Document:

EX-10.67

 Exhibit 10.67 
 CONFIDENTIAL TREATMENT 
 CLEVELAND-CLIFFS INC HAS REQUESTED THAT THE

 MARKED PORTIONS OF THIS DOCUMENT BE ACCORDED 
 CONFIDENTIAL TREATMENT PURSUANT TO RULE 24B-2 
 UNDER THE SECURITIES
EXCHANGE ACT OF 1934 
 PELLET SALE AND PURCHASE AGREEMENT 

This AGREEMENT (this “Agreement”) is entered into, dated as of December 31, 2002, by and among THE
CLEVELAND-CLIFFS IRON COMPANY, an Ohio corporation (“CCIC”), CLIFFS MINING COMPANY, a Delaware corporation (“CMC”; CCIC and CMC, collectively, “Cliffs”), and ISPAT INLAND INC.,
a Delaware corporation (“Inland”). Capitalized terms used herein and not defined in context or defined (or cross-referenced) in Section 1 shall have the meanings given to them in the Partnership Agreement (defined
below). 
 RECITALS 
 WHEREAS, each of Inland and Cliffs Empire, Inc., a Michigan corporation (“Cliffs Empire”), is a general partner in Empire Iron Mining Partnership, a Michigan general partnership
(the “Partnership”), pursuant to that certain Restated Empire Iron Mining Partnership Agreement dated as of December 1, 1978, as amended (the “Partnership Agreement”), the current parties to which
are Inland, Cliffs Empire, Empire-Cliffs Partnership, a Michigan general partnership, Wheeling-Pittsburgh/Cliffs Partnership, a Michigan general partnership, and the Partnership; 

WHEREAS, concurrently with the execution and delivery of this Agreement, Inland and Cliffs Empire are entering into that Purchase and
Sale Agreement (“PSA”) pursuant to which Cliffs Empire is to acquire Inland’s 32.33% general partnership interest in the Partnership (the date such acquisition is to be effective, the “Effective
Date”); 
 WHEREAS, Cliffs and Inland currently are parties to a Pellet Sale and Purchase Agreement, dated as of
January 1, 1997, as amended (the “Predecessor Pellet Sale Agreement”), providing for the sale by Cliffs and the purchase by Inland of up to 1,000,000 tons of pellets annually in excess of Inland’s Equity
Entitlements from sources controlled or managed by Cliffs; and 
 WHEREAS, Inland desires to purchase from Cliffs, and Cliffs
desires to sell to Inland, a tonnage of Cliffs Pellets equal to all of Inland’s Excess Annual Requirements from and after the Effective Date, subject to the terms and conditions hereof, and Inland and Cliffs desire to terminate the Predecessor
Pellet Sale Agreement as of the Effective Date; 
 AGREEMENTS 

NOW, THEREFORE, in consideration of the premises, their mutual covenants and other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. DEFINITIONS 

The terms quoted in the above parentheses of the first introductory paragraph of this Agreement, the WHEREAS clauses, other terms quoted
throughout this Agreement, and the terms defined below in this Section 1 shall have the meanings assigned to them for purposes of this Agreement. 

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (a) “Alternative Day” means, with respect to a given date that
is not a Business Day, (i) the day immediately preceding such date, if such date is a Saturday which is not also a holiday for which banks in Cleveland, Ohio or Chicago, Illinois are not permitted or required by law to be closed for business,
and (ii) in all other events, the next following Business Day. 
 (b) “Basic Cliffs Pellets” means,
collectively, Empire Pellets and Wabush Pellets. 
 (c) “Business Day” means any day on which banks in
Cleveland, Ohio or Chicago, Illinois are not permitted or required by law to be closed for business. 
 (d) “Cliffs
Pellets” means, collectively, Basic Cliffs Pellets and Other Cliffs Pellets. 
 (e) “Composite
Index” means, for any year, the sum of: 
  

	 	(i)	[0.33], multiplied by a fraction, the numerator of which is the [United States Producer Price Index—All Commodities-Series Id: WPU00000000—Annual
Average] for such preceding year, and the denominator of which is the [United States Producer Price Index—All Commodities-Series Id: WPU00000000—Annual Average] for [2002]; plus 

 

	 	(ii)	[0.33], multiplied by a fraction, the numerator of which is the [United States Producer Price Index—Metals and Metal Products-Sheets, Cold Rolled
Carbon—Series Id: WPU10170711—Annual Average] for such preceding year, and the denominator of which is the [United States Producer Price Index—Metals and Metal Products-Sheets, Cold Rolled Carbon—Series Id:
WPU10170711—Annual Average] for [2002]; plus 

  

	 	(iii)	[0.34], multiplied by a fraction, the numerator of which is the [World Pellet Price] for such preceding year, and the denominator of which is the
[World Pellet Price] for [2002]. 

 The formula for calculating this Composite Index is set forth on Schedule
l(e). For each year beginning in [2004], the Composite Index (x) shall be initially determined based on Cliffs’ good faith reasonable estimate (which shall take into account all data that is final for the year in determination)
given to Inland not later than December 15 of the prior year and (y) shall be certified by Cliffs not later than June 15 of such year. Beginning in [2004], subject to adjustment pursuant to Section 7 hereof, payments shall
be made by reference to the Composite Index estimated (with respect to payments made with respect to such year until June 15 of such year) and certified (with respect to payments made with respect to such year after June 15 of such year)
by Cliffs pursuant hereto, unless disputed in good faith by Inland. 
 (f) “Contract Year” means a
12-month period commencing on February 1 and ending on January 31. For example, the 2003 Contract Year commences on 2/1/03 and ends on 1/31/04. 

  
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 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (g) [“Eastern Canadian Pellet Price”] means, for any
year, the arithmetical average of the [per iron unit pellet prices, as published in Skillings (or, if not published therein, as published in Tex Report) of Quebec Cartier Mining (f.o.b. Port Cartier, Quebec) and Iron Ore Company of Canada (f.o.b.
Sept-Iles, Quebec)], for such year 
 (h) “Empire Equity Tonnage” means the total tonnage of pellets
that Inland or any subsidiary or affiliate of Inland nominates for purchase from the Partnership, and which tonnage the Partnership is required to supply in accordance with the terms and conditions of the EIMP Ore Sales Agreement. 

(i) “Expected Iron Content” means (i) for Empire Standard Pellets, 63.47%, (ii) for Empire Royal
Pellets, 59.96%, (iii) for Empire Viceroy Pellets, 58.64%, (iv) for Wabush 1% Mn Standard Pellets, 64.35%, (v) for Wabush 1% Mn Flux Pellets, 61.67%, (vi) for Wabush 2% Mn Standard Pellets, 63.57%, (vii) for Wabush 2% Mn
Flux Pellets, 60.84%, and (viii) for any kind of Other Cliffs Pellets (subject to applicable grade and quality standards set forth in Section 4 hereof) (x) in the first year they are provided by Cliffs, the percentage specified by
Cliffs in good faith, and (y) in all other years, the actual iron percentage for such kind of Other Cliffs Pellets for the prior year. 
 (j) “Flux Composite Index” means, for any year, the sum of: 
  

	 	(i)	[0.3333], multiplied by a fraction, the numerator of which is the average cost per [ton for flux stone delivered to the Empire Mine] for such preceding
year, and the denominator of which is the average cost per [ton for flux stone delivered to the Empire Mine] for [2002]; provided, however, that Cliffs shall use commercially reasonable efforts to obtain the [best possible
price for flux stone as delivered to the Empire Mine]; plus 

  

	 	(ii)	[0.6667], multiplied by a fraction, the numerator of which is the [United States Producer Price Index—Fuel and Related Products and Power—Series Id:
WPU05—Annual Average] for such preceding year, and the denominator of which is the [United States Producer Price Index—Fuel and Related Products and Power—Series Id: WPU05—Annual Average] for [2002].

 The formula for calculating this Flux Composite Index is set forth on Schedule 1(j). For each year beginning in
[2005], the Flux Composite Index (x) shall be initially determined based on Cliffs’ good faith reasonable estimate (which shall take into account all data that is final for the year in determination) given to Inland not later than
December 15 of the prior year and (y) shall be certified by Cliffs not later than June 15 of such year. Beginning in [2005], subject to adjustment pursuant to Section 7 hereof, payments shall be made by reference to the
Flux Composite Index estimated (with respect to payments made with respect to such year until June 15 of such year) and certified (with respect to payments made with respect to such year after June 15 of such year) by Cliffs pursuant
hereto, unless disputed in good faith by Inland. 

  
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 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (k) The words “Inland’s Equity Entitlements”, as used
herein, means the total tonnage of pellets which Inland or any subsidiary or affiliate of Inland actually purchases or acquires annually or otherwise receives annually from the Minorca iron ore mine, located in Virginia, Minnesota, and the Empire
Mine pursuant to the EIMP Ore Sales Agreement; provided, however, that Inland’s Equity Entitlements with respect to Minorca shall be consistent with Minorca’s production capability as of January 1, 2003 as enhanced by
subsequent continuous production improvements. 
 (1) The words “iron unit”, as used herein, means one
percent (1%) of contained iron, and all prices per iron unit shall be expressed on an iron unit per ton basis. 
 (m)
[“Off Spec Pellet” means any Cliffs Pellets having characteristics within a Upper Level 2 Variance range or a Lower Level 2 Variance and determined by Inland to be unsuitable for consumption in an Indiana Harbor Plant
blast furnace.] 
 (n) “Other Cliffs Pellets” means, collectively, Other Cliffs Standard Pellets and
Other Cliffs Fluxed Pellets. 
 (o) The word “pellets”, as used herein, means iron-bearing products at
natural moisture obtained by the pelletizing of iron ore or iron ore concentrates, suitable for making iron in blast furnaces. 

(p) The word “Person”, as used herein, means any natural person, or any corporation, limited liability company,
limited or general partnership, trust, association or other legal entity. 
 (q) [“Surcharge
Reduction”] means 100%, minus the following quotient, expressed as a percentage: 
  

	 	(i)	the number of tons of pellets actually delivered by Cliffs during a Contract Year in accordance with the terms and conditions hereof and the EIMP Ore Sales Agreement,
divided by 

  

	 	(ii)	the amount of the Excess Annual Requirements that Cliffs has committed to supply hereunder plus the Empire Equity Tonnage for such year. 

(r) The word “ton”, as used herein, means a gross ton of 2,240 pounds avoirdupois natural weight. 

(s) [“World Pellet Price”] means, at any time, a price per iron unit equal to the sum of: 

 

	 	(i)	[0.50], multiplied by the [Eastern Canadian Pellet Price]; plus 

 

	 	(ii)	[0.50], multiplied by the [average published price per iron unit for pellets of Companhia Vale Rio Doce, S.A. (f.o.b. Tubaro)]. 

Schedule 1(s) illustrates calculation of the [World Pellet Price] for [2002], which is [$0.4860] per iron unit. 

  
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 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (t) The word “year”, as used herein, means a calendar year
commencing on January 1 and ending December 31. 
 (u) If any of the information required to calculate the Composite
Index, the [Eastern Canadian Pellet Price] or the [World Pellet Price ceases to be published] (either because a particular product ceases to be available, or because information is no longer [publicly available)], the parties
will negotiate in good faith to revise the definition of such term to one based on then-published information, and any dispute will be resolved pursuant to Section 15. 
 (v) The following is a locator list of all defined terms used throughout this Agreement: 
  

					
	 Agreement
	  	 	1	  
	 Alternative Day
	  	 	2	  
	 Base Price per Iron Unit
	  	 	13	  
	 Basic Cliffs Pellets
	  	 	2	  
	 Business Day
	  	 	2	  
	 CCIC
	  	 	1	  
	 Cliffs
	  	 	1	  
	 Cliffs Empire
	  	 	1	  
	 Cliffs Pellets
	  	 	2	  
	 CMC
	  	 	1	  
	 Commission
	  	 	24	  
	 Composite Index
	  	 	2	  
	 Confidential Information
	  	 	24	  
	 Contract Year
	  	 	2	  
	 Covering Costs
	  	 	7	  
	 [Eastern Canadian Pellet Price]
	  	 	3	  
	 Effective Date
	  	 	1	  
	 Empire Equity Tonnage
	  	 	3	  
	 Empire Pellets
	  	 	8	  
	 Empire Plant
	  	 	8	  
	 Empire Royal Pellets
	  	 	8	  
	 Empire Shutdown
	  	 	8	  
	 Empire Standard Pellets
	  	 	8	  
	 Empire Viceroy Pellets
	  	 	8	  
	 Excess Annual Requirements
	  	 	6	  
	 Expected Iron Content
	  	 	3	  
	 Flux Charge per Ton
	  	 	13	  
	 Flux Composite Index
	  	 	3	  
	 Grade and Quality Specs
	  	 	9	  
	 Indiana Harbor Plant
	  	 	6	  
	 Inland
	  	 
 	1,
25	  
  
	 Inland’s Equity Entitlements
	  	 	3	  
	 iron unit
	  	 	4	  
	 Key OCFP Specs
	  	 	8	  
	 Lab
	  	 	19	  

  
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	 [Off Spec Pellet]
	  	 	4	  
	 Other Cliffs Fluxed Pellets
	  	 	8	  
	 Other Cliffs Pellets
	  	 	4	  
	 Other Cliffs Standard Pellets
	  	 	8	  
	 Partnership
	  	 	1	  
	 Partnership Agreement
	  	 	1	  
	 Pellets
	  	 	4	  
	 Person
	  	 	4	  
	 Predecessor Pellet Sale Agreement
	  	 	1	  
	 PSA
	  	 	1	  
	 Samples
	  	 	18	  
	 Shortfall Notice
	  	 	11	  
	 Supply shortfall
	  	 	7	  
	 [Surcharge Amount]
	  	 	15	  
	 [Surcharge Reduction]
	  	 	4	  
	 ton
	  	 	4	  
	 Wabush 1% Mn Flux Pellets
	  	 	8	  
	 Wabush 1% Mn Standard Pellets
	  	 	8	  
	 Wabush 2% Mn Flux Pellets
	  	 	8	  
	 Wabush 2% Mn Standard Pellets
	  	 	8	  
	 Wabush Pellets
	  	 	8	  
	 Wabush Plant
	  	 	8	  
	 [World Pellet Price]
	  	 	4	  
	 year
	  	 	4	  

 2. SALE AND PURCHASE/VOLUME 
 (a) Subject to the other provisions of this Section 2, for each of the 12 Contract Years 2003 through 2014, inclusive, and during any extension of the term of this Agreement, Cliffs shall sell and
deliver to Inland, and Inland shall purchase and receive from Cliffs and pay Cliffs for, a tonnage of Cliffs Pellets equal to 100% of the total pellet tonnage consumed in the blast furnaces or other areas that use prime blast furnace pellets
(assuming the Cliffs Pellets meet the applicable quality requirements of those other areas), at Inland’s facility at Indiana Harbor, Indiana (the “Indiana Harbor Plant”), adjusted for inventory positions, in excess of
Inland’s Equity Entitlements (“Excess Annual Requirements”) for such Contract Year; provided, however, that (i) in no Contract Year shall Inland purchase and receive from Cliffs and the Partnership,
collectively, pursuant to (A) the EIMP Ore Sales Agreement and (B) this Agreement, and pay Cliffs and the Partnership, collectively, for, less than [2,500,000] tons of Cliffs Pellets, and (ii) by January 31, 2008 Inland
shall have purchased and received from Cliffs and the Partnership, collectively, pursuant to the EIMP Ore Sales Agreement and this Agreement, and have paid Cliffs and the Partnership, collectively, for, not less than [12,500,000] tons of
Cliffs Pellets. If Inland plans to close any blast furnace at the Indiana Harbor Plant for a minimum of two years, Inland shall notify Cliffs a minimum of one year prior to such blast furnace closure date, and the minimum annual tonnage of Cliffs
Pellets to be purchased and received by Inland from Cliffs and the Partnership, collectively, under clause (i) of the proviso in the foregoing sentence shall be reduced by (x) 500,000 tons per Contract Year, prorated for the first Contract
Year based upon when during such Contract Year such closure is effective for the 

  
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first blast furnace closed, (y) an additional 800,000 tons per Contract Year, prorated for the first Contract Year based upon when during such Contract Year such closure is effective for the
second blast furnace closed, and (z) an additional 1,200,000 tons per Contract Year, prorated for the first Contract Year based upon when during such Contract Year such closure is effective for the third blast furnace closed, but no change
shall be made to the minimum tonnage under clause (ii) of such proviso. If a blast furnace for which a reduction has been granted, reopens less than 2 years after the effective date of closure, Inland’s Excess Annual Requirement for the
then-current Contract Year shall immediately be increased by an amount equal to the amount by which actual tons purchased by Inland in the affected years was less than the then applicable purchase requirements for such affected years (without regard
to the reduction taken for the re-opened furnace). 
 (b) For each of the 12 Contract Years 2003 through 2014, inclusive, and
during any extension of the term of this Agreement, Cliffs shall be obligated to sell and deliver to Inland 100% of its Excess Annual Requirements, up to [3,500,000] tons of Cliffs Pellets per Contract Year. If Inland’s Excess Annual
Requirements, as initially fixed pursuant to Section 5(a) or as adjusted pursuant to Section 5(c), in any Contract Year exceeds [3,500,000] tons, Cliffs shall use commercially reasonable efforts to sell and deliver any pellets in
excess of [3,500,000] tons. For purposes of this Section 2(b) the Cliffs Pellets supplied by the Partnership under the EIMP Ore Sales Agreement shall count as Cliffs Pellets supplied by Cliffs in discharge of its obligation to supply
Inland’s Excess Annual Requirements. In the event that Cliffs fails to supply Inland’s Excess Annual Requirements which Cliffs is required to supply in accordance with the terms and conditions hereof or fails to cause the Partnership to
supply Inland’s Empire Equity Tonnage which the Partnership is required to supply in accordance with the terms and conditions of the EIMP Ore Sales Agreement, which failure remains uncured for 60 days (or any such shorter period of time after
which all or substantially all of Inland’s pellet inventory will be consumed or used) after notice is given by Inland of such failure (the aggregate shortfall from Inland’s Excess Annual Requirements and Empire Equity Tonnage being
referred to herein as the “Supply Shortfall”), then Inland may, at its sole option, “cover” by making any reasonable purchase of or contract to purchase pellets in substitution for those due from Cliffs hereunder
and from the Partnership under the EIMP Ore Sales Agreement. Inland shall be entitled to recover from Cliffs as damages (“Covering Costs”) the difference between the cost of covering and the price herein provided for
[(taking into account quality differences and applying the corresponding price adjustments as listed in Exhibit A-1)] and such other incidental costs (such as storage and transport) related thereto, but less any other expenses saved as a
result of Cliffs’ failure. In addition to the foregoing, if the aggregate Supply Shortfall in a given Contract Year [equals or exceeds 5%] of an amount equal to Inland’s Excess Annual Requirements plus the Empire Equity Tonnage, in
each case for such Contract Year, and if Inland exercises its rights to “cover” in accordance with the foregoing sentence, then [the Surcharge Amount] for such Contract Year [shall be reduced by the Surcharge Reduction]. The
[Surcharge Reduction] shall be applied in full against the next payment then due under Section 7(a)(ii) (and, if such reduction is larger than such payment, against the next succeeding payments due under Section 7(a)(ii) until such
[reduction] is recouped in full, with any unrecouped amounts still outstanding at the end of the term of this Agreement to be paid in full by Cliffs at that time). In the event that the [Surcharge Reduction] is triggered and Inland
proceeds to cover in the manner permitted by this Section 2(b) and to recover damages from Cliffs on account thereof, the expenses saved referred to in the fourth sentence of this Section 2(b) shall include the amount by which the
[Surcharge Amount] 

  
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has been reduced, as long as the Supply Shortfall does not exceed [20%] with respect to the first [Surcharge Reduction] hereunder, [15%] for the second [Surcharge
Reduction] hereunder, and [10%] for any additional [Surcharge Reductions] hereunder. 
 3. SOURCING 

(a) Cliffs shall initially supply Inland with pellets produced at the Partnership’s iron ore pellet plant (“Empire
Standard Pellets”, “Empire Royal Pellets” and “Empire Viceroy Pellets”, as the case may be; and, collectively, “Empire Pellets”) located in Palmer, Michigan (the
“Empire Plant”). 
 (b) As long as Cliffs continues as a participant in the Wabush Mines Joint Venture,
Inland may change pellet sourcing, for up to [360,000] tons of pellets annually, from Empire Pellets to pellets produced at the Wabush Mines Joint Venture iron ore pellet plant (“Wabush 2% Mn Standard Pellets”
“Wabush 2% Mn Flux Pellets” “Wabush 1% Mn Standard Pellets” and “Wabush 1% Mn Flux Pellets,” as the case may be; and, collectively, “Wabush Pellets”)
located in Pointe Noire, Quebec (the “Wabush Plant”). 
 (c) Cliffs may change pellet sourcing from
Empire Standard Pellets to standard pellets from other sources controlled or managed by Cliffs, provided such pellets are of a quality comparable to that required for Empire Standard Pellets hereunder (“Other Cliffs Standard
Pellets”). If Cliffs desires to provide Inland with Other Cliffs Standard Pellets, Cliffs shall give Inland not less than three months’ prior notice, and then may make such change provided that Inland has had a reasonable
opportunity to purge its stockpile of conflicting grades of pellets. 
 (d) In the event that Empire Pellets are no longer being
produced at the Empire Plant due to a permanent shutdown or a long-term (defined as not less than 2 years) idle period (an “Empire Shutdown”), Cliffs shall provide one year’s advance notice thereof and shall use
commercially reasonable efforts to identify one or more alternative sources of fluxed pellets (“Other Cliffs Fluxed Pellets”) and Other Cliffs Standard Pellets to be supplied by Cliffs. 

