1998 1997 1996
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FINANCIAL DATA (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
FOR THE YEAR
Operating Earnings (a)
Operating Revenues - Product Sales and Services $444.1 $391.4 $451.7
- Royalties and Management Fees 49.7 47.5 51.5
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- Total 493.8 438.9 503.2
Cost of Goods Sold and Operating Expenses and AS&G Expenses 416.7 372.0 409.6
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Operating Earnings 77.1 66.9 93.6
Net Income (Loss) (a) 57.4 54.9 61.0
Net Income (Loss) Per Common Share (a)
Basic 5.10 4.83 5.26
Diluted 5.06 4.80 5.23
Distributions to Common Shareholders:
Regular Cash Dividends - Per Share 1.45 1.30 1.30
- Total 16.3 14.8 15.1
Special Dividends - Per Share
- Total
Spin-off of Securities - Per Share
- Total
Repurchases of Common Shares 11.5 4.9 19.5
AT YEAR-END
Cash and Marketable Securities 130.3 115.9 169.4
Total Assets 723.5 694.3 673.7
Long-Term Obligations Effectively Serviced (c) 75.4 74.9 72.9
Shareholders' Equity 437.6 407.4 370.6
Book Value Per Common Share 39.25 36.02 32.59
Market Value Per Common Share 40.31 45.81 45.38
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IRON ORE PRODUCTION AND SALES STATISTICS (MILLIONS OF GROSS TONS)
Production From Mines Managed By Cliffs:
North America 40.3 39.6 39.9
Australia 1.6
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Total 40.3 39.6 41.5
Cliffs' Share 11.4 10.9 12.0
Cliffs' Sales From:
North American Mines 12.1 10.4 11.0
Australian Mine .3 1.7
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Total 12.1 10.7 12.7
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OTHER INFORMATION
Common Shares Outstanding (Millions) - Average For Year 11.3 11.4 11.6
- At Year-End 11.2 11.3 11.4
Common Shares Price Range - High $57.69 $47.13 $46.88
- Low 36.06 40.00 36.25
Employees at Year-End (d) 6,029 5,951 6,251
(a) Results include an after-tax credit of $3.5 million ($.31 per diluted
share) in 1998, after-tax credits of $8.8 million ($.77 per diluted share) in
1997, net contributions from non-recurring items and extraordinary charge of
$2.4 million ($.20 per diluted share) in 1995, recoveries on bankruptcy
claims of $23.2 million ($1.92 per diluted share) and $47.1 million ($4.00
per diluted share) in 1993 and 1990, respectively, and a $38.7 million ($3.23
per diluted share) after-tax charge for accounting changes in 1992. Operating
results reflect the acquisition of Northshore Mining Company in the fourth
quarter of 1994. Represents revenues and income from continuing operations
for 1989 and 1988.
63
1995 1994 1993 1992 1991 1990 1989 1988
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$411.2 $334.8 $268.1 $266.9 $271.6 $272.2 $294.9 $247.9
49.5 44.7 39.7 43.8 45.8 37.7 55.6 50.2
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460.7 379.5 307.8 310.7 317.4 309.9 350.5 298.1
371.5 315.8 268.5 275.5 275.0 279.7 257.8 227.6
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89.2 63.7 39.3 35.2 42.4 30.2 92.7 70.5
57.8 42.8 54.6 (7.9) 53.8 73.8 62.5 42.6
4.84 3.54 4.55 (.66) 4.55 6.31 5.37 3.12
4.82 3.53 4.53 (.66) 4.51 6.26 5.32 3.08
1.30 1.23 1.20 1.18 1.03 .80 .40
15.5 14.8 14.4 14.1 12.1 9.3 4.7
2.70(b) 4.00 .79(b)
32.4(b) 47.0 12.8(b)
3.55(b)
41.3(b)
10.8 125.2
148.8 141.4 161.0 128.6 95.9 96.0 95.5 52.4
644.6 608.6 549.1 537.2 478.7 510.9 415.2 390.6
76.3 84.2 88.6 92.1 65.0 82.4 93.4 145.7
342.6 311.4 280.4 269.5 290.8 290.8 226.0 168.6
28.96 25.74 23.25 22.47 24.40 24.88 19.36 14.53
41.00 37.00 37.38 35.63 36.13 27.13 29.00 26.63
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39.6 35.2 32.3 32.9 32.1 31.7 39.3 39.0
1.5 1.5 1.5 1.5 1.3 2.2 2.3 2.4
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41.1 36.7 33.8 34.4 33.4 33.9 41.6 41.4
11.3 8.3 6.8 7.3 7.0 6.6 8.9 9.1
10.4 8.2 6.4 6.0 6.0 6.5 7.5 6.7
1.5 1.5 1.4 1.3 1.3 .3
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11.9 9.7 7.8 7.3 7.3 6.8 7.5 6.7
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11.9 12.1 12.0 12.0 11.8 11.7 11.6 13.2
11.8 12.1 12.1 12.0 11.9 11.7 11.7 11.6
$46.75 $45.50 $37.50 $40.38 $36.50 $35.00 $34.00 $28.00
36.13 34.00 28.75 29.50 25.00 19.63 25.75 14.25
6,411 6,504 6,173 6,594 6,709 6,900 7,729 7,832
(b) Includes securities at market value on distribution date.
(c) Includes the Company's share of ventures and equipment acquired on capital
leases.
(d) Includes employees of managed mining ventures.
At December 31, 1998, the Company had 2,819 shareholders of record.
64