<PAGE>   1
                                                                  Exhibit 10 (q)

                              TRUST AGREEMENT NO. 2
                              ---------------------

                Amendments to Exhibits Effective January 1, 2000


         This Amendment to Exhibits to Trust Agreement No. 2 is made as of
January 1, 2000 by and between Cleveland-Cliffs Inc, an Ohio corporation
("Cleveland-Cliffs"), and Key Trust Company of Ohio, N.A., a national banking
association, as Trustee (the "Trustee").

                              W I T N E S S E T H:
                               -------------------

         WHEREAS, on June 12, 1997 Cleveland-Cliffs and the Trustee entered into
an Amended and Restated Trust Agreement No. 2, as amended;

         WHEREAS, Section 12 of the Trust Agreement No. 2 provides that such
Trust Agreement may be amended by Cleveland-Cliffs and the Trustee; and

         WHEREAS, Section 9(c) of the Trust Agreement No. 2 provides that
Exhibit A thereto may be amended by Cleveland-Cliffs by furnishing to the
Trustee an amendment thereto.

         NOW, THEREFORE, the parties amend Trust Agreement No. 2, and
Cleveland-Cliffs furnishes the following Amendment to Exhibit A to Trust
Agreement No. 2 as follows:

         1.       Section 1(b) is amended to read as follows:

                  (b) The Trust hereby established shall be revocable by
                  Cleveland- Cliffs at any time prior to the date on which
                  occurs a "Change of Control" as that term is defined in this
                  Section 1(b); on or after such date this Trust shall be
                  irrevocable. Cleveland-Cliffs shall notify the Trustee
                  promptly in the event that a Change of Control has occurred.
                  The Term "Change of Control" shall mean the occurrence of any
                  of the following events:


<PAGE>   2

                  (i)      The acquisition by any individual, entity or group
                           (within the meaning of Section 13(d)(3) or 14(d)(2)
                           of the Exchange Act) (a "Person") of beneficial
                           ownership (within the meaning of Rule 13d-3
                           promulgated under the Exchange Act) of 30% or more of
                           the combined voting power of the then outstanding
                           Voting Stock of Cleveland-Cliffs; provided, however,
                           that for purposes of this Section 1(b)(i), the
                           following acquisitions shall not constitute a Change
                           in Control: (A) any issuance of Voting Stock of
                           Cleveland-Cliffs directly from Cleveland-Cliffs that
                           is approved by the Incumbent Board (as defined in
                           Section 1(b)(ii), below), (B) any acquisition by
                           Cleveland-Cliffs of Voting Stock of Cleveland-Cliffs,
                           (C) any acquisition of Voting Stock of
                           Cleveland-Cliffs by any employee benefit plan (or
                           related trust) sponsored or maintained by
                           Cleveland-Cliffs or any Subsidiary, or (D) any
                           acquisition of Voting Stock of Cleveland- Cliffs by
                           any Person pursuant to a Business Combination that
                           complies with clauses (A), (B) and (C) of Section
                           1(b)(iii), below;

                  (ii)     or individuals who, as of the date hereof,
                           constitute the Board (the "Incumbent Board") cease
                           for any reason to constitute at least a majority of
                           the Board; provided, however, that any individual
                           becoming a Director subsequent to the date hereof
                           whose election, or nomination for election by
                           Cleveland-Cliffs's shareholders, was approved by a
                           vote of at least a majority of the Directors then
                           comprising the Incumbent Board (either by a specific
                           vote or by approval of the proxy statement of
                           Cleveland-Cliffs in which such person is named as a
                           nominee for director, without objection to such
                           nomination) shall be deemed to have been a member of
                           the Incumbent Board, but excluding, for this purpose,
                           any such individual whose initial assumption of
                           office occurs as a result of an actual or threatened
                           election contest (within the meaning of Rule 14a-11
                           of the Exchange Act) with respect to the election or
                           removal of Directors or other actual or threatened
                           solicitation of proxies or consents by or on behalf
                           of a Person other than the Board;