 

	 	(i)	 In the event that, at least 90 days prior to the Empire Shutdown, Cliffs establishes that it can supply Other Cliffs Pellets having the grades and
specifications in chemical and physical structure described in Exhibit 3(d) attached hereto and identified as Key OCFP Specs (the “Key OCFP Specs”) from one or more sources, excluding Tilden Hematite Pellets (being
those pellets produced at the Tilden Mining Company L.C. iron ore pellet plant located in Tilden, Michigan), and the quantity of Wabush Pellets being limited to Inland’s requirements for Wabush Pellets (it being understood that Cliffs shall
limit sources to no more than two sources per pellet grade type and that Inland shall not be obligated to use more pellet sources than is commercially reasonable from a logistical standpoint), then (A) Cliffs shall offer for sale and delivery,
and Inland may, at its option, purchase and receive, such Other Cliffs Fluxed Pellets and/or Other Cliffs Standard Pellets, as the case may be, in substitution for Empire Royal Pellets, Empire Viceroy Pellets or Empire Standard Pellets, as the case
may be, hereunder, (B) Inland shall notify Cliffs within 90 days of Cliffs’ 

  
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offering such Other Cliffs Fluxed Pellets and/or such other Cliffs Standard Pellets of the quantities of each such Pellet grade that Inland elects to purchase and receive, (C) to the extent
that Inland elects to purchase and receive such Other Cliffs Pellets, without limitation of the obligation to meet the Key OCFP Specs or the grade and quality specifications set forth in Section 3(c), Cliffs shall use commercially reasonable
efforts to ensure that Other Cliffs Fluxed Pellets and/or Other Cliffs Standard Pellets, as the case may be, meet the specifications described in Exhibit 3(d) attached hereto that are identified as Secondary OCFP Specs (the “Secondary
OCFP Specifications”), [(D) to the extent Inland does not elect to purchase and receive such Other Cliffs Pellets, Inland shall be released from its purchase obligations hereunder and may, notwithstanding any provision
herein to the contrary, purchase its Excess Annual Requirements for pellets from other suppliers and Cliffs shall be released from its obligations hereunder (other than those which are accrued but remain undischarged at such time), and (E) in
addition to the pricing for the pellets delivered pursuant to this Section 3(d)(ii), Inland shall pay to Cliffs a pro-rated Surcharge Amount in proportion to the tonnage amount actually offered for sale and delivery by Cliffs to Inland pursuant
to this Section 3(d)(ii) as compared to the tonnage required to be delivered pursuant to Section 2]. 
  

	 	(ii)	In the event that, within 90 days of the Empire Shutdown, Cliffs cannot establish that it can supply the Other Cliffs Pellets meeting the Key OCFP Specs, then either
party may immediately terminate this Agreement by written notice to the other party, in which case each party’s obligations under this Agreement shall immediately terminate (including, without limitation, Inland’s obligation to pay any
[Surcharge Amount)] and such termination of this Agreement shall be without further recourse to either party; provided, however, that Inland may take possession of all Cliffs Pellets for which payment under Section 7(a)(i) has
been made and Cliffs shall deliver such pellets. 

 With respect to all Other Cliffs Pellets, pellet cooling, stockpiling, and
dust suppression practices will be optimized on a commercially reasonable basis to avoid excessive moisture content in pellets. Within the one-year notice period applicable to an Empire Shutdown, Cliffs shall provide Inland with a reasonable
opportunity to conduct a blast furnace trial not less than 90 days prior to the effective date of an Empire Shutdown on the Other Cliffs Pellets to be supplied pursuant to this Section 3(d). 

4. GRADES AND QUALITY 
 (a) Empire Pellets shall consist of the grades and specifications and shall have the chemical and physical structure described in Exhibit A-l (the “Grade and Quality Specs”)
attached hereto, unless otherwise mutually agreed. Cliffs will aim for the mid range of each specification, review production quality data monthly and adjust procedures where applicable to attempt to produce at the mid range of the specifications.
Should Cliffs Pellets have values 

  
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outside of the specification range (quantity and quality as determined by reference to such Exhibit A-l), then [Inland will have the rights set forth in Section 4(c) hereof]. For
purposes of this Section 4(a), the terms “Empire Pellets” and “Cliffs Pellets” shall be deemed to include pellets supplied by the Partnership under the EIMP Ore Sales Agreement. 

(b) Wabush Pellets to be sold hereunder shall consist of the grades and specifications, and shall have approximately the same general
average chemical and physical structure, as described in Exhibit A-2, and will be in conformance with Wabush Mine cargo quality specifications as may be agreed to by the Wabush Mine owners; provided, however, that if there is a
material change in such specifications, Inland may, notwithstanding any limitation contained in Section 5 hereof, adjust its Excess Annual Requirements for the then-current Contract Year with respect to Wabush Pellets. Should any cargo of
Wabush Pellets sold hereunder have chemical, physical, or metallurgical properties that materially deviate from those specifications shown in Exhibit A-2 or such changes to those specifications as agreed to by the Wabush Mine owners, then Cliffs and
Inland [will negotiate a reasonable price adjustment for such cargo]. 
 (c) Whenever any material amount of Cliffs
Pellets delivered hereunder is outside of the specification range (determined by reference to the Grade and Quality Specs), Cliffs shall immediately furnish Inland with an off-spec report in Inland’s designated format, an example of which is
attached hereto as Exhibit A-3, defining parameter, time, cause and corrective action. With respect to any Cliffs Pellets purchased and sold hereunder that have characteristics [within an Upper Level 1 Variance range or a Lower Level 1
Variance range] (determined by reference to the Grade and Quality Specs), where applicable [Inland shall obtain an immediate price reduction (calculated by reference to the corresponding adjustment payment(s)] in the Grade and Quality
Specs). The [price reduction] referred to in the immediately preceding sentence [shall be applied in full against the next payment then due under Section 7(a)(i)] (and, if such [reduction is larger than such payment, against
the next succeeding payments due under Section 7(a)(i) until such reduction is recouped in full, with any unrecouped amounts outstanding at the end of the term of this Agreement subject to repayment by Cliffs)]. With respect to any Cliffs
Pellets purchased and sold hereunder that have characteristics [within an Upper Level 2 Variance range or a Lower Level 2 Variance range], determined by reference to the Grade and Quality Specs [(“Level 2
Pellets”)], Inland shall (i) [use commercially reasonable efforts to use such Level 2 Pellets] for consumption in an Indiana Harbor Plant blast furnace, and/or (ii) determine (A) which of any such [Level 2
Pellets can be used in an Indiana Harbor Plant blast furnace with commercially reasonable further processing] or (B) which of any such [Level 2 Pellets Inland cannot use in an Indiana Harbor Plant blast furnace on a commercially
reasonable basis], in either such case, Inland will supply notice to Cliffs within 15 days of the shipment date as to the [specific reasons for further processing or why Inland cannot use such Level 2 Pellets in an Indiana Harbor Plant blast
furnace. Level 2 Pellets] shall be [deemed not to have been supplied by Cliffs] (including, without limitation, for purposes of [Section 2(b)] hereof), and Inland shall [receive an additional price reduction (i.e., in
addition to the price reduction calculated by reference to the corresponding adjustment payment(s)] in the Grade and Quality Specs) that is equal to [(x) the difference between the net price paid for such pellets (purchase price less quality
adjustment) and the market value of such pellets as used by Inland, plus (y) additional processing (including, where applicable, a fuel rate penalty) or handling costs which are necessary to allow Inland to subsequently use the pellets in an
Indiana Harbor Plant blast furnace or other area at the Indiana Harbor Plant]. Any [Level 2 Pellets] shall count towards Inland’s minimum purchase requirements contained in Section 2(a) hereof. For purposes of this
Section 4(c), the term “Cliffs Pellets” shall be deemed to include pellets supplied by the Partnership under the EIMP Ore Sales Agreement. 

  
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 (d) During the term of this Agreement and for all subsequent extensions pursuant to
Section 18, Cliffs shall (and shall cause the Partnership to) make a good faith effort to comply with Inland requests for pellet quality improvement or development recommendations. The costs of such efforts or changes shall be allocated between
the parties as mutually agreed. 
 5. NOTIFICATION AND NOMINATION 

(a) With respect to the tonnage of Cliffs Pellets to be purchased by Inland for each of the Contract Years 2003 through 2014, inclusive,
as provided for in Section 2(a), on or before October 31 (excluding the Contract Year 2003 which has been provided for in Section 5(e)) of each of the Contract Years prior to the Contract Years above, Inland shall notify Cliffs in
writing of: (i) Inland’s initial preliminary total annual pellet tonnage requirements, (ii) Inland’s initial preliminary Excess Annual Requirements plus the Empire Equity Tonnage, and (iii) Inland’s initial preliminary
tonnages of each of the grades of ore nominated by Inland under the preceding clause (i). 
 (b) With respect to the tonnage of
Cliffs Pellets to be purchased by Inland for each of the Contract Years 2003 through 2014, inclusive (except as otherwise provided in Section 5(e) hereof), as provided for in Section 2(a), and during the period October 31 through
November 30 of each of the Contract Years prior to the remaining Contract Years above, Inland and Cliffs shall meet, as needed, to discuss: (i) Inland’s preliminary total annual pellet tonnage requirements; (ii) Inland’s
preliminary Excess Annual Requirements plus the Empire Equity Tonnage; (iii) the preliminary tonnages and grades of Cliffs Pellets which Cliffs is required to sell and Inland is required to purchase pursuant to the terms of Sections 2(a) and
2(b) above; and (iv) a preliminary delivery schedule by ore grade for each month of the following Contract Year. Such matters shall be reduced to writing and exchanged by the parties with Inland confirming its preliminary Excess Annual
Requirements by November 30 of each such Contract Year. If Inland’s preliminary Excess Annual Requirements, when added with its Empire Equity Tonnage, exceed [3,500,000] tons, Cliffs may, by notice to Inland but in any case subject
to its obligations to use commercially reasonable efforts pursuant to Section 2(b) hereof, notify Inland of its inability (and the extent of such inability) to deliver such excess amount of Cliffs Pellets (the “Shortfall
Notice”). If Cliffs delivers a Shortfall Notice, Inland may, notwithstanding anything to the contrary herein, obtain the amount designated in the Shortfall Notice from other suppliers. If no Shortfall Notice is received by
November 30, Cliffs shall be deemed to have agreed hereunder to supply the full amount of Inland’s Excess Annual Requirements plus Inland’s Empire Equity Tonnage (including any amount in excess of [3,500,000] tons). 

(c) (i) With respect to the notification of Inland’s preliminary Excess Annual Requirements of Cliffs Pellets as provided for in
Sections 5(a) and 5(b) above, on or before March 15 of the then current Contract Year of the purchase and sale, Inland may, by written notification to Cliffs, adjust its preliminary Excess Annual Requirements by tonnage for the then current
Contract Year either up, or by not more than [15%] of the total of Empire Equity 

  
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Tonnage and Excess Annual Requirements down. If Inland increases its preliminary Excess Annual Requirements for the then current Contract Year, any such increase must be approved by Cliffs, and
on or before March 31, Cliffs shall notify Inland as to whether or not Cliffs agrees to such increase or any part thereof. In the event Cliffs does not agree to such increase or any part thereof, Inland may, notwithstanding anything to the
contrary herein, obtain the increased amount from other suppliers. If, by March 15 of the then current Contract Year, Inland shall have adjusted its preliminary Excess Annual Requirements, either up or down (with any increased adjustment having
been agreed to by Cliffs), then such adjusted Excess Annual Requirements by pellet grade (subject to Section 5(d)) and tonnage shall be deemed Inland’s final Excess Annual Requirements for such Contract Year, and Inland shall be obligated
to purchase and Cliffs shall be obligated to sell such tonnage of Cliffs Pellets in accordance with such final Excess Annual Requirements. 
  

	 	(ii)	If, however, Inland has not adjusted its preliminary Excess Annual Requirements as provided for in Section 5(c)(i), then on or before May 15 of the then
current Contract Year of the purchase and sale, Inland may, by written notification to Cliffs, adjust its preliminary Excess Annual Requirements by tonnage for the then current Contract Year either up, or by not more than [10%] of the total
of Empire Equity Tonnage and Excess Annual Requirements down. If Inland increases its preliminary Excess Annual Requirements for the then current Contract Year, any such increase must be approved by Cliffs, and on or before May 31, Cliffs shall
notify Inland as to whether or not Cliffs agrees to such increase or any part thereof. In the event Cliffs does not agree to such increase or any part thereof, Inland may, notwithstanding anything to the contrary herein, obtain the increased amount
from other suppliers. If, by May 15 of the then current Contract Year, Inland shall have adjusted its preliminary Excess Annual Requirements, either up or down (with any increased adjustment having been agreed to by Cliffs), then such adjusted
Excess Annual Requirements by pellet grade (subject to Section 5(d)) and tonnage shall be deemed to be Inland’s final Excess Annual Requirements for such Contract Year, and Inland shall be obligated to purchase, and Cliffs shall be
obligated to sell, such tonnage of Cliffs Pellets in accordance with such final Excess Annual Requirements. 

  

	 	(iii)	 If, however, Inland has not adjusted its preliminary Excess Annual Requirements as provided for in Section 5(c)(i) or 5(c)(ii), then on or before
July 15 of the then current Contract Year of the purchase and sale, Inland may, by written notification to Cliffs, adjust its preliminary Excess Annual Requirements by tonnage for the then current Contract Year either up, or by not more than
[5%] of the total of Empire Equity Tonnage and Excess Annual Requirements down. If Inland increases its preliminary Excess Annual Requirements for the then current Contract Year, any such increase must be approved by Cliffs, and on or before
July 31, Cliffs shall notify Inland as to whether or not Cliffs agrees to such increase or any part thereof. In the event Cliffs does not agree to such increase or any part thereof, Inland may, notwithstanding anything to the contrary herein,

  
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obtain the increased amount from other suppliers. If, by July 15 of the then current Contract Year, Inland shall have adjusted its preliminary Excess Annual Requirements, either up or down
(with any increased adjustment having been agreed to by Cliffs), then such adjusted Excess Annual Requirements by pellet grade (subject to Section 5(d)) and tonnage shall be deemed to be Inland’s final Excess Annual Requirements for such
Contract Year, and Inland shall be obligated to purchase, and Cliffs shall be obligated to sell, such tonnage of Cliffs Pellets in accordance with such final Excess Annual Requirements. 

(iv) If no adjustment is made on or before July 15, then the preliminary Excess Annual Requirements by pellet grade (subject to
Section 5(d)) and tonnage for the then current Contract Year shall be deemed to be Inland’s final Excess Annual Requirements for such Contract Year, and Inland shall be obligated to purchase, and Cliff’s shall be obligated to sell,
such tonnage of Cliffs Pellets in accordance with such preliminary Excess Annual Requirements. 
 (d) At any time during the
Contract Year, Inland may request an adjustment in the allocation among pellet grades of pellets provided by Cliffs hereunder and by the Partnership under the EIMP Ore Sales Agreement, and Cliffs shall (and shall cause the Partnership to) use
commercially reasonable efforts to accommodate such request. Cliffs shall not produce tonnage in a grade designated for Inland more than three months ahead of when the grade should be available for Inland. 

(e) During the Contract Year 2003, Cliffs shall sell and deliver and Inland shall purchase and receive from Cliffs hereunder and the
Partnership under the EIMP Ore Sales Agreement and pay for a tonnage of Cliffs Pellets, including for purposes of this Section 5(e) pellets within the Empire Equity Tonnage, of such grades and qualities as set forth in Exhibit 5(e) subject to
the delivery schedule set forth in Exhibit 5(e). 
 6. PRICE AND ADJUSTMENTS 

(a) In each Contract Year the price paid for the Cliffs Pellets purchased and sold hereunder shall be determined as follows: 

 

	 	(i)	First, taking each kind of Basic Cliffs Pellets separately, the price per iron unit shall be determined as provided in Section 6(b). 

 

	 	(ii)	Second, the price per iron unit for any kind(s) of Other Cliffs Pellets shall be determined as provided in Section 6(c). 

  
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	 	(b)        (i)	        Empire Pellets shall have the following base price per iron unit (“Base Price per Iron Unit”)
for the [Contract Years 2003 and 2004]: 

  

					
	 Pellet
	  	 f.o.b.
	  	Base Price per
Iron Unit
	 Empire Standard
	  	[Vessel at Escanaba]	  	[$0.6066]
	 Empire Royal
	  	[Vessel at Escanaba]	  	[$0.6421]
	 Empire Viceroy
	  	[Vessel at Escanaba]	  	[$0.6565]

  

	 	(ii)	In addition to the foregoing Base Price per Iron Unit for Empire Pellets, for the [Contract Years 2003 and 2004], in the case of Empire Royal Pellets and Empire
Viceroy Pellets, the following flux charge per ton (“Flux Charge per Ton”) shall be added: 

  

			
	 	  	Flux Charge
per Ton
	 Empire Royal
	  	[$1.20]
	 Empire Viceroy
	  	[$1.80]

  

	 	(iii)	For the [Contract Years 2005 through 2014], inclusive, the Base Price per Iron Unit for each of the Empire Pellets, f.o.b. [vessel], shall be determined
by multiplying the applicable Base Price Multiplier below by the Composite Index for the Contract Year in determination: 

  

					
	 Pellet
	  	 f.o.b.
	  	Base Price
Multiplier
	 Empire Standard
	  	[Vessel at Escanaba]	  	[$0.5711]
	 Empire Royal
	  	[Vessel at Escanaba]	  	[$0.6046]
	 Empire Viceroy
	  	[Vessel at Escanaba]	  	[$0.6182]

  

	 	(iv)	In addition to the foregoing Base Price per Iron Unit for Empire Pellets, for the [Contract Years 2005 through 2014], inclusive, in the case of Empire Royal
Pellets and Empire Viceroy Pellets, the following Flux Charge per Ton, determined by multiplying the applicable flux charge multiplier by the Flux Composite Index for the Contract Year in determination, shall be added: 

 

					
	 	  	Flux Charge
Multiplier	 
	 Empire Royal
	  	[$	1.40	] 
	 Empire Viceroy
	  	[$	2.10	] 

  

	 	(v)	Wabush Pellets shall have the following Base Price per Iron Unit for the [Contract Year 2003]: 

 

					
	 Pellet
	  	 f.o.b.
	  	Base Price per
Iron Unit
	 Wabush 2% Mn Standard
	  	Vessel at Pointe Noire	  	[$0.5350]
	Wabush 2% Mn Flux	  	Vessel at Pointe Noire	  	[$0.5850]
	Wabush 1% Mn Standard	  	Vessel at Pointe Noire	  	[$0.5350]
	Wabush l% Mn Flux	  	Vessel at Pointe Noire	  	[$0.5850]

  
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	 	(vi)	For the [Contract Years 2004 through 2014], inclusive, the Base Price per Iron Unit for each of the Wabush Pellets, f.o.b. vessel, shall be determined by
multiplying the [2003] Base Price per Iron Unit by the Composite Index for the Contract Year in determination. 

 (c) If in any Contract Year Cliffs supplies any Other Cliffs Pellets to Inland, the price per iron unit for such kind(s) of Other Cliffs Pellets shall be that price per iron unit that, after taking into
account the difference, if any, in transportation costs to Inland (transportation costs shall be calculated by reference to the actual incremental increase in transportation costs based on Inland models and shall be certified by Inland), results in
the same average cost per iron unit (including transportation costs) delivered to the Indiana Harbor Plant as the average cost per iron unit (including transportation costs) delivered to the Indiana Harbor Plant would be if the entire Excess Annual
Requirements were provided from the Empire Plant f.o.b. vessel at Escanaba. 
 (d) [In addition to the Base Price per Iron
Unit for Basic Cliffs Pellets or the price per iron unit for Other Cliffs Pellets, Inland shall pay a surcharge as specified in the table set forth below (the “Surcharge Amount”) in respect of the tonnage of Cliffs Pellets to
be delivered hereunder, which, except as otherwise provided herein, shall be paid by Inland whether or not Inland, in fact, purchases and takes delivery of all, more than all, a portion or none of such tonnage. Such Surcharge Amount shall be reduced
dollar-for-dollar by any Special Contributions (as such term is defined in the Partnership Agreement (as amended by the Omnibus Agreement (defined below))) paid by Inland or its Affiliates to the Partnership wheresoever the obligation therefore was
provided. 

