Exhibit 10(d)

CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

CONFIDENTIAL

Term Sheet

for Amendment and Extension of the

Amended and Restated Pellet Sale and Purchase Agreement

(“Term Sheet”)

April 29, 2008

 

Parties:

  

Cliffs Sales Company, The Cleveland-Cliffs Iron Company and Cliffs Mining
Company (collectively, “Cliffs”) and Severstal North America, Inc. (“Severstal”)

Term:

  

[*****] years (January 1, [*****] through December 31, [*****]); automatically
extended for [*****] periods unless termination notice is given, in writing, no
less than [*****] months prior to expiration.

Volume:

  

For the year [*****], Cliffs shall supply to Severstal, and Severstal shall
purchase from Cliffs, [*****] tons. Further, for [*****], Severstal shall be
permitted to use a portion of this volume – up to [*****] tons – at a
Severstal-owned or affiliated facility other than the [*****]. As of the date of
this Term Sheet, Cliffs has committed to supply [*****] tons to Severstal’s
[*****] for the year [*****], which is part of the [*****] tons for [*****].
Annual notification and nomination adjustment procedures shall remain the same
as in the Amended and Restated Pellet Sale and Purchase Agreement of January 1,
2006 (“Agreement”).

  

For the year [*****], Cliffs shall supply to Severstal, and Severstal shall
purchase from Cliffs, [*****] tons. Further, for [*****], Severstal shall be
permitted to use a portion of this volume – up to [*****] tons – at a
Severstal-owned or affiliated facility other than the [*****]. Cliffs shall use
commercially reasonable efforts to supply Severstal tonnage above the [*****]
tons.

  

For the years [*****] through and including [*****], Cliffs shall supply to
Severstal, and Severstal shall purchase from Cliffs, [*****], with a minimum
annual supply and purchase obligation of [*****] tons. However, in no year shall
Cliffs be required to supply more than [*****] tons per year (“Annual Cap”).
[*****]. In the event Severstal requires additional

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CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

 

  

tons beyond the Annual Cap, Cliffs shall have a right of first refusal to
provide such tonnage, or, at Cliffs’ discretion, a portion thereof, pursuant to
the terms and conditions of this Term Sheet. Severstal shall provide written
notice to Cliffs of such requested excess tonnage above the Annual Cap. Within
thirty (30) days after the receipt of Severstal’s written notice, Cliffs shall
notify Severstal as to whether Cliffs shall provide all, or any portion, of such
requested excess tonnage above the Annual Cap. If Cliffs confirms that it will
provide all, or a portion, of such requested excess tonnage above the Annual
Cap, then Cliffs shall be obligated to supply and Severstal shall be obligated
to purchase such total nominated tonnage (i.e. the Annual Cap plus the excess
amount Cliffs notifies Severstal that it is willing to provide). If Cliffs is
unable to supply a portion or all of the requested excess tonnage to Severstal,
Cliffs acknowledges and agrees that Severstal will be required to seek an
additional source for the excess pellets that Cliffs does not supply [*****].

  

[*****].

  

If Severstal ships less than [*****] tons in [*****] consecutive calendar years,
Cliffs and Severstal agree to discuss a reduction of the Annual Cap with the
intent to reduce the cap to [*****] tons or less unless Severstal can confirm
that they will ship in excess of [*****] tons in the year following the [*****]
years that they shipped less that [*****] tons.

  

Beginning with the [*****] pellet nomination, Section [*****] shall be modified
by substituting the words [*****] for the words [*****] and Section [*****]
shall be modified by substituting the words [*****] for [*****] and substituting
the words [*****] for the words [*****].

Grades:

  

Beginning in [*****] and continuing thereafter, only [*****] (as defined in the
Agreement) or such other grade(s) of [*****] pellets as are mutually agreed upon
by the parties (collectively [*****]) shall be available for purchase and sale.
For avoidance of doubt, [*****] Pellets will no longer be supplied by Cliffs to
Severstal pursuant to the Agreement.

Price:

  

Beginning in [*****] and continuing thereafter, there will no longer be pricing
for “[*****]” under the Agreement.

