Cleveland-Cliffs (CLF) Asks Shareholders to Vote Against Harbinger Capital Partners' Control Share Acquisition Proposa

September 8, 2008 10:32 AM EDT

Cleveland-Cliffs Inc (NYSE: CLF), which will be renamed Cliffs Natural Resources in the coming months, today announced that it is mailing the following letter to shareholders, asking them to vote AGAINST Harbinger Capital Partners' control share acquisition proposal:

Fellow Shareholders of Cleveland-Cliffs Inc:

You should be aware that Harbinger Capital Partners is trying to gain approval for what would effectively be a blocking stake in the future strategic direction of your company at the special meeting of shareholders scheduled for October 3, 2008. After careful consideration, including consultation with financial and legal advisors, your Board of Directors unanimously recommends that Cliffs shareholders vote AGAINST the authorization of the control share acquisition.

Your vote is extremely important. To ensure that no single investor can acquire effective control over your company's future strategic decisions, we urge you to vote AGAINST the Control Share Acquisition proposal TODAY by completing, signing, dating and returning the WHITE proxy card and accompanying certification in the postage-paid envelope provided.

It is NOT in the Best Interests of ALL Cliffs Shareholders for a Single Investor to Effectively Control Your Company's Strategic Direction...

Cleveland-Cliffs Inc is an international mining company, a producer of iron ore pellets in North America and a supplier of metallurgical coal to the global steelmaking industry.[SM]

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