  
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	 Surcharge Amount
	  	Payable in Calendar Year	 
	 $5,000,000
	  	 	2003	  
	 $5,000,000
	  	 	2004	  
	 $12,000,000
	  	 	2005	  
	 $12,000,000
	  	 	2006	  
	 $12,000,000
	  	 	2007	  
	 $12,000,000
	  	 	2008	  
	 $10,000,000
	  	 	2009	  
	 $10,000,000
	  	 	2010	  
	 $10,000,000
	  	 	2011	  
	 $10,000,000
	  	 	2012	  
	 $10,000,000
	  	 	2013	  
	 $12,000,000
	  	 	2014	] 

 (e) [Required Special Contributions. Each of Inland, Ispat Inland Empire, Inc., a Delaware corporation
and wholly owned subsidiary of Inland (“Ispat Empire”), Cliffs Empire, Inc., a Michigan corporation (‘“Cliffs Empire”). Empire-Cliffs Partnership, a Michigan general partnership (“ECP”), and
Wheeling-Pittsburg/Cliffs Partnership, a Michigan general partnership (“W-P/Cliffs”), acknowledges its respective obligations, covenants and other agreements set forth in the Partnership Agreement (as amended by the Second Empire
Partnership Omnibus Agreement dated as of December 31, 2002 (the “Omnibus Agreement”) with respect to the Special Contributions (as defined in the Partnership Agreement (as amended by the Omnibus Agreement)) payable by
such parties thereunder, and, for the avoidance of doubt but without creating duplication, restates and independently establishes herein such obligations, covenants and other agreements and agrees to pay, perform and discharge such obligations,
covenants and agreements in accordance with the terms, and subject to the conditions, set forth herein and therein. Capitalized terms used in this Section 6(e) but not defined shall have the respective meanings given to such terms in the
Partnership Agreement (as amended by the Omnibus Agreement) and in the Omnibus Agreement.] 
 (i) [So long as Ispat
Empire continues to be a Partner and, as to the Cliffs Entities only, for one year after Ispat Empire ceases to be a Partner:] 
 (A) [For the years 2003 through 2014, inclusive, the Partners shall make Special Contributions to the Partnership in the amounts set forth in the chart below: 

  
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	 	  	Special Contributions (millions)
	 Years
	  	Ispat Empire	 	Cliffs Entities	 	Total
	 2003 and 2004
	  	$2.1	 	$7.9	 	$10.0
	 2005 through 2008
	  	5.04	 	18.96	 	24.0
	 2009 through 2013
	  	4.2	 	15.8	 	20.0
	 2014
	  	5.04	 	18.96	 	24.0
	 Total Contributions
	  	$50.4 (21%)	 	$189.6 (79%)	 	$240.0(100%)

 The Special Contribution amounts specified in Section 12.1 of the Partnership Agreement for the Cliffs Entities
shall be made pro rata by such Partners on the basis of the percentage that each Share of the Cliffs Entities represents of all of the Shares of the Cliffs Entities. Inland shall be jointly and severally liable for Ispat Empire’s obligations to
pay the Special Contribution amounts above on the terms and conditions of the Partnership Agreement. Each Cliffs Entity shall be jointly and severally liable for the obligations of each of the other Cliffs Entities, as the case may be, to pay the
Special Contribution amounts above on the terms and conditions of the Partnership Agreement]. 
 (B) [Any exercise by
Ispat Empire of its Put Right pursuant to Section 11 of the Purchase Agreement, shall thereinafter eliminate any and all duties of the Partners to make Special Contributions representing Ispat Empire’s Share as prescribed in
Section 12.1 of the Partnership Agreement; provided, however, this shall in no way eliminate or reduce the foregoing obligations of the Cliffs Entities to make Special Contributions as provided in Section 12.1 of the Partnership
Agreement]. 
 (ii) [Application and Timing of Payment of Partners’ Special Contributions]. 

(A) [The Special Contributions to be made by the Partners of the Partnership Agreement shall be applied, in any given year, in the
following order of priority: first, in satisfaction of “the Partnership’s Other Post Employment Benefits (“OPEB”) liabilities, costs and expenses, as defined by FAS 106; second, in satisfaction of the Partnership’s Voluntary
Employee Benefits Association (“VEBA”) liabilities, costs and expenses; and, finally, to the extent that in any year the OPEB and VEBA costs are less than the Partners’ Special Contributions in such year, the Partnership shall
contribute the excess amount to the Partnership’s defined benefit pension plans covering substantially all Partnership employees (the “Pension Plans” and collectively with the OPEB and VEBA costs, the “Contribution Costs”);
provided, however, the Manager may deviate from the priority set forth above in any given year, if in the Manager’s good faith determination, a different priority of Contribution Costs is necessary in such year. Without limiting the generality
of the foregoing, none of the Special Contributions shall be used to fund or pay costs related to the closing of the Empire Mine or any environmental liabilities that may arise due to the operation of the Empire Mine by the Partnership. Promptly
following receipt of such Special Contributions from the Partners, the Partnership will disburse such Special Contributions in the manner required to satisfy its Contribution Costs as provided in Section 12.2(a) of the Partnership
Agreement]. 

  
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 (B) [Commencing as of January 7, 2003, the Partners shall contribute to the
Partnership on the seventh and the 23rd day of each month (or if such day is not a Business Day, the Alternative Day), an amount equal to 1/24 of the annual Special Contribution payable under Section 12.1 of the Partnership Agreement. All
Special Contributions by the Partners pursuant to Section 12.1 of the Partnership Agreement shall be made by wire transfer of immediately available funds according to such instructions as the Partnership may from time to time provide, and shall
be made in U.S. dollars. Without limiting the generality of the foregoing. Inland may, from time to time, demand confirmation from the Partnership of the payment of Special Contributions by the Cliffs Entities. The obligations of the Cliffs Entities
under Section 12.2(b) of the Partnership Agreement are subject, in all events, to the rights of the Cliffs Entities to cease making payments in accordance with Section 12.1 of the Partnership Agreement], 

(C) [Notwithstanding anything to the contrary herein, in the event that there is a reduction in the Surcharge Amount payable by Inland
for a given year pursuant to the terms and conditions hereof such that Ispat Empire’s Special Contribution obligation for such year would exceed Inland’s entire adjusted Surcharge Amount obligation for such year (i) Ispat
Empire’s Special Contribution obligation for such year shall be reduced by such excess, and (ii) there will be a corresponding reduction in the Special Contribution obligations of the Cliffs Entities for such year such that the Special
Contribution obligations of Ispat Empire for such year are equal 21% of the Special Contributions of all Partners]. 
 (D)
[The Partnership shall furnish quarterly both to the Partners and to Inland a statement, certified by the Manager, showing the Special Contributions actually received by the Partnership from the Partners pursuant to Section 12.1 of the
Partnership Agreement and the amounts of capital actually applied by the Partnership in satisfaction of its obligations under Section 12.2(a) of the Partnership Agreement, together with such other related information as the Partners may
reasonably request in connection therewith]. 
 (iii) [If the obligations of any Cliffs Entity to make any Special
Contribution are not satisfied on the terms and conditions set forth in Section 12.1 of the Partnership Agreement, or fail to be applied as prescribed by Section 12.2(a) of the Partnership Agreement, then (A) Ispat Empire’s
obligations to make Special Contributions, and (B) Inland’s obligations to pay the Surcharge Amount, wheresoever such obligations may appear, shall each be suspended until such time, if any, as the obligations of all Cliffs Entities to
make Special Contributions are current in full and have been properly applied in accordance with the terms and conditions set forth in Article 12 of the Partnership Agreement]. 

(iv) [If (A) the obligations of Ispat Empire to make any Special Contribution on the terms and conditions set forth in
Section 12.1 of the Partnership Agreement, or (B) the obligations of Inland to pay any Surcharge Amount pursuant to this Agreement, as the case may be, are not satisfied, then the obligations of the Cliffs Entities to make Special
Contributions shall be suspended until such time, if any, as the obligations of Ispat Empire and Inland as described in clauses (A) and (B) are current in full in accordance with the terms and conditions set forth in Article 12 of the
Partnership Agreement (with respect to caluse (i)) and this Agreement (with respect to clause (ii))]. 

  
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 (v) The rights of the parties under Section 14.8 of the Partnership Agreement shall
not be exclusive of any other rights that they may have with respect to the subject matter of such Section. 
 (f) Attached as
Exhibit B is an example of the application of the provisions of this Section 6, other than Section 6(e). 
 7.
PAYMENTS AND ADJUSTMENTS 
 (a) Subject to adjustment as provided in Sections 7(b) and 7(c), and subject
further to the Omnibus Agreement, Inland shall pay Cliffs [on the seventh and the 23rd day] of each month (or if such day is not a Business Day, the Alternative Day), an amount equal to (i) commencing as of [February 7,] 2003,
[l/24th] of the total cost of all of the tons of the various kinds of Cliffs Pellets to be supplied to meet Inland’s Excess Annual Requirements for such Contract Year, to be determined in each case by
multiplying such Excess Annual Requirements by the Expected Iron Content and the Base Price per Iron Unit,.plus the appropriate Flux Charge per Ton, [plus (ii) commencing as of January 7, 2003, 1/24 of the annual surcharge payable under
Section 6(d)]. Except as otherwise provided herein, the payments required to be made by Inland pursuant to Section 7(a)(ii) shall be made by Inland during the initial term of this Agreement [only and even if no Cliffs Pellets are
supplied to or used by Inland]. 
 (b) The payments provided for in Section 7(a)(i) shall be adjusted as follows:

  

	 	(i)	In the event of any adjustment to the Excess Annual Requirements pursuant to Section 5(b), any payments to be made pursuant to Section 7(a)(i) after such
adjustment shall be increased or decreased so that such payments will be equal in amount. 

  

	 	(ii)	Beginning in [2004], not later than June 15 of each Contract Year, Cliffs shall prepare and certify to Inland (x) Cliffs’ calculation of the
Composite Index and the Flux Composite Index for such Contract Year, (y) Cliffs’ recalculation of the Base Price per Iron Unit and Flux Charge per Ton for each kind of Cliffs Pellets, based thereon, and (z) the amount of the
difference between the amount previously paid for Cliffs Pellets during the Contract Year and the amount that would have been paid had such adjusted Composite Index and Flux Composite Index been in effect from the beginning of the Contract Year. All
subsequent payments to be made under Section 7(a)(i) shall be adjusted to reflect the revised Base Price per Iron Unit and Flux Charge per Ton, and the next such payment shall be adjusted by the amount specified in clause (z) above. For
purposes of this Section 7(b)(ii), the term “Cliffs Pellets” shall be deemed to include pellets supplied by the Partnership under the EIMP Ore Sales Agreement. 

(c) In addition to the adjustments to be made pursuant to Section 7(b), not later than January 31 of each Contract Year, Cliffs
shall prepare and certify to Inland: (x) Cliffs’ calculation of the actual tonnage of each kind of Cliffs Pellets and any variance from tonnage forecast to be delivered to satisfy Inland’s Excess Annual Requirements, in each case for
the 

  
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 prior Contract Year; (y) the actual iron units in each kind of Cliffs Pellets, and any variance
from the Expected Iron Content expected therefore, in each case for the prior Contract Year; and (z) the amount due from Cliffs to Inland, or vice versa, to adjust to correct for all of the variances in clauses (x) and (y) for the
prior Contract Year. The payment due pursuant to Section 7(a)(i) next occurring after January 31 shall be adjusted by the amount specified in clause (z). 
 (d) All payments shall be made by wire transfer of immediately available funds according to such instructions as Cliffs may from time to time provide, and shall be made in U.S. dollars. 

(e) In the event Inland purchases Cliffs Pellets required to be purchased under this Agreement in advance of the required date for such
purchase, during the 12-month period following the date of such purchase Inland shall be entitled to defer a subsequent required purchase of Cliffs Pellets having an aggregate price equal to the aggregate price of the Cliffs Pellets purchased in
advance for the same number of days as the advance purchase was in advance of its required date. Purchases of Cliffs Pellets required under this Agreement which are made in advance in January of any Contract Year shall be counted as purchases of
Cliffs Pellets for purposes of Inland’s Excess Annual Requirements for the next following Contract Year. 
 (f) In the
event Inland shall fail to make payment when due of any amounts (other than amounts disputed in good faith by Inland), Cliffs, in addition to all other remedies available to Cliffs in law or in equity, shall have the right, but not the obligation,
to withhold further performance by Cliffs under this Agreement until all claims Cliffs may have against Inland under this Agreement are fully satisfied. 
 (g) Exhibit B illustrates the operation of the provisions of this Section 7. 
 8. SHIPMENTS AND DELIVERY 
 (a) Cliffs and Inland will agree on a mutually
acceptable delivery schedule for each Contract Year prior to December 1 of the preceding Contract Year and Cliffs shall make pellets available hereunder in accordance with such schedule. Such schedule must be established to match both
Inland’s blast furnace requirements and Cliffs’ pellet availability and will include monthly shipment tonnage by grade. Cliffs and Inland will balance the delivery schedule by pellet source and type so that monthly shipments will be
relatively equal over the Contract Year, considering winter shipping restrictions and production schedules to the locations designated in Section 8(b) below. Cliffs and Inland recognize that changes in schedule will occur as provided in
Section 5, and will use commercially reasonable efforts to accommodate such changes. For purposes of this Section 8(a), the term “pellets” shall be deemed to include pellets supplied by the Partnership under the EIMP Ore Sales
Agreement. 
 (b) Deliveries shall be made as follows: 

 

	 	(i)	 Deliveries of Empire Pellets shall be made by Cliffs to Inland f.o.b. [vessel, Port of Escanaba, Michigan or stockpiled at the Canadian National
Railway Company Ore Dock in Escanaba, Michigan], and title and all risk of loss (other than loss associated with shrinkage and, pellet handling and care in the ordinary course in the stockpile at such Dock), damage or

  
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 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

	 	
destruction shall pass to Inland at the time that payment is received for such delivery of such Pellets (For purposes of this Section 8(b)(i), the term “Empire Pellets” shall be
deemed to include pellets supplied by the Partnership under the EIMP Ore Sales Agreement.); 

  

	 	(ii)	Deliveries of Wabush Pellets shall be made by Cliffs to Inland f.o.b. vessel, Port of Pointe Noire, Quebec, or stockpiled at Wabush Dock in Pointe Noire, Quebec, and
title and all risk of loss (other than loss associated with shrinkage and, pellet handling and care in the ordinary course in the stockpile at such Dock), damage or destruction shall pass to Inland at the time that payment is received for such
delivery of such Pellets; and 

  

	 	(iii)	Deliveries of Other Cliffs Pellets shall be made by Cliffs to Inland f.o.b. [vessel at one or more mutually agreed locations], and title and all risk of loss
(other than loss associated with shrinkage and, pellet handling and care in the ordinary course in the stockpile at such locations), damage or destruction shall pass to Inland at the time that payment is received for such delivery of such Pellets;

 provided, however, that Inland shall not be entitled to take delivery or possession of any Cliffs Pellets until Cliffs
shall have received payment for such Pellets. 
 9. WEIGHTS 

Vessel bill of lading weight determined by railroad scale weights or belt scale weights, certified in accordance with standard commercial
practices, in accordance with the procedures in effect from time to time at each of the loading ports (which shall be reasonably acceptable to Inland), shall be accepted by the parties as determining the amount of Cliffs Pellets delivered to Inland
pursuant to this Agreement. The weighing devices shall be regularly tested, verified, certified, and maintained. For those scale weights or belt scale weights Cliffs operates, Cliffs shall maintain records of certification, which shall be made
available from time to time to Inland for review and audit. In all other cases, Cliffs shall use commercially reasonable efforts, upon the request of Inland, to obtain from those third parties operating the scale weights and/or belt weights, proof
of certification. 
 10. EMPLOYMENT OF VESSELS 
 Inland assumes the obligation for arranging and providing appropriate vessels for the transportation of the Cliffs Pellets delivered by Cliffs to Inland hereunder. Inland shall arrange and provide for all
vessel shipments, ore carrier or bulk carrier type vessels suitable in all respects to enter, berth at and leave the loading ports and suitable for the loading and mooring facilities at the loading ports. If Cliffs supplies any Other Cliffs Pellets
hereunder, Inland shall (i) use all commercially reasonable efforts to obtain the best possible price and other terms for transportation of such Other Cliffs Pellets, and (ii) certify the use of such efforts, and the prices obtained for
such transportation, to Cliffs at the end of each year. Any transportation price information supplied to Cliffs by Inland pursuant to this Section 10 shall be kept confidential. 

  
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OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Cliffs shall provide Inland with a reasonable opportunity to bid for the supply of transportation
services in connection with the delivery of flux stone to the Empire Mine. For purposes of this Section 10, the term “Cliffs Pellets” shall be deemed to include pellets supplied by the Partnership under the EIMP Ore Sales Agreement.

 11. SAMPLING AND TESTING PROCEDURES 
 (a) All pellet sampling procedures and analytical tests conducted on Cliffs Pellets sold to Inland to demonstrate compliance with the Grade and Quality Specs specified in Section 4 shall be performed
by Cliffs at the loading point on each pellet vessel shipment or train shipment, as the case may be. Cliffs shall retain a split of each sample of whole pellets for 90 days and will retain a ground pulp sample for chemical analysis for one year (the
“Samples”). Test methods to be used shall be the appropriate ASTM or ISO standard methods published at the time of testing or any other procedures and practices that may be mutually agreed to by Cliffs and Inland. Inland may,
at any time and from time to time through one or more authorized representatives, be present during production, loading, or to observe sampling and analysis of pellets being processed for shipment to Inland. In the case of a dispute between Inland
and Cliffs as to pellet analyses, a mutually agreed upon ISO 17025 certified (or such future certification standard as may replace ISO 17025) laboratory (the “Lab”) shall be utilized to resolve the dispute. Notwithstanding
Section 15 hereof, the Lab shall act as the final arbiter of all disputes related to pellet sampling and analysis. The party found to be in error (or if both parties are in error, both parties) shall bear the cost of the Lab. 

(b) If a daily measurement shows a [Level 2 Variance] with respect to any Cliffs Pellets for the previous day, Cliffs will
[segregate production for the following day]. Cliffs will use its best efforts to [isolate Level 2 Pellets] and Inland will [have the option to reject Level 2 Pellets] at the mine. 

12. REPRESENTATIONS AND WARRANTIES 
 (a) Inland represents and warrants to, and agrees with, Cliffs that the execution and delivery of this Agreement by Inland, and its consummation of the transactions contemplated hereby, have been duly
authorized in accordance with all applicable laws and the certificate of incorporation and bylaws of Inland, and no further corporate action is necessary on the part of Inland to make this Agreement valid and binding on Inland and enforceable
against Inland in accordance with its terms. The execution and delivery of this Agreement by Inland, and its consummation of the transactions contemplated hereby, (a) are not contrary to the certificate of incorporation or bylaws of Inland,
(b) do not now and will not, with the passage of time, the giving of notice or otherwise, result in a violation or breach of, or constitute a default under, any term or provision of any indenture, mortgage, deed of trust, lease, instrument,
order, judgment, decree, rule, regulation, law, contract, agreement or any other restriction to which Inland is a party or to which Inland or any of its assets is subject or bound, and (c) will not result in any acceleration or termination of
any loan or security interest agreement to which Inland is a party or to or by which Inland or any of its assets is subject or bound; provided, however that no representation or warranty is being made regarding the validity or enforceability of
Section 18(b). 

