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|--------|
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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Beginning with the  first calendar quarter of the 2015 calendar year and continuing through and including the first  calendar quarter of the calendar year 2017 (and, if the parties mutually agree to extend the Partnership pursuant to Section II.A.2. above, through the first calendar quarter of the calendar year 2018), Empire shall distribute on or before the last day of the month following the end of each calendar quarter (April 30th, July 31st, October 31st  and January 31st ), to each Partner, on a *** in the Partnership, *** to the ***, if any, between (i) the calendar quarter *** set forth in *** in the Empire *** provided to each Partner in respect of such calendar quarter, and (ii) the *** by Empire during such calendar quarter as set forth in the Empire *** to each Partner in respect of such calendar quarter.  For the sake of clarity, it is the intent of the Partners to distribute *** during a calendar quarter, if any, such that *** the Partnership.  These distributions shall be referred to as the “Current Calendar Year Quarterly Distributions.”  An example of how the Current Calendar Year Quarterly Distributions would be calculated is attached hereto as Exhibit II. |

|     |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (b) | On or before April 30, 2015, there shall be a *** distribution by Empire on a *** each Partner’s *** in the Partnership, ***, if any, between (i) the *** set forth in the *** in the Empire *** provided to each Partner and (ii) the *** by Empire during *** as set forth in the Empire *** (the “*** Distribution”).  An example of how the *** Distribution would be calculated is attached hereto as Exhibit II. |

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|                       |
|-----------------------|
|                       |  |  |  |  |
| ARCELORMITTAL USA LLC |   | CLIFFS NATURAL RESOURCES INC. |
| /s/ Om Mandhana       |   | /s/ Terrence R. Mee |
| Name:                 |   |   | Name: |   |
| Title:                |   |   | Title: |   |
|                  |   |   |
| ARCELORMITTAL USA LLC |   | THE CLEVELAND-CLIFFS IRON COMPANY |
| /s/ Wendell Carter    |   | /s/ Terrence R. Mee |
| Name:                 |   |   | Name: |   |
| Title:                |   |   | Title: |   |
|                  |   |   |
|                  |   | CLIFFS MINING COMPANY |
|                  |   | /s/ Terrence R. Mee |
|                  |   |   | Name: |   |
|                  |   |   | Title: |   |
|                  |   |   |

----

|                                                                            |
|----------------------------------------------------------------------------|
|                                                                            |  |  |  |  |  |  |  |  |  |  |  |
| Exhibit I                                                                  |
| 2015 and 2016 Contract Year Price *** and ***                              |
| (All values are for illustrative purposes only.)                           |
|                                                                       |
| A: The average of the four Contract Quarter *** is *** Q4 *** is ***.      |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| A.1                                                                        |   |   |   |   |   |   | A.2 |   |   |   |   |
|                                                                       |   | Contract Quarter *** Price |   | Invoice  Price |   |   |   |   | Contract Quarter *** Price |   | Invoice  Price |
| Q1*                                                                        |   | *** |   | *** |   |   | Q1* |   | *** |   | *** |
| Q2                                                                         |   | *** |   | *** |   |   | Q2 |   | *** |   | *** |
| Q3                                                                         |   | *** |   | *** |   |   | Q3 |   | *** |   | *** |
| Q4                                                                         |   | *** |   | *** |   |   | Q4 |   | *** |   | *** |
| Average                                                                    |   | *** |   | *** |   |   | Average |   | *** |   | *** |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| B: The average of the four Contract Quarter *** is *** Q4 *** is ***.      |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| B.1                                                                        |   |   |   |   |   |   | B.2 |   |   |   |   |
|                                                                       |   | Contract Quarter *** Price |   | Invoice  Price |   |   |   |   | Contract Quarter *** Price |   | Invoice  Price |
| Q1*                                                                        |   | *** |   | *** |   |   | Q1* |   | *** |   | *** |
| Q2                                                                         |   | *** |   | *** |   |   | Q2 |   | *** |   | *** |
| Q3                                                                         |   | *** |   | *** |   |   | Q3 |   | *** |   | *** |
| Q4                                                                         |   | *** |   | *** |   |   | Q4 |   | *** |   | *** |
| Average                                                                    |   | *** |   | *** |   |   | Average |   | *** |   | *** |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| C: The average of the four Contract Quarter *** is *** Q4 *** is ***. |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| C.1                                                                        |   |   |   |   |   |   | C.2 |   |   |   |   |
|                                                                       |   | Contract Quarter *** Price |   | Invoice  Price |   |   |   |   | Contract Quarter *** Price |   | Invoice  Price |
| Q1*                                                                        |   | *** |   | *** |   |   | *** * |   | *** |   | *** |
| Q2                                                                         |   | *** |   | *** |   |   | *** |   | *** |   | *** |
| Q3                                                                         |   | *** |   | *** |   |   | *** |   | *** |   | *** |
| Q4                                                                         |   | *** |   | *** |   |   | *** |   | *** |   | *** |
| Average                                                                    |   | *** |   | *** |   |   | Average |   | *** |   | *** |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       |   |   |   |   |   |   |   |   |   |   |   |
| *For the contract year 2015, this is the *** to the ***.                   |   |   |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |
| Exhibit II                                                   |
| Partnership Distributions                                    |
| (All values are for illustrative purposes only.)             |
| ($000s)                                                      |
|                                                         |
| Total Current Calendar Year Quarterly Distributions          |   |   |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |
|                                                         |   | ***1 |   | ***2 |   | ***To Distribute |   |   |   |   |
| 2015 Q1                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2015 Q2                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2015 Q3                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2015 Q4                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2016 Q1                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2016 Q2                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2016 Q3                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2016 Q4                                                      |   | *** |   | *** |   | *** |   |   |   |   |
| 2017 Q1                                                      |   | *** |   | *** |   | *** |   |   |   |   |
|                                                         |   |   |   |   |   |   |   |   |   |   |
| Each Partner's Current Calendar Year Quarterly Distributions |
|                                                         |
|                                                         |   |   |   | *** |   | *** |
|                                                         |
|                                                         |   | *** To Distribute |   | *** in the Partnership |   | Current Calendar Year Quarterly Distribution |   | *** in the Partnership |   | Current Calendar Year Quarterly Distribution |
| 2015 Q1                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2015 Q2                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2015 Q3                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2015 Q4                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2016 Q1                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2016 Q2                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2016 Q3                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2016 Q4                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
| 2017 Q1                                                      |   | *** |   | *** |   | *** |   | *** |   | *** |
|                                                         |   |   |   |   |   |   |   |   |   |   |

----

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |
| *** Distribution                                     |   |   |   |   |   |   |   |   |
|                                                 |   | Net  ***1 |   | ***2 |   | *** |   | *** |   | *** To Distribute |
| ***                                                  |   | *** |   | *** |   | *** |   | *** |   | *** |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| Each Partner's *** Distribution                 |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   | ArcelorMittal Empire, Inc. |   | Cliffs Empire Inc. |
|                                                 |   | *** To Distribute |   | *** in the Partnership |   | *** Distribution |   | *** in the Partnership |   | *** Distribution |
| ***                                                  |   | *** |   | *** |   | *** |   | *** |   | *** |
|                                                 |   |   |   |   |   |   |   |   |   |   |
|                                                 |   |   |   |   |   |   |   |   |   |   |
| 1As set forth in the *** in the *** to each Partner. |
| 2As set forth in the *** provided to each Partner.   |