                  (iii)    or consummation of a reorganization, merger or
                           consolidation involving Cleveland-Cliffs, a sale or
                           other disposition of all or substantially all of the
                           assets of Cleveland-Cliffs, or any other transaction
                           involving Cleveland- Cliffs (each, a "Business
                           Combination"), unless, in each case, immediately
                           following such Business Combination, (A) all or
                           substantially all of the individuals and entities who
                           were the beneficial owners of Voting Stock of
                           Cleveland-Cliffs immediately prior to such Business
                           Combination beneficially own, directly or indirectly,
                           more than 55% of the combined voting power of the
                           then outstanding shares of Voting Stock of the entity
                           resulting from such Business Combination (including,
                           without limitation, an entity which as a result of
                           such transaction owns Cleveland-Cliffs or all or
                           substantially all of Cleveland-Cliffs's assets either
                           directly or through one or more subsidiaries) in
                           substantially the same proportions relative to each
                           other as their ownership, immediately prior to such
                           Business Combination, of the Voting Stock of
                           Cleveland-Cliffs, (B) no Person (other than

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                           Cleveland-Cliffs, such entity resulting from such
                           Business Combination, or any employee benefit plan
                           (or related trust) sponsored or maintained by
                           Cleveland-Cliffs, any Subsidiary or such entity
                           resulting from such Business Combination)
                           beneficially owns, directly or indirectly, 30% or
                           more of the combined voting power of the then
                           outstanding shares of Voting Stock of the entity
                           resulting from such Business Combination, and (C) at
                           least a majority of the members of the Board of
                           Directors of the entity resulting from such Business
                           Combination were members of the Incumbent Board at
                           the time of the execution of the initial agreement or
                           of the action of the Board providing for such
                           Business Combination; or

                  (iv)     approval by the shareholders of Cleveland-Cliffs of a
                           complete liquidation or dissolution of
                           Cleveland-Cliffs, except pursuant to a Business
                           Combination that complies with clauses (A), (B) and
                           (C) of Section 1(b)(iii).

         2.       Exhibit A is amended to read as attached hereto.

         IN WITNESS WHEREOF, Cleveland-Cliffs and the Trustee have caused
counterparts of this Amendment to be executed on their behalf on February,
15, each of which shall be an original Amendment.

                                    CLEVELAND-CLIFFS INC

                                    By: /s/ Richard F. Novak
                                       ----------------------------------------
                                          Its: Vice President - Human Resources
                                              ---------------------------------

                                    KEY TRUST COMPANY OF OHIO, N.A.,
                                             as Trustee

                                    By: /s/ Kelley Clark
                                       ----------------------------------------
                                          Its:  Vice President
                                              ---------------------------------


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                                    By: /s/ Margaret Halloran
                                       ----------------------------------
                                          Title: Assistant Vice President
                                                -------------------------


<PAGE>   5


                                                                       EXHIBIT A


                              TRUST AGREEMENT NO. 2


<TABLE>
<CAPTION>
Executives
----------

<S>                                         <C>
    Name                                                       Title
------------------                          --------------------------------------------------

J. S. Brinzo                                President and Chief Executive Officer
W. R. Calfee                                Executive Vice President - Commercial
T. J. O'Neil                                Executive Vice President - Operations
C. B. Bezik                                 Senior Vice President and Chief Financial Officer
J. H. Ballway, Jr.                          Vice President and General Counsel




Key Employees
-------------

    Name                                                       Title
------------------                          --------------------------------------------------

E.C. Dowling, Jr.                           Senior Vice President - Operations
J. W. Sanders                               Senior Vice President - International Development
J. A. Trethewey                             Senior Vice President - Operations Services
G .N. Chandler                              Vice President - Reduced Iron
R. Emmet                                    Vice President - Financial Planning and Treasurer
D. J. Gallagher                             Vice President - Sales
J. E. Lenhard                               Secretary and Assistant General Counsel
R. J. Leroux                                Controller
R. F. Novak                                 Vice President - Human Resources
R. C. Berglund                              General Manager - Northshore Mine
L. G. Dykers                                General Manager - Hibbing Taconite
D. Lebel                                    General Manager - Wabush Mines
M. P. Minar                                 General Manager - Tilden Mine
T. S. Petersen                              General Manager - Empire Mine
J. N. Toumi                                 General Manager - LTV Steel Mining Company
R. W. von Bitter                            General Manager - Cliffs Reduced Iron Corp.
</TABLE>






1-1-00
Trust 2