  
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 (b) Cliffs represents and warrants to, and agrees with, Inland that the execution and
delivery of this Agreement by Cliffs, and its consummation of the transactions contemplated hereby, have been duly authorized in accordance with all applicable laws and the articles of incorporation and bylaws of Cliffs, and no further corporate
action is necessary on the part of Cliffs to make this Agreement valid and binding on Cliffs and enforceable against Cliffs in accordance with its terms. The execution and delivery of this Agreement by Cliffs, and its consummation of the
transactions contemplated hereby, (a) are not contrary to the articles of incorporation or bylaws of Cliffs, (b) do not now and will not, with the passage of time, the giving of notice or otherwise, result in a violation or breach of, or
constitute a default under, any term or provision of any indenture, mortgage, deed of trust, lease, instrument, order, judgment, decree, rule, regulation, law, contract, agreement or any other restriction to which Cliffs is a party or to which
Cliffs or any of its assets is subject or bound, and (c) will not result in any acceleration or termination of any loan or security interest agreement to which Cliffs is a party or to or by which Cliffs or any of its assets is subject or bound;
provided, however that no representation or warranty is being made regarding the validity or enforceability of Section 18(b). 
 (c) OTHER THAN AS SPECIFICALLY SET FORTH ELSEWHERE HEREIN (OR ANY EXHIBIT OR SCHEDULE ATTACHED HERETO OR OTHER DOCUMENT REFERENCED HEREIN), CLIFFS MAKES NO, AND HEREBY DISCLAIMS AND EXCLUDES ANY,
EXPRESS OR IMPLIED WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF MERCHANTABILITY, OF FITNESS, OR OF FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ALL CLIFFS PELLETS. WITH RESPECT TO SUCH WARRANTIES THAT ARE SPECIFICALLY SET
FORTH HEREIN AND FOR WHICH A CORRESPONDING REMEDY IS HEREIN PROVIDED, SUCH REMEDY SHALL BE THE SOLE AND EXCLUSIVE REMEDY FOR THE BREACH OR INACCURACY OF SUCH WARRANTY. 
 (d) All claims for material variance in quality of the Cliffs Pellets from the quality described herein shall be deemed waived unless made in writing delivered to Cliffs within sixty (60) calendar
days after completion of discharge at port of discharge. No claim will be entertained after the Cliffs Pellets have been consumed unless it can be substantiated by the Sample corresponding to those Cliffs Pellets. Each party shall afford the other
party prompt and reasonable opportunity to inspect the Cliffs Pellets as to which any claim is made as above stated. The Cliffs Pellets shall not be returned to Cliffs without prior written consent of Cliffs. CLIFFS SHALL NOT BE LIABLE FOR ANY
DAMAGE TO INLAND’S PROPERTY OR LOST PROFITS, INJURY TO GOOD WILL OR ANY OTHER SPECIAL OR CONSEQUENTIAL DAMAGES. 
 13.
[PRICE REOPENER 
 Beginning in 2009 if (a) the percentage calculated by dividing the Base Price per Iron Unit for
an Empire Standard Pellet for the year in determination by the World Pellet Price for the year in determination is greater than the upper band calculation of that specific percentage, calculated in accordance with the next following sentence, then
Inland may give notice to Cliffs prior to July 1 of the year in determination requesting a price renegotiation, or (b) the percentage calculated by dividing the Base Price per Iron Unit for an Empire Standard Pellet for the year in

  
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OMITTED AND FILED SEPARATELY WITH THE 
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determination by the World Pellet Price for the year in determination is less than the lower band calculation of that specific percentage calculated in accordance with the next following
sentence, then Cliffs may give notice to Inland prior to July 1 of the year in determination requesting a price renegotiation. The calculation of the foregoing percentage shall be made in 2003 following the settlement of the World Pellet Price
as detailed in Schedule 13. In the event that either party gives notice as described above in (a) or (b), then the parties shall meet to negotiate revised Base Prices per Iron Unit for all Cliffs Pellets. In the event that the parties cannot
agree on revised Base Prices per Iron Unit within 60 days following notice, binding arbitration in accordance with Section 15 shall be utilized to set the revised applicable Base Prices per Iron Unit. For the period of time following the notice
until revised Base Prices per Iron Unit is agreed to or set by arbitration, the price invoiced and paid shall be the Base Prices per Iron Unit for the year in determination. The prices determined by the arbitrators shall be effective retroactive to
the beginning of the year in which Inland or Cliffs requested a price renegotiation. Cliffs shall pay Inland, or Inland shall pay Cliffs, within 10 days of the arbitrators decision, an amount equal to the adjustment calculated by the arbitrators for
the prior period of that year]. 
 14. COVENANTS 
 During the term of this Agreement, Inland shall not: (a) purchase Cliffs Pellets pursuant to this Agreement with the specific intent to resell such pellets; or (b) sell, lease or otherwise
transfer title or the right to use the Indiana Harbor Plant (including, without limitation, its blast furnaces), or any material portion thereof, to any Person, or merge, consolidate or reorganize with any Person unless that Person assumes in
writing this Agreement and all of Inland’s obligations hereunder. 
 15. ARBITRATION 

(a) Upon notice by either party to the other, all disputes, claims, questions or disagreements arising out or relating to this Agreement
or breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall, except as provided in Section 11(a) hereof, be determined by arbitration
administered by the American Arbitration Association in accordance with the provisions of its Commercial Arbitration Rules, modified as follows: 
  

	 	(i)	the place of arbitration shall be Cleveland, Ohio; 

  

	 	(ii)	Unless the parties consent in writing to a lesser number, the arbitration proceedings shall be conducted before a panel of three neutral arbitrators, one to be
appointed by Cliffs; one to be appointed by Inland, and third to be selected by the two arbitrators. None of the arbitrators shall be an employee, officer, director or consultant of, or of a direct competitor of, Inland or Cliffs;

  

	 	(iii)	 consistent with the expedited nature of arbitration, each party will, upon the written request of the other party, promptly provide the other with
copies of documents on which the producing party may rely or otherwise which may be relevant in support of or in opposition to any claim or 

  
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defense; any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrators, which determination shall be conclusive; and all discovery shall be completed
within 45 days following the appointment of the arbitrators; 

  

	 	(iv)	in connection with any arbitration arising out of Section [13], each of Cliffs and Inland shall have the right to submit information to the arbitrators to be
held in confidence by them and not disclosed to the other party (or any other person); provided, however, that: (A) the party providing such information shall certify its accuracy to the best of its actual knowledge; and (B) such
information shall be made available to counsel for the other party upon delivery by such counsel of its undertaking to hold the information (either in the form provided or in any other form) in confidence and not to disclose it to its client, or any
other person (other than the arbitrators) 

  

	 	(v)	in connection with any arbitration arising out of Section [13]: (A) before making their determination in any matter, the arbitrators must request from each
of the parties a complete statement of its proposed resolution of such matter, and the arbitrators shall select between the two proposed resolutions, without making any alteration to either of them (or if either party does not submit a proposed
resolution, or submits one that is materially incomplete, shall select the proposed resolution of the other party); and (B) the arbitrators shall be limited to awarding only one or the other proposed resolution; 

 

	 	(vi)	in connection any arbitration arising out of this Agreement, the arbitrators shall have no authority to alter, amend, or modify any of the terms and conditions of this
Agreement, and further, the arbitrators may not enter any award that alters, amends or modifies terms or conditions of this Agreement in any form or manner; 

 

	 	(vii)	the award or decision shall be made within nine months of the filing of the notice of intention to arbitrate, and the arbitrators shall agree to comply with this
schedule before accepting appointment; provided, however, that this time limit may be extended by written agreement signed by both parties or by the arbitrators, if necessary; and 

 

	 	(viii)	in connection with any arbitration arising out of Section [13], the costs of the arbitrators shall be borne entirely by the party that did not prevail; and in
connection with any other arbitration related to this Agreement, each party shall be responsible for its own costs and expenses, and the parties will equally split the cost of conducting the arbitration itself. 

(b) The judgment of the arbitrators shall be final and binding on the parties, and judgment upon the award rendered by the arbitrators
may be entered and enforced by any court of the United States or any state thereof. 

  
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 16. FORCE MAJEURE 

(a) Notwithstanding anything in this Agreement to the contrary, no party hereto shall be liable for damages resulting from failure to
deliver or accept and pay for all or any of the Cliffs Pellets as described herein, if and to the extent that such delivery or acceptance would be contrary to or would constitute a violation of any regulation, order or requirement of a recognized
governmental body or agency, or if such failure, including (a) failure of the mines supplying the Cliffs Pellets to be delivered under this Agreement to produce the Cliffs Pellets, or (b) failure of Inland’s facilities to produce
steel, is caused by or results directly or indirectly from acts of God, war, insurrections, interference by foreign powers, acts of terrorism, strikes, hindrances, labor disputes, labor shortages, fires, flood, embargoes, accidents or delays at the
mines, on the railroads or docks or in transit, shortage of transportation facilities, disasters of navigation, or other causes, similar or dissimilar, if such other causes are beyond the control of the party charged with a failure to deliver or to
accept and pay for the Cliffs Pellets. The inability to use Cliffs Pellets as a result of any of the foregoing causes shall also be a force majeure event under this Section, allowing Inland to fail to accept Cliffs Pellets to the extent of such
force majeure event, pro rata, with all other sources of pellets for the Indiana Harbor Plant. To the extent a force majeure is claimed hereunder by a party hereto, such shall relieve the other party from fulfilling its corresponding
agreement hereunder to the party claiming such force majeure, but only for the period and to the extent of the claimed force majeure, except as provided in Section 16(b) or unless otherwise mutually agreed to by the parties. 

(b) If an event of force majeure is claimed by Cliffs, Inland shall be obligated to make the payments required by
Section [6(d)] and Section [7(a)(ii) for only 24 months] following the date that Cliffs claimed such event of force majeure; provided, however, that upon any termination of such event of force majeure [prior to 24
months] after the date that Cliffs claimed the event of force majeure, Inland shall continue to be obligated to make the payments required by Section [6(d)] and Section [7(a)(ii)] from the date of such termination. In addition to the
foregoing, if Cliffs is able to offer for sale Other Cliffs Pellets in accordance with Section [3(d)], then Inland shall be obligated to [pay the Surcharge Amount] under such Section [3(d)]. If the event of force majeure claimed by
Cliffs continues for [24] consecutive months or longer, which event covers the supply of substantially all of Inland’s Excess Annual Requirements (including, for these purposes, the Empire Equity Tonnage) and Cliffs is not able to offer
for sale Other Cliffs Pellets in accordance with Section [3(d)], then either Cliffs or Inland may terminate this Agreement by written notice to the other. To the extent that, pursuant to this Section, Cliffs offers for sale pellets pursuant
to Section [3(d)], the parties acknowledge and agree that the [Surcharge Amount] shall be subject to reduction in accordance with Section [3(d)(i)(E)]. 
 17. NOTICES 
 All notices, consents, reports and other documents authorized and
required to be given pursuant to this Agreement shall be given in writing and either personally served on an officer of the party hereto to whom it is given, or sent by recognized overnight delivery service, mailed by registered or certified mail,
postage prepaid, or by facsimile, addressed as follows: 

  
 26 

 If to CCIC or CMC: 

1100 Superior Avenue - 15th Floor 

Cleveland, Ohio 44114-2589 
 Attention: Secretary 
 Facsimile: (216) 694-6741 

cc: Vice President-Sales 
 Facsimile: (216) 694-5385 
 If to Inland: 

3210 Watling Street 
 East Chicago, Indiana 46312 
 Attention: General Counsel

 Facsimile: (219) 399-4267 

Attention: Manager Raw Materials and Purchasing 

Facsimile: (219) 399-5505 
 ; provided, however, that any party may change the address to which notices or other communications to it shall be sent by giving to the other party written notice of such change, in which case
notices and other communications to the party giving the notice of the change of address shall not be deemed to have been sufficiently given or delivered unless addressed to it at the new address as stated in said notice. 

18. TERM 
 (a)
The term of this Agreement shall commence as of 12:01 a.m. on January 1, 2003 and continue through January 31, 2015 unless the term is ended earlier pursuant to Section 18(b) hereof. The term of this Agreement shall be automatically
extended annually for one Contract Year starting February 1, 2015 unless either Cliffs or Inland gives notice of termination at least 24 months prior to the commencement of any automatic 12-month extension or the term is ended earlier pursuant
to Section 18(b). This Agreement shall remain valid and fully enforceable for the fulfillment of obligations accrued but undischarged prior to expiration of the term or earlier termination. 

(b) This Agreement may be terminated at any time prior to its termination pursuant to Section 18(a), (i) by Inland, if any of
the following shall occur with respect to any of the entities that make up Cliffs (each Cliffs entity, a “subject party” with respect to terminations by Inland), or (ii) by Cliffs, if any of the following shall occur to Inland (the
“subject party” with respect to terminations by Cliffs): 
  

	 	(I)	 pursuant to or within the meaning of the United States Bankruptcy Code or any other federal or state law relating to insolvency or relief of debtors (a
“Bankruptcy Law”), a subject party shall: (i) commence a voluntary case or proceeding; (ii) consent to the entry of an order for relief against it in an involuntary case; (iii) consent to the appointment of a trustee,
receiver, assignee, 

  
 27 

	 	
liquidator, or similar official; (iv) make an assignment for the benefit of its creditors; or (v) admit in writing its inability to pay its debts as they become due; or

  

	 	(II)	a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is for relief against a subject party in an involuntary case,
(ii) appoints a trustee, receiver, assignee, liquidator, or similar official for the subject party or substantially all of the subject party’s properties, or (iii) orders the liquidation of the subject party, and, in each case, the
order or decree is not dismissed within 60 days. 

 19. AMENDMENT 

This Agreement may not be modified or amended except by an instrument in writing signed by all parties hereto. 

20. WAIVER 
 No
waiver of any of the terms of this Agreement shall be valid unless in writing and signed by all parties hereto. No waiver or any breach of any provision hereof or default under any provisions hereof shall be deemed a waiver of any subsequent breach
or default of any kind whatsoever. 
 21. CONFIDENTIALITY; GOVERNING LAW 

(a) Cliffs and Inland acknowledge that this Agreement contains certain volume pricing, adjustment and term provisions which are
confidential, proprietary or of a sensitive commercial nature and which would put Cliffs or Inland at a competitive disadvantage if disclosed to the public, specifically, Sections 1, 2, 3, 4, 6, 7 and 13, and all of the Schedules and Exhibits hereto
(“Confidential Information”). Cliffs and Inland further agree that all provisions of this Agreement shall be kept confidential and, without the prior consent of the other party, shall not be disclosed to any party not a party
to this Agreement or the legal advisor to a party to this Agreement except as required by law or governmental or judicial order and except that disclosure of the existence of this Agreement shall not be precluded by this Section 21. 

(b) If either party is required by law or governmental or judicial order or receives legal process or a court or agency directive
requesting or requiring disclosure of any of the Confidential Information contained in this Agreement, such party will promptly notify the other party prior to disclosure to permit such party to seek a protective order or take other appropriate
action to preserve the confidentiality of such Confidential Information. If either party determines to file this Agreement with the Securities and Exchange Commission (“Commission”) or any other federal, state, provincial or
local governmental or regulatory authority, or with any stock exchange or similar body, such determining party will use its best efforts to obtain confidential treatment of such Confidential Information pursuant to any applicable rule, regulation or
procedure of the Commission and any applicable rule, regulation or procedure relating to confidential filings made with any such other authority or exchange. If the Commission (or any such other authority or exchange) denies such party’s
request for confidential treatment of such 

  
 28 

 
Confidential Information, such party will use its best efforts to obtain confidential treatment of the portions thereof that the other party designates. Each party will allow the other party to
participate in seeking to obtain such confidential treatment for Confidential Information. 
 (c) This Agreement shall in all
respects, including matters of construction, validity and performance, be governed by and be construed in accordance with the laws of the State of Ohio. 
 22. ASSIGNMENT 
 (a) For purposes of this Agreement, the term
“Inland” includes and means not only Inland, but also any successor by merger or consolidation of Inland and any permitted assigns of Inland. 
 (b) In case Inland shall consolidate with or merge into another Person or shall transfer to another Person all or substantially all of its iron and steel business, this Agreement shall be assigned by
Inland to, and shall be binding upon, the Person resulting from such consolidation or merger or the Person to which such transfer is made; otherwise no assignment of this Agreement by Inland shall be valid unless Cliffs shall consent in writing
thereto. 
 (c) In case CCIC or CMC, or any permitted assign of either of them, shall consolidate with or merge into another
corporation or shall transfer to another Person all or substantially all of its business, this Agreement shall be assigned by CCIC or CMC, as the case may be, to, and shall be binding upon, the corporation resulting from such consolidation or merger
or the Person to which such transfer is made; otherwise, no assignment of this Agreement by CCIC or CMC, as the case may be, shall be valid unless Inland shall consent thereto in writing. 

(d) All the covenants, stipulations and agreements herein contained shall inure to the benefit of and bind the parties hereto and their
respective successors and permitted assigns. 
 23. CONFIDENTIALITY 

None of the parties hereto or their Affiliates will issue any press release or otherwise disclose or make any public statement with
respect to the transactions contemplated hereby without the prior written or oral consent of an officer of the other parties, except to the extent that the disclosing party determines in good faith that it is so obligated by law, in which case such
disclosing party shall give notice to the other parties in advance of such party’s intent to make such disclosure, announcement or issue such press release and the parties hereto or their affiliates shall use reasonable efforts to cause a
mutually agreeable release or disclosure or announcement to be issued. 

  
 29 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by
their respective authorized officers. 
  

									
	THE CLEVELAND-CLIFFS IRON COMPANY	 		 	ISPAT INLAND INC.
					
	By:	 	/s/    D. J. Gallagher	 		 	By:	 	/s/    Michael G. Rippey
		 	Name: D. J. Gallagher	 		 		 	Name: Michael G. Rippey
		 	Title:   Vice President	 		 		 	Title:   Vice President

  

			
	 CLIFFS MINING COMPANY

		
	By:	 	/s/    D. J. Gallagher
		 	 Name: D. J. Gallagher

		 	 Title:   Vice President

 The parties below hereby execute and deliver this Agreement solely for the purposes of Section 6(e) hereof.

  

									
	ISPAT INLAND EMPIRE, INC.	 		 	CLIFFS EMPIRE, INC.
					
	By:	 	/s/    Michael G. Rippey	 		 	By:	 	/s/    J. A Trethewey
		 	Name: Michael G. Rippey	 		 		 	Name: J. A Trethewey
		 	Title:   Vice President	 		 		 	Title:   President

  

									
	EMPIRE-CLIFFS PARTNERSHIP	 		 	 WHEELING-PITTSBURG/CLIFFS PARTNERSHIP

					
	By:	 	Cliffs Empire, Inc., a partner	 		 	By:	 	Cliffs Empire, Inc., a partner

													
							
		 	By:	 	/s/    J. A. Trethewey	 		 		 	By:	 	/s/    J. A. Trethewey
		 		 	Name: J. A. Trethewey	 		 		 		 	Name: J. A. Trethewey
		 		 	Title:   President	 		 		 		 	Title:   President

									
					
	By:	 	Cliffs MC Empire, Inc., a partner	 		 	By:	 	Cliffs IH Empire, Inc., a partner

													
							
		 	By:	 	/s/    J. A. Trethewey	 		 		 	By:	 	/s/    J. A. Trethewey
		 		 	Name: J. A. Trethewey	 		 		 		 	Name: J. A. Trethewey
		 		 	Title:   President	 		 		 		 	Title:   President

 543208 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered
by their respective authorized officers. 
  

													
	THE CLEVELAND-CLIFFS IRON COMPANY	 		 	ISPAT INLAND INC.
							
	 By:
	 	 	 	 	 		 	By:	 	 	 	 
		 	Name:	 	 	 		 		 	Name:	 	 
		 	Title:	 	 	 		 		 	Title:	 	 

  

					
	CLIFFS MINING COMPANY
			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 

 [The parties below hereby execute and deliver this Agreement solely for the purposes of Section 6(e) hereof.

  

													
	ISPAT INLAND EMPIRE, INC.	 		 	CLIFFS EMPIRE, INC.
							
