ﾐﾇｿﾕｴｫﾃｽ Declares Dividend on Preferred Stock

CLEVELAND, May 8 /PRNewswire-FirstCall/ -- ﾐﾇｿﾕｴｫﾃｽ Inc (NYSE: CLF) today announced that its Board of Directors has authorized a scheduled dividend payment on the Company's 3.25% Redeemable Cumulative Convertible Perpetual Preferred Stock. A cash payment of $8.125 per share will be payable on July 16, 2007, to Preferred Stock shareholders of record on July 2, 2007.

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ﾐﾇｿﾕｴｫﾃｽ Inc, headquartered in Cleveland, Ohio, is the largest producer of iron ore pellets in North America and sells the majority of its pellets to integrated steel companies in the United States and Canada. ﾐﾇｿﾕｴｫﾃｽ Inc operates a total of six iron ore mines located in Michigan, Minnesota and Eastern Canada. The Company owns 80 percent of Portman Limited, a large iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore. It also has a 30 percent interest in the Amapa Project, a Brazilian iron ore project, and a 45 percent economic interest in the Sonoma Project, an Australian coking and thermal coal project.

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Released May 8, 2007