  

For the year [*****], the price for all [*****] Pellets consumed by Severstal’s
Dearborn, Michigan facility shall be the adjusted price for [*****] (as defined
in the Agreement) subject to the revised

 

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CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

 

  

annual adjustment limitations set forth below in this Term Sheet. [*****].

  

For the years [*****] through and including [*****], all [*****] Pellets
purchased by Severstal shall be for consumption at Severstal’s Dearborn,
Michigan facility, [*****]. Further, the price for all [*****] Pellets purchased
up to [*****] million tons by Severstal shall be the adjusted price for [*****]
(as defined in the Agreement) subject to the revised annual adjustment
limitations set forth below in this Term Sheet.

  

All [*****] Pellets purchased by Severstal in excess of [*****] tons shall be
priced [*****] as detailed below.

  

[*****]            [*****]

 

[*****]            [*****]

 

[*****]            [*****]

 

[*****]            [*****]

  

[*****].

Establishment of    [*****] Base Price:   

Beginning in [*****] and continuing thereafter, there will no longer be pricing
for “[*****]” under the Agreement. At the end of [*****], a new base price
(“Base Price”) for all tonnage under the Agreement shall be calculated. [*****].

 

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CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

 

Annual   

Adjustment:

  

Beginning in [*****] and continuing thereafter, (i) there shall no longer be a
“[*****]” (as defined in the Agreement), and (ii) the provisions set forth in
Sections [*****] and [*****] of the Agreement shall no longer be effective.
Further, beginning [*****], the procedure for annual price adjustments shall be
as follows:

  

For the year [*****], the annual adjustment to the price for [*****] Pellets
shall be calculated pursuant to Section [*****] of the Agreement, [*****].

  

For the year [*****], the annual adjustment to the price for [*****] Pellets
shall be calculated pursuant to Section [*****] of the Agreement, [*****].

  

For the years [*****], the annual adjustment to the price for [*****] Pellets
shall be calculated pursuant to Section [*****] of the Agreement, [*****].

  

Beginning in [*****], the Base Price (as established above in this Term Sheet)
shall be adjusted upward or downward, as the case may be, by the annual
percentage change in the four adjustment factors as provided in the current
Agreement as follows:

  

[*****].

 

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CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

 

Miscellaneous   

Provisions:

  

In [*****], Cliffs shall sell approximately [*****] tons of [*****] and [*****]
tons of pellets from the [*****] facility [*****].

  

Cliffs and Severstal shall review Section 18 in the current Agreement in an
effort to support uninterrupted supply and purchase in the event that either
party experiences a change in ownership or control.

Payment Terms:

  

Payment via wire transfer on the [*****] of the [*****].

Delivery:

  

Title shall transfer upon receipt of payment. Title retention/securing interest
documentation shall remain the same as in the current Agreement.

Confidentiality:

  

Cliffs and Severstal each agree that the terms of this agreement shall remain
confidential in accordance with Section 20 of the existing Agreement.

Definitive

  

Contract:

  

Severstal and Cliffs agree that, once executed, this Term Sheet shall govern the
performance of the parties until such time as both parties execute the
definitive written agreement providing for the sale and purchase of iron ore
pellets.

 

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CONFIDENTIAL MATERIAL HAS BEEN

OMITTED AND FILED SEPARATELY WITH THE

SECURITIES EXCHANGE COMMISSION.

ASTERISKS DENOTE SUCH OMISSIONS.

 

CLIFFS SALES COMPANY     SEVERSTAL NORTH AMERICA, INC. By:   /s/ W. R. Calfee  
  By:   /s/ Cheryl L. Hurt Title:   Exec. V.P. Commercial     Title:   Vice
President – Purchasing & Transportation Date:   April 30, 2008     Date:  
April 29, 2008        

 

CLIFFS MINING COMPANY By:   /s/ W. R. Calfee Title:   Exec. V.P. Commercial
Date:   April 30, 2008  

 

THE CLEVELAND-CLIFFS IRON COMPANY By:   /s/ W. R. Calfee Title:   Exec. V. P.
Commercial Date:   April 30, 2008  

 

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