	By:	 	 	 	 	 		 	By:	 	 	 	 
		 	Name:	 	 	 		 		 	Name:	 	 
		 	Title:	 	 	 		 		 	Title:	 	 

  

													
	EMPIRE-CLIFFS PARTNERSHIP	 		 	WHEELING-PITTSBURG/CLIFFS PARTNERSHIP

													
							
	 By:
	 	 	 	Cliffs Empire, Inc., a partner	 		 	By:	 	 	 	Cliffs Empire, Inc., a partner

  

															
								
		 	 By: 
	 	 	 	 	 		 	By: 	 	 	 	 
		 		 	Name: 	 	 	 		 		 	Name: 	 	 
		 		 	Title:	 	 	 		 		 	Title:	 	 

  

													
							
	 By:
	 	 	 	Cliffs MC Empire, Inc., a partner	 		 	By:	 	 	 	Cliffs IH Empire, Inc., a partner

  

															
								
		 	 By: 
	 	 	 	 	 		 	By: 	 	 	 	 
		 		 	Name: 	 	 	 		 		 	Name: 	 	 
		 		 	Title:	 	 	 		 		 	Title:	 	                             
                                         
                  ]

 543208 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Schedule 1(e) 

PELLET SALE AND PURCHASE AGREEMENT 
 COMPOSITE INDEX FORMULA FOR CONTRACT YEARS [2004 - 2014] 
 Contract Year’s
Composite Index Calculation 
  

	 	(i)	Producer Price Index (PPI) - All Commodities - Series Id: WPU00000000 Annual Average 

Year Preceding Contract Year’s PPI - All Commodities X 0.3300 = A 

Base Year 2002 PPI - All Commodities 
  

	 	(ii)	Producer Price Index (PPI) - Metals and Metal Products - Sheets, Cold Rolled Carbon (SCRC) - Series Id: WPU10170711 Annual Average 

Year Preceding Contract Year’s PPI - Metals and Metal Products - (SCRC) X 0.3300 = B 

Base Year 2002 PPI - Metals and Metal Products - (SCRC) 
  

	 	(iii)	World Pellet Price 

 Year
Preceding Contract Year’s World Pellet Price X 0.3400 = C 
 Base Year 2002 World Pellet Price] 

Contract Year’s Composite Index = (A+B+C) 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Schedule 1(j) 

PELLET SALE AND PURCHASE AGREEMENT 
 FLUX COMPOSITE INDEX FOR CONTRACT YEARS [2005—2014] 
 Contract Year’s
Flux Composite Index Calculation 
  

	[(i)	The Average Cost of Flux Stone Delivered to the Empire Mine 

 Year Preceding Contract Year’s Average Cost of Flux Stone Delivered to the Empire Mine X 0.3333 = A Base Year 2002 Average Cost of Flux Stone Delivered to the Empire Mine 

 

	(ii)	Producer Price Index (PPI)—Fuel and Related Products and Power—Series Id: WPU05 Annual Average 

Year Preceding Contract Year’s PPI—Fuel and Related Products and Power X 0.6667 = B Base Year 2002 PPI—Fuel and
Related Products and Power] 
 Contract Year’s Flux Composite Index = (A + B) 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Schedule 1(s) 

PELLET SALE AND PURCHASE AGREEMENT 
 [WORLD PELLET PRICE CALCULATION 
 YEAR 2002 

 

				000000000				000000000				000000000				000000000	
	  	  	 	 	 	2002 WORLD PELLET PRICES	 
	 PRODUCER
	  	WEIGHT	 	 	DMTU	 	  	DGTU	 	  	WTD AVG	 
	 Eastern Canadian Pellet Price
	  	 	50.0	% 	 	$	0.4830	  	  	$	0.4908	  	  	$	0.2454	  
	 Companhia Vale Rio Doce, S.A. — (f.o.b. Tubaro)
	  	 	50.0	% 	 	$	0.4736	  	  	$	0.4812	  	  	$	0.2406	  
					
	 TOTAL
	  				 				  				  	$	0.4860	] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Schedule 13 

PELLET SALE AND PURCHASE AGREEMENT 
 [PRICING BAND CALCULATION 
 CONTRACT YEARS 2003 — 2014

 ILLUSTRATIVE EXAMPLE — 2002 WORLD PRICING 

 

			000000000		000000000		000000000		000000000		000000000		000000000		000000000
	 	  	Per Fe Unit	  	 	  	Weighted Average
	 2002 Pricing
	  	DMTU	  	 	  	DGTU	  	 	  	Percent	 	 	  	Average
	 ECWPP—F.O.B. Sept-Iles
	  	$0.4830	  	=	  	0.4908	  	*	  	50.0%	 	=	  	0.2454
	 CVRD—F.O.B. Tubarao
	  	$0.4736	  	=	  	0.4812	  	*	  	50.0%	 	=	  	0.2406
		  		  		  	Weighted Average	 		  	$0.4860

  

													
	 	  	Pricing — F.O.B. Escanaba	 
	 	  	Fe %	 	  	$ / GT	 	  	$ / Fe Unit	 
	 Empire Standard
	  	 	63.47	  	  	$	36.25	  	  	 	0.5711	  
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

			000000000		000000000		000000000		000000000		000000000		000000000
	 	  	Pricing Band — F.O.B. Escanaba	 	 	  	 
	 	  	+ / - 8 %	 	$ / GT	  	$ / Fe Unit	  	Band %	 	 	  	 
	 Upper Band Calculation
	  	$2.90	 	$39.15	  	0.6168	  	126.9%	 	=	  	Upper Band
	 Lower Band Calculation
	  	($2,90)	 	$33.35	  	0.5254	  	108.1%	 	=	  	Lower Band

 CALCULATION FOR CONTRACT YEARS 2003 — 2014 

 

			000000000		000000000		000000000		000000000		000000000		000000000		000000000
	  	  	Per Fe Unit	  	 	  	Weighted Average
	 2003 Pricing
	  	DMTU	  	 	  	DGTU	  	 	  	Percent	 	 	  	Average
	 ECWPP—F.O.B. Sept-Iles
	  	A	  	=	  	A / 0.9842	  	*	  	50.0%	 	=	  	X
	 CVRD—F.O.B. Tubarao
	  	B	  	=	  	B / 0.9842	  	*	  	50.0%	 	=	  	Y
		  		  		  	Weighted Average	 		  	Z

  

													
	  	  	Pricing — F.O.B. Escanaba	 
	 	  	Fe %	 	  	$ / GT	 	  	$ / Fe Unit	 
	 Empire Standard
	  	 	63.47	  	  	$	36.25	  	  	 	0.5711	  

  

													
	  	  	Pricing Band - F.O.B. Escanaba	  	 	  	 
	 	  	+ / - 8%	 	$ / GT	  	$ / Fe Unit	  	Band %	  	 	  	 
	 Upper Band Calculation
	  	$2.90	 	$39.15	  	0.6168	  	$0.6168 / Z	  	=	  	Upper Band
	 Lower Band Calculation
	  	($2.90)	 	$33.35	  	0.5254	  	$0.5254 / Z	  	=	  	Lower Band]

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit A-l 
 Empire Standard Pellet Specifications 
  

																	
	 [Item
	  	Lower Level
Two Variance	  	Lower Level One
Variance	  	Specification
Range	  	Upper Level One
Variance	  	Upper Level Two
Variance	  	 Adjustment Payment
	  	Frequency	  	Applied
	 Silica %
	  	4.00	  	4.01 - 5.28	  	5.29 - 5.85	  	5.86 - 6.00	  	6.01	  	$0.20 per ton for each 0.1%	  	Cargoes	  	1
	 %+l/2”
	  		  		  	17.0 Max	  	17.1 - 24.9	  	25.0	  	 $0.025 per ton for each 1.0% For Level 1
 $0.05 per ton for each 1.0% For Level 2
	  	Daily Average	  	2
	 %-l/4”
	  		  		  	1.50 - 4.95	  	4.96 - 6.24	  	6.25	  	 $0.04 per ton for each 0.1%

$0.03 per ton to Cliffs for each 0.1 % below 1.50%
	  	Cargoes	  	1
	 Compression (lbs)
	  	300	  	301 - 399	  	400 - 700	  	701	  		  	$0.03 per ton for each 10 lbs.	  	Daily Average	  	2
	 Reducibility (R40)
	  	0.50	  	0.51 - 0.58	  	0.59 Min	  		  		  	 $0.025 per ton for each 0.01% For Level 1
 $0.05 per ton for each 0.01% For Level 2
	  	Weekly Composite	  	2
	 Phosphorus %
	  		  		  	0.024 Max	  	0.025 - 0.029	  	0.030	  	$0.03 per ton for each 0.001%	  	Cargoes	  	1
	 Titanium %
	  		  		  	0.15 Max	  	0.16 - 0.49	  	0.50	  	$0.03 per ton for each 0.01% For Level 2	  	Quarterly Composite	  	2
	 Alkalis % (Na2O+K2O)
	  		  		  	0.11 Max	  	0.12 - 0.15	  	0.16	  	$0.03 per ton for each 0.001% For Level 2	  	Quarterly Composite	  	2]

 Empire Royal Flux Pellet Specifications 

 

																	
	 [Item
	  	Lower Level
Two Variance	  	Lower Level One
Variance	  	Specification
Range	  	Upper Level
One Variance	  	Upper Level Two
Variance	  	 Adjustment Payment
	  	Frequency	  	Applied
	 Silica %
	  	4.00	  	4.01- 5.19	  	5.20 - 5.79	  	5.80 - 6.00	  	6.01	  	$0.20 per ton for each 0.1%	  	Cargoes	  	1
	 %+l/2”
	  		  		  	17.0 Max	  	17.1 - 24.9	  	25.0	  	$0.05 per ton for each 1.0%	  	Daily Average	  	2
	 %-l/4”
	  		  		  	1.50 - 4.33	  	4.34 - 6.24	  	6.25	  	 $0.04 per ton for each 0.1%

$0.03 per ton to Cliffs for each 0.1% below 1.50%
	  	Cargoes	  	1
	 CaO / SiO2
	  	0.74	  	0.75 - 0.79	  	0.80 - 1.00	  	1.01 - 1.05	  	1.06	  	$0.05 per ton for each 0.01	  	Cargoes	  	1
	 MgO / SiO2
	  	0.16	  	0.17 - 0.19	  	0.20 - 0.33	  	0.34 - 0.49	  	0.50	  	 $0.025 per ton for each 0.01 for Level 1
 $0.05 per ton for each 0.01 for Level 2
	  	Cargoes	  	1
	 Contraction (%)
	  		  		  	17.0 Max	  	17.1 - 17.7	  	17 - 8	  	$0.06 per ton for each 0.1%	  	Weekly Composite	  	2
	 Compression (lbs)
	  	300	  	301 - 379	  	380 - 600	  	601	  		  	$0.03 per ton for each 10 lbs	  	Daily Average	  	2
	 Reducibility (R40)
	  	0.76	  	0.77 - 0.90	  	0.91 Min	  		  		  	$0.05 per ton for each 0.01%	  	Weekly Composite	  	2
	 Phosphorus %
	  		  		  	0.027 Max	  	0.028 - 0.032	  	0.033	  	$0.03 per ton for each 0.001%	  	Cargoes	  	1
	 Titanium %
	  		  		  	0.15 Max	  	0.16 - 0.49	  	0.50	  	$0.03 per ton for each 0.01% for Level 2	  	Quarterly Composite	  	2
	 AlKalis % (Na2O+K2O)
	  		  		  	0.11 Max	  	0.12 - 0.15	  	0.16	  	$0.03 per ton for each 0.001% For Level 2	  	Quarterly Composite	  	2]

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Empire Viceroy Flux Pellet Specifications 

 

																	
	 [Item
	  	Lower Level
Two Variance	  	Lower Level One
Variance	  	Specification
Range	  	Upper Level One
Variance	  	Upper Level Two
Variance	  	 Adjustment Payment
	  	Frequency	  	Applied
	 Silica %
	  	4.00	  	4.01 -5.17	  	5.18 - 5.68	  	5.69 -6.00	  	6.01	  	$0.20 per ton for each 0.1%	  	Cargoes	  	1
	 %+l/2”
	  		  		  	14.0 Max	  	14.1 -24.9	  	25.0	  	$0.05 per ton for each 1.0%	  	Daily
Average	  	2
	 %-1/4”
	  		  		  	1.30 - 3.89	  	3.90-6.24	  	6.25	  	$0.04 per ton for each 0.1%	  	Cargoes	  	1
		  		  		  		  		  		  	$0.04 per ton to Cliffs for each 0.1% below 1.30%	  	Cargoes	  	1
	 CaO / SiO2
	  	1.05	  	1.06 - 1.11	  	1.12-1.28	  	1.29 -1.34	  	1.35	  	$0.05 per ton for each 0.01	  	Cargoes	  	1
	 MgO / SiO2
	  	0.24	  	0.25 - 0.29	  	0.30 -0.43	  	0.44 -0.59	  	0.60	  	$0,025 per ton for each 0.01 For Level 1	  	Cargoes	  	1
		  		  		  		  		  		  	$0.05 per ton for each 0.01 For Level 2	  		  	
	 Contraction(%)
	  		  		  	9.5 Max	  	9.6 - 10.9	  	11.0	  	$0.06 per ton for each 0.1%	  	Daily
Average	  	2
	 Compression (lbs)
	  	300	  	301 - 399	  	400 - 600	  	601	  		  	$0.03 per ton for each 10 lbs	  	Daily
Average	  	2
	 Reducibility_(R40)
	  	0.99	  	1.00-1.09	  	1.10 Min	  		  		  	$0.05 per ton for each 0.01%	  	Weekly
Composite	  	2
	 Phosphorus_%
	  		  		  	0.027 Max	  	0.028-0.032	  	0.033	  	$0.03 per ton for each 0.001%	  	Cargoes	  	1
	 Titanium %
	  		  		  	0.15 Max	  	0.16 - 0.49	  	0.50	  	$0.03 per ton for each 0.01% For Level2	  	Quarterly
Composite	  	2
	 Alkalis % (Na2O+K2O)
	  		  		  	0.11 Max	  	0.12-0.15	  	0.16	  	$0.03 per ton for each 0.001% For Level 2	  	Quarterly
Composite	  	2]

 Notes: 

	(1)	[Applicable tonnage is based on all Inland cargoes] 

	(2)	[Applicable tonnage is based on all tons produced that are not segregated from Inland cargoes] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit A-2 

Wabush Pellet Specifications 
  

																	
	 	  	Standard	 	 	Fluxed	 
	Chemical % Dry	  	l% Mn	 	 	2%Mn	 	 	l% Mn	 	 	2%Mn	 
	 Fe
	  	 	[66.00	] 	 	 	[65.20	] 	 	 	[63.25	] 	 	 	[62.40	] 
	 SiO2
	  	 	[3.25	] 	 	 	[3.25	] 	 	 	[3.25	] 	 	 	[3.25	] 
	 A12O3
	  	 	[0.40	] 	 	 	[0.40	] 	 	 	[0.40	] 	 	 	[0.40	] 
	 CaO
	  	 	[0.40	] 	 	 	[0.40	] 	 	 	[2.90	] 	 	 	[3.00	] 
	 MgO
	  	 	[0.12	] 	 	 	[0.12	] 	 	 	[1.15	] 	 	 	[1.15	] 
	 Mn
	  	 	[1.20	] 	 	 	[2.00	] 	 	 	[1.15	] 	 	 	[1.95	] 
	 P
	  	 	[0.01	] 	 	 	[0.01	] 	 	 	[0.01	] 	 	 	[0.01	] 
	 S
	  	 	[0.01	] 	 	 	[0.01	] 	 	 	[0.01	] 	 	 	[0.01	] 
	 TiO2
	  	 	[0.03	] 	 	 	[0.03	] 	 	 	[0.027	] 	 	 	[0.027	] 
	 Na2O
	  	 	[0.025	] 	 	 	[0.025	] 	 	 	[0.025	] 	 	 	[0.02	] 
	 K2O
	  	 	[0.03	] 	 	 	[0.03	] 	 	 	[0.04	] 	 	 	[0.03	] 
	 CaO/SiO2
	  	 	[0.12	] 	 	 	[0.12	] 	 	 	[0.9	] 	 	 	[0.9	] 
	 B/A
	  	 	[0.14	] 	 	 	[014	] 	 	 	[l.11	] 	 	 	[1.14	] 
					
	 Structure
	  				 				 				 			
	 % +1/2”
	  	 	[9	] 	 	 	[9	] 	 	 	[9	] 	 	 	[9	] 
	 % -1/2”+ 3/8”
	  	 	[80	] 	 	 	[80	] 	 	 	[83	] 	 	 	[83	] 
	 % -3/8” + 1/4”
	  	 	[9	] 	 	 	[9	] 	 	 	[5.7	] 	 	 	[5.7	] 
	 % -1/4”
	  	 	[2	] 	 	 	[2	] 	 	 	[2.3	] 	 	 	[2.3	] 
	 % -28 MESH
	  	 	[NA	] 	 	 	[NA	] 	 	 	[NA	] 	 	 	[NA	] 
					
	 Avg Compression
	  				 				 				 			
	 LBS
	  	 	[600	] 	 	 	[600	] 	 	 	[600	] 	 	 	[600	] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit A-3 

CLEVELAND CLIFFS PELLETS 
 Empire Viceroy Off Specification Quality Report 
  

															
	 Report No.
	 	  
	 		 		 		 		 		 	
								
	 Report Date
	 	  
	 		 	Location Detected	 	  
	 		 	Date Ispat Notified	 	  

	 Reported By
	 	  
	 		 	Date Detected	 	  
	 		 	Notified By	 	  

	 Date produced (if known)
                        
	 	Cargo (if applicable)	 	  
	 		 		 	
	 Amount Produced (if known)
                        
	 	Material Segregated?	 	  
	 		 	If not, total material involved             

  

																									
	 Item
	  	[Lower
Level II
Variance	 	  	Lower
Level I
Variance	 	  	Specification	 	  	Upper
Level I
Variance	 	  	Upper
Level II
Variance	 	  	Actual   Reason for Off Specification	 
	 Viceroy
	  				  				  				  				  				  			
							
	 Silica %
	  	 	4.00	  	  	 	4.01-5.17	  	  	 	5.18-5.68	  	  	 	5.69-6.00	  	  	 	6.01	  	  			
	 %+ 1/2”
	  	 	—  	  	  	 	—  	  	  	 	14.0 Max	  	  	 	14.1-24.9	  	  	 	25.0	  	  			
	 %- 1/4”
	  	 	—  	  	  	 	—  	  	  	 	3.89 Max	  	  	 	3.90-6.24	  	  	 	6.25	  	  			
	
CaO/SiO2
	  	 	1.05	  	  	 	1.06-1.11	  	  	 	1.12-1.28	  	  	 	1.29-1.34	  	  	 	1.35	  	  			
	 M20/
Sio2
	  	 	0.24	  	  	 	0.25 -0.29	  	  	 	0.30-0.43	  	  	 	0.44 - 0.59	  	  	 	0.60	  	  			
	 Contraction %
	  	 	—  	  	  	 	—  	  	  	 	9.5 Max	  	  	 	9.6-10.9	  	  	 	11.0	  	  			
	 Compression (lbs)
	  	 	300	  	  	 	301-399	  	  	 	400-600	  	  	 	601	  	  	 	—  	  	  			
	 Reducibility (R40)
	  	 	0.99	  	  	 	1.00-1.09	  	  	 	1.10 Min	  	  	 	—  	  	  	 	—  	  	  			
	 Phosphorus %
	  	 	—  	  	  	 	—  	  	  	 	0.027 Max	  	  	 	0.028-0.032	  	  	 	0.033	  	  			
	 Titanium %
	  	 	—  	  	  	 	—  	  	  	 	0.15 Max	  	  	 	0.16-0.49	  	  	 	0.50	  	  			
	 Alkalis % (Na2O+K2O)
	  	 	—  	  	  	 	—  	  	  	 	0.11 Max	  	  	 	0.12-0.15	  	  	 	0.16	  	  	 	]	  

 Containment Plan: 
 Corrective Action Plan: 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 CLEVELAND CLIFFS PELLETS 

Empire Royal Off Specification Quality Report 
  

															
	 Report No.
	 	  
	 		 		 		 		 		 	
								
	 Report Date
	 	  
	 		 	Location Detected	 	  
	 		 	Date Ispat Notified	 	  

	 Reported By
	 	  
	 		 	Date Detected	 	  
	 		 	Notified By	 	  

	 Date produced (if known)
                        
	 	Cargo (if applicable)	 	  
	 		 		 	
	 Amount Produced (if known)
                        
	 	Material Segregated?	 	  
	 		 	If not, total material involved             

  

																									
	 Item
	  	[Lower
Level II
Variance	 	  	Lower
Level I
Variance	 	  	Specification	 	  	Upper
Level I
Variance	 	  	Upper
Level II
Variance	 	  	Actual Reason for Off Specification	 
	 Royal
	  				  				  				  				  				  			
							
	 Silica %
	  	 	4.00	  	  	 	4.01-5.19	  	  	 	5.20-5.79	  	  	 	5.80-6.00	  	  	 	6.01	  	  			
	 %+ 1/2”
	  	 	—  	  	  	 	—  	  	  	 	17.0 Max	  	  	 	17.1-24.9	  	  	 	25.0	  	  			
	 %- 1/4”
	  	 	—  	  	  	 	—  	  	  	 	4.33 Max	  	  	 	4.34-6.24	  	  	 	6.25	  	  			
	
CaO/SiO2
	  	 	0.74	  	  	 	0.75-0.79	  	  	 	0.80-1.00	  	  	 	1.01-1.05	  	  	 	1.06	  	  			
	 MgO/
SiO2
	  	 	0.16	  	  	 	0.17-0.19	  	  	 	0.20-0.33	  	  	 	0.34-0.49	  	  	 	0.50	  	  			
	 Contraction %
	  	 	—  	  	  	 	—  	  	  	 	17.0 Max	  	  	 	17.1-17.7	  	  	 	17.8	  	  			
	 Compression (lbs)
	  	 	300	  	  	 	301-379	  	  	 	380-600	  	  	 	601	  	  	 	—  	  	  			
	 Reducibility (R40)
	  	 	0.76	  	  	 	0.77-0.90	  	  	 	0.91 Min	  	  	 	—  	  	  	 	—  	  	  			
	 Phosphorus %
	  	 	—  	  	  	 	—  	  	  	 	0.027 Max	  	  	 	0.028-0.032	  	  	 	0.033	  	  			
	 Titanium %
	  	 	—  	  	  	 	—  	  	  	 	0.15 Max	  	  	 	0.16-0.49	  	  	 	0.50	  	  			
	 Alkalis %(Na2O + K2O)
	  	 	—  	  	  	 	—  	  	  	 	0.11 Max	  	  	 	0.12-0.15	  	  	 	0.16	  	  	 	]	  

 Containment Plan: 
 Corrective Action Plan: 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Cleveland Cliffs Pellets 

Empire Standard Off Specification Quality Report 
  

															
	 Report No.
	 	  
	 		 		 		 		 		 	
								
	 Report Date
	 	  
	 		 	Location Detected	 	  
	 		 	Date Ispat Notified	 	  

	 Reported By
	 	  
	 		 	Date Detected	 	  
	 		 	Notified By	 	  

	 Date produced (if known)
                        
	 	Cargo (if applicable)	 	  
	 		 		 	
	 Amount Produced (if known)
                        
	 	Material Segregated?	 	  
	 		 	If not, total material involved             

  

																									
	 Item
	  	[Lower
Level II
Variance	 	  	Lower
Level I
Variance	 	  	Specification	 	  	Upper
Level I
Variance	 	  	Upper
Level II
Variance	 	  	Actual Reason for Off Specification	 
	 Standard
	  				  				  				  				  				  			
							
	 Silica %
	  	 	4.00	  	  	 	4.01-5.28	  	  	 	5.29-5.85	  	  	 	5.86-6.00	  	  	 	6.01	  	  			
	 %+ 1/2 “
	  	 	—  	  	  	 	—  	  	  	 	17.0 Max	  	  	 	17.1-24.9	  	  	 	25.0	  	  			
	 %- 1/4”
	  	 	—  	  	  	 	—  	  	  	 	4.95 Max	  	  	 	4.96-6.24	  	  	 	6.25	  	  			
	 Compression (lbs)
	  	 	300	  	  	 	301-399	  	  	 	400-700	  	  	 	—  	  	  	 	—  	  	  			
	 Reducibility (R40)
	  	 	0.50	  	  	 	0.51-0.58	  	  	 	0.59 Min	  	  	 	—  	  	  	 	—  	  	  			
	 Phosphorus %
	  	 	—  	  	  	 	—  	  	  	 	0.024Max	  	  	 	0.025-0.029	  	  	 	0.030	  	  			
	 Titanium %
	  	 	—  	  	  	 	—  	  	  	 	0.15 Max	  	  	 	0.16-0.49	  	  	 	0.50	  	  			
	 Alkalis % (Na2O + K2O)
	  	 	—  	  	  	 	—  	  	  	 	0.11 Max	  	  	 	0.12-0.15	  	  	 	0.16	  	  	 	]	  

 Containment Plan: 
 Corrective Action Plan: 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit B 
 PELLET SALE AND PURCHASE AGREEMENT 

PRICING-ADJUSTMENTS-PAYMENTS CALCULATION 
 EXAMPLE FOR CONTRACT YEARS [2005—2014] 
  

	(1)	Submit Inland’s Excess Annual Requirements by grade for Contract Year 

 

			
	 Grade
	  	 Excess Annual
 Requirements

Tons (000s)

	 Empire—Standard
	  	200
	 Empire—Royal
	  	550
	 Empire—Viceroy
	  	650
	 Wabush—2% Mn Flux
	  	300
		  	  

		
	 Total pellet nomination
	  	1,700

  

	(2)	Determine estimated Composite Index for Contract Year 

  

																			
	  	 	  	  	Annual Average	 	  	 	 	  	 	 
	 Component
	 	  	  	 Preceding

Contract
 Year
	 	  	 [2002]
	 	  	 Weighting
	 	  	 Weighted
Average
	 
	 [PPI—All Commodities
	 		  	 	133.3	  	  	 	131.9	  	  	 	0.33	  	  	 	0.334	] 
	[PPI—Metals and Metal Products — [(SCRC)]	 		  	 	104.0	  	  	 	107.1	  	  	 	0.33	  	  	 	0.320	] 
	 [World Pellet Price
	 		  	$	0.4660	  	  	$	 0.4860	  	  	 	0.34	  	  	 	0.326	] 
		 		  				  	 	[Estimated Composite Index]	  	  	 	[0.980	] 

  

	(3)	Multiply Base Price Multiplier for each pellet grade by the estimated Composite Index 

 

																	
	 Grade
	 	  	  	F.O.B.	  	 Base Price
Multiplier
	 	  	 Estimated

Composite
 Index
	 	  	 Adjusted

Base Price
 Per

Iron Unit
	 
	 Empire—Standard
	 		  	[Escanaba	  	 	$0.5711	 	  	 	0.980	  	  	$	0.5597	] 
	 Empire—Royal
	 		  	[Escanaba	  	$	0.6046	  	  	 	0.980	  	  	$	0.5925	] 
	 Empire—Viceroy
	 		  	[Escanaba	  	$	0.6182	  	  	 	0.980	  	  	$	0.6058	] 
	 Wabush—2% Mn Flux
	 		  	[Pointe [Noire]	  	$	0.5850	  	  	 	0.980	  	  	$	0.5733	] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Multiply Adjusted Base Price per Iron Unit by the Expected Iron Content to determine
estimated adjusted base price per gross ton. 
  

													
	 Grade
	  	 F.O.B.
	 	 Expected
Iron
Content (%)
	  	 Adjusted
Base Price
Per Iron
Unit
	 	 	 Adjusted
Base
Price
Per Ton
	 
	 Empire — Standard
	  	[Escanaba]	 	63.47	  	 	[$0.5597	] 	 	 	[$35.52	] 
	 Empire — Royal
	  	[Escanaba]	 	59.96	  	 	[$0.5925	] 	 	 	[$35.53	] 
	 Empire — Viceroy
	  	[Escanaba]	 	58.64	  	 	[$0.6058	] 	 	 	[$35.52	] 
	 Wabush — 2% Mn Flux
	  	[Pointe Noire]	 	60.84	  	 	[$0.5733	] 	 	 	[$34.88	] 

  

	(5)	Determine estimated Flux Composite Index for Contract Year 

  

																	
	  	  	Annual Average	 	  	 	 	  	 	 
	 Component
	  	 Preceding
Contract
Year
	 	  	 [2002]
	 	  	 Weighting
	 	  	 Weighted
Average
	 
	 [Average Flux Stone Cost Delivered To Empire
	  	 	$8.20	  	  	 	$8.00	  	  	 	0.3333	  	  	 	0.342	] 
	 [PPI - Fuel and Related Products and Power
	  	 	96.6	  	  	 	95.0	  	  	 	0.6667	  	  	 	0.678	] 
		  				  				  				  	  
	  
	 
		
	Estimated Flux Composite Index	  	  	 	[l.020	] 

  

	(6)	Multiply Flux Charge Multiplier for each Empire flux grade by the estimated Flux Composite Index 

 

															
	 Grade
	  	 F.O.B.
	  	 Flux
Charge
Multiplier
	 	  	 Flux
Composite
Index
	 	  	 Adjusted

Flux
Charge
Per Ton
	 
	 Empire—Royal
	  	[Escanaba	  	 	$1.40	  	  	 	1.020	  	  	 	$1.43	] 
	 Empire—Viceroy
	  	[Escanaba	  	 	$2.10	  	  	 	1.020	  	  	 	$2.14	] 

  

	(7)	Determine estimated Adjusted Price per Ton for each pellet grade 

  

															
	 Grade
	  	 F.O.B.
	 	 Adjusted

Base

Price
 Per Ton
	 	  	 Adjusted

Flux

Charge
 Per Ton
	 	  	 Adjusted

Price
 Per Ton
	 
	 Empire—Standard
	  	[Escanaba	 	 	$35.52	  	  				  	 	$35.52	] 
	 Empire—Royal
	  	[Escanaba	 	 	$35.53	  	  	 	$1.43	  	  	 	$36.96	] 
	 Empire—Viceroy
	  	[Escanaba	 	 	$35.52	  	  	 	$2.14	  	  	 	$37.66	] 
	 Wabush—2% Mn Flux
	  	[Pointe [Noire]	 	 	$34.88	  	  				  	 	$34.88	] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (8) Determine estimated total payments to Cliffs for each pellet grade 

 

											
	 Grade
	  	 Adjusted
Price Per
Ton
	  	 Excess
Annual
Requirements
Tons (000s)
	 	  	 Amounts
($000s)
	 
	 Empire—Standard
	  	[$35.52]	  	 	200	  	  	[$	7,104	] 
	 Empire—Royal
	  	[$36.96]	  	 	550	  	  	[$	20,328	] 
	 Empire — Viceroy
	  	[$37.66]	  	 	650	  	  	[$	24,479	] 
	 Wabush—2% Mn Flux
	  	[$34.88]	  	 	300	  	  	[$	10,464	] 
		  	  
	  	  
	  
	 	  	  
	  
	 
				
	 Total Pellet Payments
	  		  	 	1,700	  	  	[$	62,375	] 

 (9) Determine estimated payments to Cliffs for the [7th and 23rd of each month beginning in February for Pellet
Payments and the 7th and 23rd of each month beginning in January for the Surcharge Amount] 
  

													
	 Grade
	  	 Amounts
($000s)
	 	  	 Number
of
Payments
	 	  	 Amount
of Each
Payment
($000s)
	 
	 [Total Pellet Payments (Feb-Jan)]
	  	[$	62,375	  	  	 	24	  	  	$	2,599	] 
	 [Total Surcharge Amount (Jan-Dec)
	  	 	12,000	  	  	 	24	  	  	$	500	] 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total
	  	[$	74,375	  	  	 	24	  	  	$	3,099	] 

 (10) No later than June 15 of the Contract Year, Cliffs shall certify calculation of the Composite Index and the
Flux Composite Index and make changes to price 
  

																	
	 	  	Annual Average	 	  	 	 	  	 	 
	 Component
	  	 Preceding
Contract
Year
	 	  	 [2002]
	 	  	 Weighting
	 	  	 Weighted
Average
	 
	 [PPI—All Commodities
	  	 	132.6	  	  	 	131.9	  	  	 	0.33	  	  	 	0.332	] 
	 PPI—Metals and Metal Products — (SCRC)]
	  	 	103.0	  	  	 	107.1	  	  	 	0.33	  	  	 	0.317	] 
	 World Pellet Price
	  	$	0.4660	  	  	$	0.4860	  	  	 	0.34	  	  	 	0.326	] 
		  				  				  				  	  
	  
	 
		  	 	Actual Composite Index	  	  	 	[0.975	] 

  

																	
	 	  	Annual Average	 	  	 	 	  	 	 
	 Component
	  	 Preceding
Contract
Year
	 	  	 [2002]
	 	  	 Weighting
	 	  	 Weighted
Average
	 
	 Average Flux Stone Cost Delivered to Empire
	  	$	7.85	  	  	$	8.0	  	  	 	0.3333	  	  	 	0.327	] 
	 PPI—Fuel and Related Products and Power
	  	 	95.9	  	  	 	95.0	  	  	 	0.6667	  	  	 	0.673	] 
		  				  				  				  	  
	  
	 
		  	 	Actual Flux Composite Index	  	  	 	[1.000	] 
		  				  				  				  	  
	  
	 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

  

															
	 Grade
	  	 F.O.B.
	 	 Base

Price
Multiplier
	 	  	 Actual
Composite

Index
	 	  	 Adjusted

Base

Price

Per Iron
 Unit
	 
	 Empire — Standard
	  	[Escanaba	 	 	$0.5711	  	  	 	0.975	  	  	 	$0.5569]	  
	 Empire — Royal
	  	[Escanaba	 	 	$0.6046	  	  	 	0.975	  	  	 	$0.5895]	  
	 Empire — Viceroy
	  	[Escanaba	 	 	$0.6182	  	  	 	0.975	  	  	 	$0.6027]	  
	 Wabush — 2% Mn Flux
	  	[Pointe [Noire]	 	 	$0.5850	  	  	 	0.975	  	  	 	$0.5704]	  

  

															
	 Grade
	  	 F.O.B.
	  	 Expected
Iron
Content (%)
	 	  	 Adjusted
Base Price
Per Iron
Unit
	 	  	 Adjusted
Base
Price

Per Ton
	 
	 Empire — Standard
	  	[Escanaba]	  	 	63.47	  	  	 	[$0.5569]	  	  	 	[$35.35]	  
	 Empire — Royal
	  	[Escanaba]	  	 	59.96	  	  	 	[$0.5895]	  	  	 	[$35.35]	  
	 Empire — Viceroy
	  	[Escanaba]	  	 	58.64	  	  	 	[$0.6027]	  	  	 	[$35.34]	  
	 Wabush — 2% Mn Flux
	  	[Pointe Noire]	  	 	60.84	  	  	 	[$0.5704]	  	  	 	[$34.70]	  

  

															
	 Grade
	  	 F.O.B.
	  	 Flux
Charge
Multiplier
	 	  	 Flux
Composite
Index
	 	  	 Adjusted

Flux
Charge
Per Ton
	 
	 Empire — Royal
	  	[Escanaba	  	 	$1.40	  	  	 	1.000	  	  	 	$1.40	] 
	 Empire — Viceroy
	  	[Escanaba	  	 	$2.10	  	  	 	1.000	  	  	 	$2.10	] 

  

															
	 Grade
	  	 F.O.B.
	  	 Adjusted
Base
Price
Per Ton
	 	  	 Adjusted

Flux
Charge
Per Ton
	 	  	 Adjusted

Price
Per Ton
	 
	 Empire — Standard
	  	[Escanaba	  	 	$35.35	  	  				  	 	$35.35]	  
	 Empire — Royal
	  	[Escanaba	  	 	$35.35	  	  	 	$1.40	  	  	 	$36.75]	  
	 Empire —Viceroy
	  	[Escanaba	  	 	$35.34	  	  	 	$2.10	  	  	 	$37.44]	  
	 Wabush — 2% Mn Flux
	  	[Pointe Noire	  	 	$34.70	  	  				  	 	$34.70]	  

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (11) Determine estimated total payment to Cliffs for each pellet grade after June 15 certification of
the Composite Index and the Flux Composite Index 
  

							
	 Grade Delivered
	  	 Excess
Annual
Requirements
Tons (000s)
	  	 Adjusted 
 Price
 Per
Ton
	  	 Annual
Amount

($000s)

	 Empire — Standard
	  	[200	  	$35.35	  	$7,070]
	 Empire—Royal
	  	[550	  	$36.75	  	$20,213]
	Empire—Viceroy	  	[650	  	$37.44	  	$24,336]
	Wabush—2% Mn Flux	  	[330	  	$34.70	  	$10,410]
		  		  		  	  

				
		  		  	Total Payments	  	[$62,029]

 (12) Determine revised estimated payments to Cliffs for the [7th and 23rd of each month]
following June 15 certification. Make adjustment to payments and the amount of the difference between the amount previously paid for Cliffs Pellets during the year and the amount that would have been paid. 

 

															
	 	  	Amounts
($000s)	 	  	Number of
Payments	  	Adjusted
Amount
Of Each
Payment
($000s)	 	  	Previous
Amount
Of Each
Payment
($000s)	 
	 [Total Pellet Payments]
	  	 	[$62,029	  	  	24	  	 	$2,585	  	  	 	$2,599	] 
	 [Total Surcharge Amount
	  	 	$12,000	  	  	24	  	 	$500	  	  	 	$500	] 
		  	  
	  
	 	  	  
	  	  
	  
	 	  	  
	  
	 
					
	 Total
	  	 	[$74,029	  	  		  	 	$3,085	  	  	 	$3,099	] 

  

											
	 	  	Payment
($000s)	 	 	Number of
Payments
Before
June 15	  	Amounts
($000s)
Paid Before
June 15	 
	 Adjusted Amount of Each Payment
	  	 	[$3,085	  	 	9	  	 	$27,765	] 
	 Previous Amount of Each Payment
	  	 	[$3,099	  	 	9	  	 	$27,891	] 
		  	  
	  
	 	 	  
	  	  
	  
	 
				
	Payment Adjustment	  	 	[$126	] 	 		  			
	June 22nd Pellet Payment Amount	  	 	[$2,959	] 	 		  			
	Remaining Pellet Payment Amounts	  	 	[$3,085	] 	 		  			

 [The remainder of this page is intentionally left blank] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 (        ) No later than January 31 of the year
following the Contract Year, Cliffs shall certify actual tonnage of Cliffs’ Pellets delivered to satisfy Inland’s Excess Annual Requirements and the actual average iron units of each kind of Cliffs Pellets delivered to Inland and the
amount due from Cliffs to Inland or vice versa 
  

																					
	 Grade Delivered
	  	Actual
Tons
(000s)	 	  	Actual
Iron
Content 
(%)	 	  	Adjusted
Base Price
Per Iron
Unit	 	  	Adjusted
Base Price
Per Ton	 	 	Adjusted
Flux
Charge
Per Ton	 
	 Empire—Standard
	  	 	225	  	  	 	63.75	  	  	[$	0.5569	  	  	$	35.50	] 	 			
	 Empire—Royal
	  	 	550	  	  	 	59.60	  	  	[$	0.5895	  	  	$	35.13	  	 	$	1.40	] 
	 Empire—Viceroy
	  	 	650	  	  	 	58.74	  	  	[$	0.6027	  	  	$	35.40	  	 	$	2.10	] 
	 Wabash—2% Mn Flux
	  	 	275	  	  	 	60.25	  	  	[$	0.5704	  	  	$	34.37	] 	 			

  

																					
	 	  	Adjusted	 	 	 	 	  	 	 	 	Previous	 
	 Grade Delivered
	  	Price
Per Ton	 	 	Actual Tons
(000s)	 	  	Amounts
($000s)	 	 	Tons
(000s)	 	  	Amounts
($000s)	 
	 Empire—Standard
	  	[$	35.50	] 	 	 	225	  	  	[$	7,988	] 	 	 	200	  	  	[$	7,070	] 
	 Empire—Royal
	  	[$	36.53	] 	 	 	550	  	  	[$	20,092	] 	 	 	550	  	  	[$	20,213	] 
	 Empire—Viceroy
	  	[$	37.50	] 	 	 	650	  	  	[$	24,375	] 	 	 	650	  	  	[$	24,336	] 
	 Wabash—2% Mn Flux
	  	[$	34.37	] 	 	 	275	  	  	[$	9,452	] 	 	 	300	  	  	[$	10,410	] 
		  				 	  
	  
	 	  	  
	  
	 	 	  
	  
	 	  	  
	  
	 
						
	 Total
	  				 	 	1,700	  	  	[$	61,907	] 	 	 	1,700	  	  	[$	62,029	] 
						
	 Payment To (From) Inland
	  	 	[$122]	  	 				  				 				  			

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit 3(d) 
 PELLET SALE AND PURCHASE AGREEMENT 
 [Substitute Pellet Property Criteria

 Mean Value of each characteristic will fall inside of the Range or Min / Max Criteria designated below: 

(Note: Specification Ranges and Limits to be determined based on selected value of the Mean) 

 

							
	 Pellet Chracteristic
	  	 Viceroy Sub
	  	Royal Sub	  	Standard Sub
	 	  	 	  	 	  	 
	 Silica (Dry Wt%)
	  	4.20 to 5.68 (2)	  	4.20 to 5.79 (2)	  	4.00 to 5.85 (1)
	 Contraction (%)
	  	9.5 Max (l)	  	17.0 Max (2)	  	NA
	 Fines (-1/4”)
	  	3.89 Max (l)	  	4.33 Max (I)	  	4,95 Max (1)
	 Phosphorous (%)
	  	0.027 Max (2)	  	0.027 Max (2)	  	0.024 Max (2}
	 Reducibility (R40)
	  	1.10 Min (2)	  	0.91 Min (1)	  	0.59 Min (1)
	 Compression Strength (lbs)
	  	400 – 600
(2)	  	380 – 600
(2)	  	400 – 700
(2)
	 % + 1/2”
	  	14.0 Max (2)	  	17.0 Max (2)	  	17.0 Max (2)
	 CaO/Si02
	  	1.10 to 1.28 (l)	  	0.80 to 1.00 (1)	  	NA
	 MgO/Si02
	  	0.30 to 0.43 (2)	  	0.20 to 0.33 (2)	  	NA
	 Titanium %
	  	0.15 Max (2)	  	0.15 Max (2)	  	0.15 Max (2)
	 Alkalis % (Na2O + K20)
	  	0.11 Max (2)	  	0.11 Max (2)	  	0.11 Max (2)

 Notes: 

	(1)	Key OCFP Specs 

	(2)	Secondary OCFP Specifications] 

  

 CONFIDENTIAL MATERIAL HAS BEEN 

OMITTED AND FILED SEPARATELY WITH THE 
 SECURITIES AND EXCHANGE COMMISSION. 
 ASTERISKS DENOTE SUCH OMISSIONS.

  

 Exhibit 5(e) 

PELLET SALE AND PURCHASE AGREEMENT 
 PRELIMINARY TOTAL EMPIRE EQUITY, EXCESS ANNUAL REQUIREMENTS AND DELIVERY SCHEDULE 
 YEARS 2003—2014 
 (1) On or before October 31 of each of the Contract
Years prior to the Contract Year in determination. Inland shall notify Cliffs in writing of Inland’s initial preliminary total Empire Equity Tonnage and Excess Annual Requirements Tonnage by grade 

Inland’s initial 2003 preliminary total Empire Equity Tonnage and Excess Annual Requirements Tonnage by grade 

 

			
	 Grade
	  	Tons (‘000’s GT)
	Standard	  	[___]
	Viceroy	  	[___]
	Royal	  	[___]
	Wabush 2% Mn Flux	  	[___]
		  	  

	Total	  	[___]

 (2) On or before October 31 of each of the Contract Years prior to the Contract Year in determination, Inland shall
provide to Cliffs Inland’s planned shipment and delivery schedule related to Inland’s preliminary total Empire Equity Tonnage and Excess Annual Requirements Tonnage by grade, and such shipment schedule shall be updated and provided to
Cliffs monthly during the Contract Year 
  

																																																																			
	 	 	 	 	 	 	 	 	 	 	 	 	 	Revised	  	 
		 	Ispat Inland	 	 	SHIPMENTS	  	 	 	NOTE: SHIPMENTS ARE SHOWN IN THE MONTH UNLOADING IS COMPLETED	  	 	 	Feb>Jan Ships	  	 	 	Nomination	  	1/31/2004
	 Grade
	 	 Inv 12/31/02
	 	Jan, 2003	 	 	Feb	 	 	Mar	 	 	Apr	 	 	May	 	 	Jun	 	 	Jul	 	 	Aug	 	 	Sep	 	 	Oct	 	 	Nov	 	 	Dec	 	 	Jan, 04	 	 	-Beg. Inv.	 	 	Total	  	Inv.
	 Standard
	 	[___]	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	[___]
	 Vicerov
	 	[___]	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	[___]
	 Roval
	 	[___]	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	[___]
	 Wabush 2% Mn Flux
	 	[___]	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	[___]
	 Total
	 	[___]	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	 	[___]	  	 	[___]EX-10.68

 Exhibit 10.68 
 AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT 
 THIS
AGREEMENT, entered into, dated and effective as of May 17, 2004 (“Agreement”), by and among THE CLEVELAND-CLIFFS IRON COMPANY, an Ohio corporation (“Iron”), CLIFFS MINING COMPANY, a Delaware corporation
(“Mining”), NORTHSHORE MINING COMPANY, a Delaware corporation (“Northshore”), CLIFFS SALES COMPANY, an Ohio corporation (“Sales”; Iron, Mining, Northshore and Sales being collectively referred to herein as
“Cliffs”), INTERNATIONAL STEEL GROUP INC., a Delaware corporation (“ISG”), and ISG WEIRTON INC., a Delaware corporation (“ISG Weirton”; ISG, and ISG Weirton being collectively referred to herein as
“Steel”). 
 RECITALS 
 WHEREAS, Cliffs and Weirton Steel Corporation (“Weirton”) are parties to that certain Pellet Sale and Purchase Agreement dated September 30, 1991 (the “Original Contract”),
pursuant to which Cliffs provided Weirton with iron ore pellets in connection with Weirton’s steel manufacturing and processing activities; 
 WHEREAS, on May 19, 2003, Weirton filed for protection under Chapter 11 of the United States Bankruptcy Code in the bankruptcy case styled In re: Weirton Steel Corporation, et al., case
number 5:03-BK-1802 (the “Bankruptcy Case”) in the United States Bankruptcy Court for the Northern District of West Virginia; 
 WHEREAS, at the time of the filing of the Bankruptcy Case, Cliffs and Cleveland-Cliffs Inc asserted a claim for Weirton’s alleged default under the Original Contract in the amount of
$1,010,996.82 (the “Cure Amount”); 

 WHEREAS, in connection with the Bankruptcy Case, Steel has acquired substantially all
of Weirton’s assets, including an assignment by Weirton of the Original Contract pursuant to Section 365 of the United States Bankruptcy Code to Steel, which Steel has expressly agreed to assume; 

WHEREAS, in order to secure the consent of Cliffs to the assignment by Weirton and the assumption by ISG of the Original Contract,
Cliffs and Steel have entered into a certain letter agreement dated April 21, 2004, setting forth the terms and conditions by which the Cure Amount would be waived by Cliffs and the Original Contract would be amended; and 

WHEREAS, Cliffs desires to continue to sell to Steel and Steel desires to continue to purchase from Cliffs certain quantities of
grades of iron ore flux pellets and iron ore standard pellets as follows: (i) such grades of iron ore flux pellets being those produced at the Tilden Mining Company, L.C. iron ore pellet plant (“Tilden Pellets”), located in Tilden,
Michigan; (ii) such grades of iron ore standard pellets being those produced at the Northshore Mining Company iron ore pellet plant (“Northshore Pellets”), located in Silver Bay, Minnesota; (iii) such grades of iron ore standard
pellets being those produced at the Hibbing Taconite Company Joint Venture iron ore pellet plant (“Hibbing Pellets”), located in Hibbing, Minnesota; (iv) such grades of iron ore partially fluxed pellets produced at the United Taconite
LLC iron ore pellet plant (“Utac Pellets”), located in Eveleth, Minnesota; or (iv) such other pellet grades as may be mutually agreed to by the parties hereto (such Tilden Pellets, Northshore Pellets, Hibbing Pellets, Utac Pellets and
other mutually agreed upon pellets collectively being referred to herein as “Cliffs Pellets”), all upon the terms and subject to the conditions contained herein. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	2

 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth,
Cliffs and Steel agree as follows: 
 Section 1.—Definitions. 

The terms quoted in the above parentheses of the first introductory paragraph of this Agreement and the WHEREAS clause, other terms quoted
throughout this Agreement, and the terms defined below in this Section 1 shall have the meanings assigned to them for purposes of this Agreement. Attached as Appendix I to this Agreement is a locator list of all defined terms used throughout
the Agreement. 
 (a). The words, “Steel’s Annual Pellet Tonnage Requirements“, as used herein, shall mean for
the years 2004 and 2005, the greater of [* * * *] of Steel’s total annual iron ore pellet requirements, or [* * * ] tons and, for the years 2006 through and including 2018, a tonnage amount equal to Steel’s total annual iron ore pellet
tonnage requirements, with a minimum annual purchase obligation of [* *] tons per year, required for consumption in Steel’s iron and steel making facilities in any year at ISG Weirton, located in Weirton, West Virginia (“Weirton
Works”). The word “pellets”, as used herein, shall mean iron-bearing products obtained by the pelletizing of iron ore or iron ore concentrates, suitable for making iron in blast furnaces. 

(b). The word “ton”, as used herein, shall mean a gross ton of 2,240 pounds avoirdupois natural weight. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	3

 (c). The words “net ton”, as used herein, shall mean a ton of 2,000 pounds
avoirdupois natural weight. 
 (d). The word “year”, as used herein, shall mean a calendar year commencing on
January 1 and ending December 31. 
 Section 2. —Sale and Purchase/Tonnage. 

During each of the years 2004 through 2018, and each year thereafter as long as this Agreement remains in effect, Cliffs shall sell and
deliver to Steel and Steel shall purchase and receive from Cliffs and pay for a tonnage of Cliffs Pellets which tonnage shall be equal to Steel’s Annual Pellet Tonnage Requirements for each such year. 

Section 3. —Pellet Grades; Quality 
 (a). For the years 2004 and 2005, the Cliffs Pellets shall consist of [* * * *] Tilden Pellets. For the years 2006 and beyond, the Cliffs Pellets delivered hereunder shall be allocated [* * * *] Tilden
Pellets and [ * * * *] consisting of any combination, determined by Cliffs in its sole discretion, of Northshore Pellets, Hibbing Pellets or Utac Pellets. 
 (b). Cliffs Pellets when loaded for shipment will be consistent with the typical specifications and analysis limits set forth in Exhibit 1 to this Agreement. 

(c). In the event the monthly average vessel analysis exceeds one standard deviation as set forth in Exhibit 1 to this Agreement, Cliffs
will take such commercially reasonable actions as shall be necessary to achieve specification conformity. If specification conformity cannot be achieved, Steel and Cliffs shall negotiate in good faith to determine what actions or remedies, if any,
are appropriate. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	4

 (d). If any two vessel shipments made during any calendar month have analysis that exceeds
the analysis limits in the specifications set forth in Exhibit 1, Steel may refuse any subsequent vessel shipments during that calendar month, and Steel shall not be required to accept any subsequent shipments until Cliffs has taken action to remedy
the non-conformity so that future shipments will be within the analysis limits. If more than two vessel shipments made during any calendar month have analysis that exceeds such limits, Cliffs and Steel shall negotiate an appropriate cost adjustment
(if any) for the cargoes in excess of the first cargo that exceeded the analysis limits, based upon the additional costs (if any) to Steel associated with the quality specifications in the additional vessel shipments made during that calendar month
that exceeded such analysis limits. 
 Section 4.—Notification and Nomination. 

(a). With respect to the tonnage of Cliffs Pellets to be purchased by Steel for the year 2004, as provided in Section 2, on or before
June 30, 2004 of the current year, Steel shall notify Cliffs in writing of Steel’s preliminary tonnage of Steel’s Annual Pellet Tonnage Requirements which Steel shall purchase from Cliffs. Such notification shall be in the form set
forth in Exhibits 2A and 2B to this Agreement and shall include the following: (i) Steel’s Annual Operating Plan for the Weirton Works for the balance of the current year detailed by [* * * *], as such Annual Operating Plan relates to
Steel’s planned monthly consumption of all pellets for such year at the Weirton Works; (ii) the tonnage of Cliffs Pellets which 

  

			
	ISG WEIRTON AMD PELLET SALE	  	5

 
Steel expects to purchase in the current year from Cliffs for the Weirton Works; and (iii) Steel’s planned monthly pellet consumption of all pellets for the first four months of the
year 2005 at the Weirton Works. 
 (b). With respect to the tonnage of Cliffs Pellets to be purchased by Steel for the Weirton
Works for each of the years 2005 through 2018, as provided in Section 2, on or before November 1 of each of the years prior to the years above, Steel shall notify Cliffs in writing of Steel’s preliminary tonnage of Steel’s Annual
Pellet Tonnage Requirements which Steel shall purchase from Cliffs. Such notification shall be in the form set forth in Exhibits 2A and 2B to this Agreement and shall include the following: (i) Steel’s Annual Operating Plan for the Weirton
Works for the following year detailed by months, as such Annual Operating Plan relates to Steel’s planned monthly consumption of all pellets for such year; (ii) the tonnage of Cliffs Pellets which Steel expects to purchase in the following
year from Cliffs for the Weirton Works; (iii) Steel’s expected total pellet inventory as of December 31 for the then current year; (iv) Steel’s planned total pellet inventory on December 31 for the following year; and
(v) Steel’s planned monthly pellet consumption for the first four months of the year which succeeds the following year. 
 (c). With respect to the tonnage of Tilden Pellets, Northshore Pellets, Hibbing Pellets and Utac Pellets which Cliffs will have available for sale to Steel in 2006, on or before December 31, 2005,
and in each succeeding year thereafter as provided for in Section 4(b) above, Cliffs shall notify Steel in writing as to the tonnage of Tilden Pellets, Northshore Pellets, Hibbing Pellets and Utac Pellets Cliffs shall sell to Steel, which
tonnage shall equal Steel’s Annual Pellet Tonnage Requirements for such year. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	6

 (d). [* * * *]. 
 (e). [* * * *]. 
 (f). [* * * *]. 

Section 5. — Price, Adjustments [* * * * ]. 
 (a). The final year 2004 price for the Cliffs Pellets, either currently at or to be delivered to Pinney Dock located in Ashtabula, Ohio or Cleveland Bulk Terminal located in Cleveland, Ohio or other Lake
Erie dock that Steel and Cliffs mutually agree to designate (collectively, the “Lower Lake Docks) shall be as follows: Tilden Pellets shall have a final year 2004 price of [* * * *] per ton (which at the expected natural iron content of [ * * *
*] for Tilden Pellets equals [* * * *] per iron unit); Northshore Pellets shall have a final year 2004 price of [* * * *] per ton (which at the expected natural iron content of [* * * *] for Northshore Pellets equals [* * * *] per iron unit);
Hibbing Pellets shall have a final year 2004 price of [* * * *] per ton (which at the expected natural iron content of [* * * *] for Hibbing Pellets equals [* * * *] per iron unit); and Utac Pellets shall have a final year 2004 price of [* * * *]
per ton (which at the expected natural iron content of [* * * *] for Utac Pellets equals [* * * *] per iron unit). 
 (b). The
prices for the specific grades of Cliffs Pellets sold and purchased in each of the years 2005 and thereafter for the Weirton Works shall be based on the 2004 base prices per iron unit as described in Section 5(a) above

  

			
	ISG WEIRTON AMD PELLET SALE	  	7

 
(“2004 Base Prices”), which 2004 Base Prices shall then be adjusted, up or down, in the year 2005 and each year thereafter by an amount as determined in accordance with
Section 5(c) below. 
 (c). In order to determine the adjusted prices to be paid each year for the Cliffs Pellets, as
provided for under Section 5(b) above, the 2004 Base Prices and each of the following respective year’s then adjusted prices per iron unit shall be further adjusted, up or down, each year for the year in determination as follows:

  

	 	(1)	Divide (x) the numerator, which is the amount by which the [* * * *] for the calendar year in determination changes (up or down) from the immediately preceding
calendar year’s [* * * *]; by (y) the denominator, which is the immediately preceding calendar year’s [* * * *], and multiply the result obtained by [* * * *]; and 

 

	 	(2)	Divide (x) the numerator, which is the amount by which the [* * * * ] for the calendar year in determination changes from the immediately preceding calendar
year’s [* * * *]; by (y) the denominator, which is the immediately preceding calendar year’s [* * * *], and multiply the result obtain by [* * * *]; and 

 

	 	(3)	Sum the results obtained in paragraphs (1) and (2) above and multiply that total by [* * * *]; and 

 

	 	(4)	Multiply the results determined in (3) above by the preceding year’s adjusted prices per iron unit for the Weirton Works which will then equal the current
year’s price adjustment per iron unit for the Weirton Works; and 

  

			
	ISG WEIRTON AMD PELLET SALE	  	8

	 	(5)	Add the result determined in (4) above to the preceding year’s adjusted price per iron unit for the Weirton Works, which will then equal the current
year’s adjusted prices per iron unit for the Weirton Works; and 

  

	 	(6)	Multiply the result determined in (5) above by the current year’s expected natural iron content, which will then equal the current year’s estimated price
per ton for the Weirton Works. 

 Those adjusted prices per ton for the Weirton Works shall then become the
contract’s year estimated price for the Cliffs Pellets delivered to the Lower Lakes Docks for the year in determination. 

(d). The price for all tons sold by Cliffs to Steel shall be based on actual natural iron content shipped. 

(e). Attached as Exhibit 3 is an example of the adjustment formula applying the provisions of Sections 5(c) and 5(d). 

 

	 	(f).	(i) [* * * *]: 

 (1) [* * * *].

 (2) [* * * *]. 
 (3) [* * * *]. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	9

	 	(4)	[* * * *]. 

  

	 	(5)	Attached as Exhibits 3 and 4 are examples of the calculations applying the provisions of Sections 5(f)(i). 

(ii) In the event that in any year [* * * *] annual total [* * * *] are less than [* * * *] of Steel’s total annual [* * * *], then
Cliffs and Steel agree to review the annual total [* * * *] of ISG Cleveland, Inc. (“ISG Cleveland”). If the annual total [* * * *] of ISG Cleveland for that year are greater than or equal to [* * * *] of ISG Cleveland’s total annual
[* * * *], then the provisions of Section 5(f)(i) shall apply without further modification. If such [* * * *] threshold is still not satisfied, then Cliffs and Steel agree to substitute another [* * * *] which substituted [* * * *] comprises an
amount in excess of [* * * *] of [* * * *] total annual [* * * *] in order to determine the [* * * *]. The [* * * *] and [* * * *] which are used for the [* * * *], as provided for in Section 5(f)(i) above, shall be adjusted as follows:
(i) the actual average [* * * *] of [* * * *] substituted [* * * *] from the previous year, less (ii) the [* * * *] from the previous year, (iii) with the difference between (i) and (ii) above being added to both the [* * *
*] and the [* * * *] to determine the revised [* * * *] for the substituted [* * * *] in order to determine the [* * * *]. 
 Section
6.—Payments and Adjustments. 
 (a). Cliffs shall invoice Steel for each shipment of Cliffs Pellets delivered to the
Lower Lake Docks and payment for shipments of Cliffs Pellets shall be made via wire transfer no later than [* * * *] following delivery of the Cliffs Pellets to the Lower Lake Docks. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	10

 (b). Prices for Cliffs Pellets shall be adjusted on a calendar quarterly
basis based upon estimated and actual changes in the published indices specified in Section 5(c) (“Quarterly Price Adjustment”). Cliffs shall calculate the Quarterly Price Adjustment and provide Steel with such Quarterly Price
Adjustment by the 15th day after the end of each calendar
quarter, or on such later date as may be mutually agreed between Cliffs and Steel. Cliffs shall issue an invoice or credit memo, as the case may be, to Steel concurrently with the Quarterly Price Adjustment, and payment from Cliffs to Steel or Steel
to Cliffs, as the case may be, shall be made by the 15th day following issuance of the invoice or credit memo, as the case may be. 
 (c). Following each contract year, final adjustments and payments shall be determined as follows: 
  

	 	(1)	The final [* * * *] shall be determined by [* * * *] and verified in detail in writing to [* * * *] by an officer of [* * * *], such verification due no later than
January 31 of the year following a contract year, and payment from Cliffs to Steel or Steel to Cliffs, as the case may be, shall be made by February 15 of that year; and 

 

	 	(2)	 The adjustment to the contract year’s price identified pursuant to Section 5(c) shall be made by [* * * *] by May 15 of the following
year (using the most recent final estimate of the [* * * *] 

  

			
	ISG WEIRTON AMD PELLET SALE	  	11

 
which shall be verified in writing by an officer of [* * * *]. Cliffs shall issue an invoice or credit memo, as the case may be, to Steel, and payment from Cliffs to Steel or Steel to Cliffs, as
the case may be, shall be made by June 15 of that year. 
 (d). During the term of this Agreement, Cliffs shall have the
right to conduct, at Cliff’s expense, pellet stockpile surveys at the Weirton Works to verify (i) the tonnage of [* * * *] which Steel has consumed and (ii) the tonnage of [* * * *] currently [* * * *] in stockpile at the Weirton
Works. In the event that the pellet stockpile survey results vary by more than [* * * *] (above or below) from [* * * *] (after taking into account actual iron units shipped versus actual iron units consumed), then Cliffs shall notify Steel and the
parties shall make appropriate, mutually agreeable adjustments to Steel’s preliminary nomination for the year issued pursuant to Section 4(b) of this Agreement. 
 (e). At their own expense, Cliffs and/or Steel shall have an annual right to have the information and calculations relating to the contract price, [* * * *], and adjustments verified by an independent
third party auditor. In the event Steel shall fail to make payment when due of all amounts, Cliffs, in addition to all other remedies available to Cliffs in law or in equity, shall have the right, but not the obligation, to withhold further
performance by Cliffs under this Agreement until all claims Cliffs may have against Steel under this Agreement are fully satisfied. 
 (f). All payments shall be made in U.S. dollars. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	12

 Section 7.—Sampling and Analyses. 

All pellet sampling procedures and analytical tests conducted on Cliffs Pellets sold to Steel to demonstrate compliance with typical
specifications and analysis limits shall be performed on each pellet vessel shipment. Sample and test methods shall be in accordance with Cliffs’ existing practice and based on the appropriate ASTM or ISO standard methods published at the time
of testing or the customary procedures and practices, or any other procedures and practices that may be mutually agreed to by Cliffs and Steel. Steel may, at any time and from time to time through one or more authorized representatives, and with
prior notice to Cliffs, be present during production, loading, or to observe sampling and analysis of pellets being processed for shipment to Steel. 
 Section 8.—Delivery, Storage and Transfer of Ownership; Grant of Security Interest. 
 (a). Cliffs shall deliver to Steel the annual tonnage of Cliffs Pellets for the Weirton Works to the Lower Lakes Docks. To the extent title to pellets has been transferred to Steel in accordance with
Section 8(b) of this Agreement, inventory in dock storage may be held in Steel’s name, but solely to the extent of such payments. 
 (b). Title, and all risk of loss, damage or destruction of Cliffs Pellets shall transfer to Steel upon [* * * *] as provided for in Section 6(a). 

 

	 	(c).	 (i) Steel acknowledges and agrees that it is the intent of the parties that title to the Cliffs Pellets shall pass to Steel solely upon receipt of
payment by Cliffs in accordance with the terms of this 

  

			
	ISG WEIRTON AMD PELLET SALE	  	13

	 	
agreement. However, to secure the payment and performance of all obligations of Steel due to Cliffs pursuant to this Agreement, Steel hereby grants, pledges and assigns to Cliffs a [* * * *] in
all of Steel’s right, title and interest in and to the Cliffs Pellets, to extent that Steel takes possession of any Cliffs Pellets in any fashion prior to making payment as required under Section 6(a) of this Agreement, as well as the
proceeds of any of the Cliffs Pellets, including the proceeds of any insurance related thereto (collectively, the “Collateral”). 

 (ii) The [* * * *] granted to Cliffs hereunder that attaches to a specific shipment of inventory shall automatically terminate upon the date of Cliffs’ receipt from Steel of payment in full for said
shipment [* * * *]. Prior to the applicable [* * * *], the Collateral will at all times be free and clear of any lien, security interest, mortgage, charge or encumbrance created by or through Steel, or any of its affiliates, that is senior to the
security interest granted to Cliffs hereunder. 
 (iii) Steel hereby authorizes Cliffs to file UCC financing statements, and any
amendments, modifications or continuation statements thereto, as Cliffs, in its sole discretion, deems necessary or advisable to perfect its security interest in the Cliffs Pellets granted hereunder, that describes the Collateral and to include any
information required for the sufficiency or filing office acceptance of any such financing statements, amendments, modifications or continuation statements. Steel covenants and agrees to (i) provide

  

			
	ISG WEIRTON AMD PELLET SALE	  	14

 
promptly any information requested by Cliffs for inclusion on such financing statements, amendments, modifications or continuation statements and to provide prompt notice of any change in such
information and (ii) to take such further actions and duly execute and deliver such further documentation as Cliffs may request in order to protect fully its security interest in the Cliffs Pellets granted hereunder. 

(iv) Prior to the applicable [* * * *], Steel will keep and preserve the Collateral in a commercially reasonable manner and will not use,
sell or offer to sell, pledge or encumber, process, destroy or consume the Collateral. Steel further covenants and agrees that the Collateral shall be maintained solely at (i) the Lower Lakes Docks or (ii) the locations identified in
Section 14 of this Agreement and Steel will not transfer or permit Collateral to be located at any other location without providing Cliffs with at least thirty (30) days prior written notice of any new location for the Collateral.

 (v) The parties hereto acknowledge and agree that in the event of a default hereunder by Steel, Cliffs will have all the
rights and remedies afforded a secured party under the Uniform Commercial Code as adopted in the State of Ohio with respect to the Collateral. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	15

 Section 9.—Shipments. 

Shipments of Cliffs Pellets shall be in approximately equal amounts over the nine month period of April through December each year during
the term of this Agreement to ensure an adequate amount of inventory to allow a working pellet pile at the Lower Lakes Docks. 
 Section
10.—Weights. 
 (a). Except as set forth in Section 10(b) below, vessel bill of lading weight determined by
certified railroad scale weights, certified belt scale weights, or certified bin scale weights in accordance with the procedures in effect from time to time at each of the loading ports shall be accepted by the parties as finally determining the
amount of Cliffs Pellets delivered to Steel pursuant to this Agreement. 
 (b). Steel shall have the right to have a draft
survey performed on vessels by an independent third party contractor at the loading port (where the pellets are first loaded into a vessel for shipment) at Steel’s expense and Steel shall afford Cliffs an opportunity to have a representative
present by providing Cliffs a minimum of two days’ notice prior to having any draft survey performed. If the vessel bill of lading weight is more than [* * * *] higher or more than [* * * *] lower than the draft survey weight, then the draft
survey weight shall be the weight used in calculating the value of the cargo. In the event that the variance is greater than [* * * *], Cliffs and Steel will investigate and remedy the cause of the variance. 

 

  

			
	ISG WEIRTON AMD PELLET SALE	  	16

 Section 11.—Employment of Vessels. 

Cliffs assumes the obligation for arranging and providing appropriate vessels for the transportation of the Cliffs Pellets delivered by
Cliffs to Steel hereunder. 
 Section 12.—Warranties. 

THERE ARE NO WARRANTIES, EXPRESS OR IMPLIED, WHICH EXTEND BEYOND THE PROVISIONS OF THIS AGREEMENT, INCLUDING ANY WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR INTENDED PURPOSE. All notices for substantial variance in specifications of the Cliffs Pellets from the specifications and analysis limits described in Exhibit 1 shall be given in writing delivered to Cliffs within
[* * * *] calendar days after completion of discharge of the Cliffs Pellets at the lower lakes docks, or any claim arising from any substantial variance shall be deemed waived by Steel. Each party shall afford the other party prompt and reasonable
opportunity to inspect the Cliffs Pellets as to which any notice is given as above stated. No claim will be entertained after the Cliffs Pellets have been consumed. The Cliffs Pellets shall not be returned to Cliffs without prior written consent of
Cliffs. In no event shall Cliffs be liable for Steel’s cost of processing, lost profits, injury to good will or any other special or consequential damages. 
 Section 13.—Force Majeure. 
 No party hereto shall be liable for
damages resulting from failure to produce, deliver or accept all or any of the Cliffs Pellets as described herein, if and to the extent that such production, delivery or acceptance would be contrary to or

  

			
	ISG WEIRTON AMD PELLET SALE	  	17

 
would constitute a violation of any regulation, order or requirement of a recognized governmental body or agency, or if such failure is caused by or results directly or indirectly from acts of
God, war, insurrections, interference by foreign powers, strikes, labor disputes, fires, floods, embargoes, accidents, acts of terrorism, or uncontrollable delays at the mines or either steel plant, on the railroads, docks or in transit, shortage of
transportation facilities, disasters of navigation, or other causes, similar or dissimilar, that are beyond the control of the party charged with a failure to deliver or to accept the Cliffs Pellets. A party claiming a force majeure shall give the
other party prompt notice of the force majeure, including the particulars thereof and, insofar as known, the probable extent and duration of the force majeure. To the extent a force majeure is claimed hereunder by a party hereto, such shall relieve
the other party from fulfilling its corresponding agreement hereunder to the party claiming such force majeure, but only for the period affected by and to the extent of the claimed force majeure, unless otherwise mutually agreed to by the parties.
The party that is subject to a force majeure shall use commercially reasonable efforts to cure or remove the force majeure event as promptly as possible to resume performance of its obligations under this Agreement. 

Section 14.—Notices. 
 All notices, consents, reports and other documents authorized and required to be given pursuant to this Agreement shall be given in writing and either personally served on an officer of the parties hereto
to whom it is given or mailed, postage prepaid, or sent by telegram or facsimile addressed as follows: 
  

  

			
	ISG WEIRTON AMD PELLET SALE	  	18

 If to Cliffs: 

1100 Superior Avenue – 15th Floor 

Cleveland, Ohio 44114-2589 
 Attention: Secretary 
 cc: General Manager – Sales &
Traffic 
 Facsimile: (216) 694-5385 

If to Steel: 
 3250 Interstate Drive 
 Richfield, Ohio 44286 

Attention: Vice President, Finance 

and Administration 
 Facsimile: (330) 659-9132 
 With a copy to ISG Weirton:

 400 Three Springs Drive 

Weirton, West Virginia 26062 
 Attention: Controller 
 Facsimile: (304) 797-3419 

provided, however, that any party may change the address to which notices or other communications to it shall be sent by giving to the other party
written notice of such change, in which case notices and other communications to the party giving the notice of the change of address shall not be deemed to have been sufficiently given or delivered unless addressed to it at the new address as
stated in said notice. 
 Section 15.—Term. 
 (a). The term of this Agreement shall commence as of the date hereof and continue through December 31, 2018. Unless either party has given written notice of termination to the other party by
December 31, 2017 (twelve months prior to termination), this Agreement shall continue on an annual basis after December 31, 2018 (original termination year) subject to subsequent termination by either party upon not less than twelve
months’ prior written notification to the other party, in which case the Agreement shall terminate at the end of the next succeeding year. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	19

 (b). This Agreement shall remain valid and fully enforceable for the fulfillment of
obligations incurred prior to termination. 
 Section 16.—Amendment. 

This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. 

Section 17.—Merger, Transfer and Assignment. 
 (a). Steel shall not merge, consolidate or reorganize with any person, partnership, corporation or other entity unless the surviving or resulting person, partnership, corporation or other entity assumes
in writing all of Steel’s obligations under this Agreement. Any obligations required to be assumed by a surviving or resulting person, partnership, corporation or entity in accordance with this Section 17(a) shall be limited to the Steel
obligations under this Agreement, and this Section 17(a) is not intended (i) to impose and shall not be deemed to impose upon any such surviving or resulting person, partnership, corporation or entity, including Steel, any obligation with
respect to any pellet requirements it may have for any facility or facilities it owns or operates other than the Weirton Works, nor (ii) to allow the surviving or resulting person, partnership, corporation or other entity to substitute any
other pellet tonnage available from any other pellet purchase or pellet equity commitment of such surviving or resulting person, partnership, corporation or other entity in order to satisfy the assumed obligations under this Agreement for the
Weirton Works. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	20

 (b). Steel shall not sell or transfer all or any of the blast furnace operations at the
Weirton Works to any other person, partnership, corporation, joint venture or other entity (“Transferee”) unless the Transferee assumes in writing all of Steel’s obligations under this Agreement, as such obligations relate to the
Weirton Works being sold or transferred. Any obligations required to be assumed by a Transferee in accordance with this Section 17(b) shall be limited to the Steel obligations under this Agreement relating to the particular facility or
facilities sold or transferred. This Section 17(b) is not intended (i) to impose and shall not be deemed to impose upon any such Transferee any obligation with respect to any pellet requirements such Transferee may have for any facility or
facilities such Transferee owns or operates other than the Weirton Works, nor (ii) to allow such Transferee to substitute any other pellet tonnage available from any other pellet purchase or pellet equity commitment of such Transferee in order
to satisfy the assumed obligations under this Agreement. 
 (c). Steel shall not assign its rights or delegate its obligations
under this Agreement except as provided in Section 17(a) or 17(b). 
 (d). Cliffs shall not merge, consolidate or
reorganize with any person, partnership, corporation or other entity unless the surviving or resulting person, partnership, corporation or other entity assumes in writing all of Cliffs’ obligations under this Agreement. Cliffs shall not sell or
transfer all or substantially all of its iron ore business to any other person, partnership, corporation, joint venture or other entity (“Cliffs Transferee“) unless the Cliffs Transferee assumes in writing all of Cliffs’ obligations
under this Agreement. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	21

 (e). Cliffs shall not assign its rights or delegate its obligations under this Agreement
except as provided in Section 17(d). 
 (f). All the covenants, stipulations and agreements herein contained shall inure to
the benefit of and bind the parties hereto and their respective successors, transferees and permitted assigns, and any of the latter’s subsequent successors, transferees and permitted assigns. 

Section 18.—Waiver. 
 No waiver of any of the terms of this Agreement shall be valid unless in writing. No waiver or any breach of any provision hereof or default under any provisions hereof shall be deemed a waiver of any
subsequent breach or default of any kind whatsoever. 
 Section 19.—Confidentiality. 

(a). Cliffs and Steel acknowledge that this Agreement contains certain pricing, adjustment and term provisions which are confidential,
proprietary or of a sensitive commercial nature and which would put Cliffs or Steel at a competitive disadvantage if disclosed to the public, including without limitation, Section 3, Section 5, Section 6 and all of the Schedules,
Appendices and Exhibits hereto (“Confidential Information”). Cliffs and Steel agree that all provisions of this Agreement shall be kept confidential and, without the prior written consent of the other party, shall not be disclosed to any
party not a party to this Agreement except as required by law or governmental or judicial order and except that disclosure of the existence of this Agreement shall not be precluded by this Section 19. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	22

 (b). If either party is required by law or governmental or judicial order or receives legal
process or court or agency directive requesting or requiring disclosure of any of the Confidential Information contained in this Agreement, such party will promptly notify the other party prior to disclosure to permit such party to seek a protective
order or take other appropriate action to preserve the confidentiality of such Confidential Information. If either party determines to file this Agreement with the Securities and Exchange Commission (“Commission”) or any other federal,
state or local governmental or regulatory authority, or with any stock exchange or similar body, such determining party will use its best efforts to obtain confidential treatment of such Confidential Information pursuant to any applicable rule,
regulation or procedure of the Commission and any applicable rule, regulation or procedure relating to confidential filings made with any such other authority or exchange. If the Commission (or any such other authority or exchange) denies such
party’s request for confidential treatment of such Confidential Information, such party will use its best efforts to obtain confidential treatment of the portions thereof that the other party designates. Each party will allow the other party to
participate in seeking to obtain such confidential treatment for Confidential Information. 
 Section 20.—Governing Law.

 This Agreement shall in all respects, including matters of construction, validity and performance, be governed by and
be construed in accordance with the laws of the State of Ohio. 

  

			
	ISG WEIRTON AMD PELLET SALE	  	23

 Section 21.—Representations and Warranties. 

(a). Steel represents and warrants to Cliffs that (i) the execution and delivery of this Agreement by Steel and the performance of
its obligations hereunder have been duly authorized by all requisite corporate action, (ii) neither the execution and delivery of this Agreement, nor the performance of its obligations hereunder by Steel shall, or after the lapse of time or
giving of notice shall, conflict with, violate or result in a breach of, or constitute a default under the certificate of incorporation or bylaws of Steel or any law, statute, rule or regulation applicable to it, or conflict with, violate or result
in a breach of or constitute a default under the material agreement to which it is a party or by which it or any of its properties is bound, or any judgment, order, award or decree to which Steel is a party or by which it is bound, or require any
approval, consent, authorization or other action by any court, governmental authority or regulatory body or any creditor of Steel or any other person or entity, and (iii) this Agreement constitutes a valid and binding obligation of Steel and is
enforceable against Steel in accordance with its terms. 
 (b). Cliffs represents and warrants to Steel that: (i) the
execution and delivery of this Agreement by Cliffs and the performance of its obligations hereunder have been duly authorized by all requisite corporate actions, (ii) neither the execution and delivery of this Agreement nor the performance of
its obligations hereunder by Cliffs shall, or after the lapse of time or giving of notice shall, conflict with, violate or result in a breach of, or constitute a default under the certificate of incorporation or bylaws of Cliffs or any law, statute,
rule or regulation applicable to 

  

			
	ISG WEIRTON AMD PELLET SALE	  	24

 
it, or conflict with, violate or result in the breach of or constitute a default under any material agreement to which it is a party or by which it or any of its properties is bound, or any
judgment, order, award or decree to which Cliffs is a party or by which it is bound, or require any approval, consent, authorization or other action by any court, governmental authority or regulatory body or any creditor of Cliffs or any other
person or entity, and (iii) this Agreement constitutes a valid and binding obligation of Cliffs and is enforceable against Cliffs in accordance with its terms. 
 Section 22.—Counterparts. 
 This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

Section 23.—Arbitration. 
 (a). Upon notice by either party to the other, all disputes, claims, questions or disagreements arising out or relating to this Agreement or breach, termination, enforcement, interpretation or validity
thereof, including the determination of the scope or applicability of this Agreement to arbitrate, shall be determined by arbitration administered by the American Arbitration Association in accordance with the provisions of its Commercial
Arbitration Rules, modified as follows: 
 (i) The place of arbitration shall be Cleveland, Ohio; 

(ii) Unless the parties consent in writing to a lesser number, the arbitration proceedings shall be conducted before a panel of three
neutral arbitrators, one to be appointed by Cliffs, one to be appointed 

  

			
	ISG WEIRTON AMD PELLET SALE	  	25

 
by Steel, and third to be selected by the two arbitrators. None of the arbitrators shall be an employee, officer, director or consultant of, or of a direct competitor of, Steel or Cliffs;

 (iii) Either party may apply to the arbitrators seeking injunctive relief until the arbitration award is rendered or the
controversy is otherwise resolved. Either party also may, without waiving any remedy under this Agreement, seek from any court having jurisdiction any interim or provisional relief that is necessary to protect the rights or property of that party,
pending the establishment of the arbitral tribunal (or pending the arbitral tribunal’s determination of the merits of the controversy); 
 (iv) Consistent with the expedited nature of arbitration, each party will, upon the written request of the other party, promptly provide the other with copies of documents on which the producing party may
rely or otherwise which may be relevant in support of or in opposition to any claim or defense; any dispute regarding discovery, or the relevance or scope thereof, shall be determined by the arbitrators, which determination shall be conclusive; and
all discovery shall be completed within 45 days following the appointment of the arbitrators; 
  

  

			
	ISG WEIRTON AMD PELLET SALE	  	26

 (v) In connection any arbitration arising out of this Agreement, the arbitrators shall have
no authority to alter, amend, or modify any of the terms and conditions of this Agreement, and further, the arbitrators may not enter any award that alters, amends or modifies terms or conditions of this Agreement in any form or manner; 

(vi) The award or decision shall be made within nine months of the filing of the notice of intention to arbitrate, and the arbitrators
shall agree to comply with this schedule before accepting appointment; provided, however, that this time limit may be extended by written agreement signed by both parties or by the arbitrators, if necessary; and 

(vii) In connection with any arbitration related to this Agreement, each party shall be responsible for its own costs and expenses, and
the parties will equally split the cost of conducting the arbitration itself. 
 (b). The judgment of the arbitrators shall be
final and binding on the parties, and judgment upon the award rendered by the arbitrators may be entered and enforced by any court of the United States or any state thereof. 
 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first written above. 
  

							
	THE CLEVELAND-CLIFFS IRON COMPANY	 		 		 	INTERNATIONAL STEEL GROUP INC
				
		 		 		 	 
	Vice President	 		 		 	Vice President

  

  

			
	ISG WEIRTON AMD PELLET SALE	  	27

							
	CLIFFS MINING COMPANY	 		 		 	ISG WEIRTON INC.
				
		 		 		 	 
	Vice President	 		 		 	Vice President
				
	  
 NORTHSHORE MINING COMPANY
	 		 		 	
				
		 		 		 	
	Vice President	 		 		 	
				
	  
 CLIFFS SALES COMPANY
	 		 		 	
				
		 		 		 	
	Vice President	 		 		 	

  

  

			
	ISG WEIRTON AMD PELLET SALE	  	28

 APPENDIX 1 

GLOSSARY 
 [To be finalized once pagination is complete] 
  

					
		
	 2004 Base Prices
	  	 	9	  
		
	 Agreement
	  	 	1	  
		
	 Bankruptcy Case
	  	 	1	  
		
	 Cliffs Pellets
	  	 	3	  
		
	 Cliffs Transferee
	  	 	24	  
		
	 Cliffs
	  	 	1	  
		
	 Collateral
	  	 	16	  
		
	 Commission
	  	 	25	  
		
	 Cure Amount
	  	 	2	  
		
	 Hibbing Pellets
	  	 	2	  
		
	 Iron
	  	 	1	  
		
	 ISG Weirton
	  	 	1	  
		
	 ISG
	  	 	1	  
		
	 Lower Lakes Docks
	  	 	8	  
		
	 Mining
	  	 	1	  
		
	 net ton
	  	 	4	  
		
	 Northshore Pellets
	  	 	2	  
		
	 Northshore
	  	 	1	  
		
	 Original Contract
	  	 	1	  
		
	 Pellets
	  	 	4	  
		
	 [* * * *]
	  	 	17	  
		
	 [* * * *]
	  	 	16	  
		
	 [* * * *]
	  	 	10	  
		
	 [* * * *]
	  	 	9	  
		
	 Quarterly Price Adjustment
	  	 	14	  
		
	 Sales
	  	 	1	  
		
	 [* * * *]
	  	 	11	  

  

  

			
	ISG WEIRTON AMD PELLET SALE	  	

					
	 Steel
	 	 	1	  
		
	 Steel’s Annual Pellet Tonnage Requirements
	 	 	3	  
		
	 Tilden Pellets
	 	 	2	  
		
	 ton
	 	 	4	  
		
	 Transferee
	 	 	23	  
		
	 Utac Pellets
	 	 	3	  
		
	 Weirton Works
	 	 	3	  
		
	 Weirton
	 	 	1	  
		
	 year
	 	 	4	  

  

  
 CLE - 838316.7 

 EXHIBIT INDEX 

 

			
	1	  	Typical Specifications and Analysis Limits
		
	2A	  	Pellet Ore Balance – 2004
		
	2B	  	Pellet Ore Balance – 2005
		
	3	  	Pellet Price Calculation
		
	4	  	Special Payment Example
		
	5	  	Special Steel Payment New Grade

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00199-of-00352.parquet"}]]