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                                                                  EXHIBIT 10(zz)

                        CLEVELAND-CLIFFS INC NONEMPLOYEE
                          DIRECTORS' COMPENSATION PLAN
                 (AS AMENDED AND RESTATED AS OF JANUARY 1, 2005)

                                    RECITALS

      WHEREAS, Cleveland-Cliffs Inc ("Company"), with approval of the Company's
shareholders on May 14, 1996, established the Cleveland-Cliffs Inc Nonemployee
Directors' Compensation Plan ("Plan"), effective July 1, 1996;

      WHEREAS, with approval of the Board of Directors of the Company ("Board"),
the Plan was amended by the First Amendment to the Plan effective November 12,
1996;

      WHEREAS, with the approval of the Board, the Plan was further amended by
the Second Amendment to the Plan, effective May 13, 1997;

      WHEREAS, with the approval of the Board, the Plan was further amended by
the Third Amendment, effective January, 1999;

      WHEREAS, with the approval of the Board and the shareholders, the Plan was
further amended by the Fourth Amendment, effective May 8, 2001;

      WHEREAS, with the approval of the Board, the Plan was amended and
restated, effective January 1, 2004.

      WHEREAS, the Company now desires to further amend and restate the Plan;
and

      WHEREAS, the Board of Directors of the Company has approved such amendment
and restatement, effective as of January 1, 2005, in accordance with Section 8.2
of the Plan.

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                            AMENDMENT AND RESTATEMENT

          NOW, THEREFORE, the Plan is amended and restated as follows:

                             ARTICLE I. DEFINITIONS

           Whenever the following terms are used in this Plan they shall have
the meanings specified below unless the context clearly indicates to the
contrary:

      (a) "Account": A Deferred Fee Account and/or a Deferred Share Account, as
the context may require.

      (b) "Accounting Date": December 31 of each year and the last day of each
calendar quarter.

      (c) "Accounting Period": The quarterly period beginning on the date
immediately following an Accounting Date and ending the next following
Accounting Date.

      (d) "Administrator": The Board Affairs Committee of the Board or any
successor committee designated by the Board.

      (e) "Annual Equity Grants": The Restricted Shares or Shares awarded
annually pursuant to Section 3.1.

      (f) "Beneficiary": The person or persons (natural or otherwise) designated
pursuant to Section 7.7.

      (g) "Board": The Board of Directors of the Company.

      (h) "Change in Control": The meaning set forth in Section 3.1(c).

      (i) "Code": The Internal Revenue Code of 1986, as amended.

      (j) "Company": Cleveland-Cliffs Inc or any successor or successors
thereto.

      (k) "Declared Rate": The Moody's Corporate Average Bond Yield as adjusted
on the first business day of January, April, July and October or such other rate
as the Administrator shall determine from time to time.

      (l) "Deferral Commitment": An agreement made by a Director in a
Participation Agreement to have all of his or her Annual Equity Grant and/or all
or a specified portion of his or her Fees, Required Retainer Shares and/or
Voluntary Shares deferred under the Plan for a specified period in the future.

      (m) "Deferral Period": The Plan Year for which a Director has elected to
defer all of his or her Annual Equity Grant and/or all or a portion of his or
her Fees, Required Retainer Shares and/or Voluntary Shares.

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      (n) "Deferred Fees": The Fees credited to a Director's Deferred Fee
Account pursuant to Articles IV and V and payable to a Director pursuant to
Article VII.

      (o) "Deferred Fee Account": The account maintained on the books of the
Company for each Director pursuant to Article V.

      (p) "Deferred Shares": The Annual Equity Grant, Required Retainer Shares
and Voluntary Shares credited to a Director's Deferred Share Account pursuant to
Articles IV and VI and payable to a Director pursuant to Article VII.

      (q) "Deferred Share Account": The account maintained on the books of the
Company for each Director pursuant to Article VI.

      (r) "Director": An individual duly elected or chosen as a Director of the
Company who is not also an employee of the Company or any of its subsidiaries.

      (s) "Director Share Ownership Guidelines": Guidelines relating to
ownership of Shares by Directors as established by the Administrator from time
to time.

      (t) "Disability" or "Disabled": A Director shall be deemed to have a
"Disability" or be "Disabled" if the Participant (i) is unable to engage in any
substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, or (ii) is, by reason
of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, receiving income replacement benefits for a period
of not less than 3 months under an employer-sponsored accident and health plan.

      (u) "Election Filing Date": December 31 of the calendar year next
preceding the first day of (i) in the case of dividends deferred under Section
3.1(f) of the Plan, the Plan Year in which Restricted Shares (on which such
dividends are declared) are granted (ii) in the case of Fees, the Deferral
Period in which the Fees would otherwise be earned (iii) in the case of an
Annual Equity Grant, the Deferral Period in which the Restricted Shares or
Shares would otherwise be awarded (iv) in the case of Required Retainer Shares
and Voluntary Shares, the Deferral Period in which such shares would otherwise
be earned.

      (v) "Fair Market Value": With respect to a Share, the last reported
closing price for a Share on the New York Stock Exchange (or any appropriate
over-the-counter market if the Shares are no longer listed on such Exchange) for
a day specified herein for which such fair market value is to be calculated, or
if there was no sale of Shares so reported for such day, on the most recently
preceding day on which there was such a sale.

      (w) "Fees": The portion of the annual Retainer and other Director
compensation payable in cash.

      (x) "Participation Agreement": The agreement submitted by a Director to
the Administrator in which a Director may specify an amount of Voluntary Shares,
or may elect to

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defer receipt of all of his Annual Equity Grant and/or all or any portion of his
or her Fees, Required Retainer Shares and/or Voluntary Shares for a specified
period in the future.

      (y) "Plan": The Plan set forth in this instrument as it may from time to
time be amended.

      (z) "Plan Year": The 12-month period beginning January 1 and ending
December 31.

      (aa) "Prior Plan": The Company's Plan for Deferred Payment of Directors'
Fees originally adopted in 1981.

      (bb) "Restricted Shares": Shares automatically awarded pursuant to Section
3.1 as to which neither the substantial risk of forfeiture nor the restrictions
on transfer referred to in Section 3.1 hereof have expired.

      (cc) "Retainer": The portion of a Director's annual compensation that is
payable without regard to number of Board or committee meetings attended,
committee positions or the Lead Director position.

      (dd) "Required Retainer Shares": Such number of Shares or dollar value of
a Director's Retainer as the Administrator may specify from time to time as the
portion of a Director's Retainer required to be paid in Shares, less any amount
such Director may have elected to receive in cash pursuant to Section 3.2
(a)(ii).

      (ee) "Rule 16b-3": Rule 16b-3 promulgated under the Securities Exchange
Act of 1934 (or any successor rule to the same effect), as in effect from time
to time.

      (ff) "Settlement Date": The date which is the earliest to occur of the
following: (i) the date of a Director's Termination of Service (including by
death); (ii) the date a Director becomes Disabled;(iii) the date of the
occurrence of a Change in Control of the Company; or (iv) the date prior to the
date of Termination of Service selected by a Director in a Participation
Agreement for distribution of all or a portion of the Annual Equity Grants,
Fees, Required Retainer Shares and Voluntary Shares deferred during such
Deferral Period as provided in Section 7.3.

      (gg) "Shares": The Company's fully paid, non-assessable Common Shares, par
value $0.50 per share. Shares may be shares of original issuance or treasury
shares or a combination of the foregoing.

      (hh) "Termination of Service": A separation from service as defined under
Section 409A of the Code.

      (ii) "Unforeseeable Emergency": A severe financial hardship to a Director
or Beneficiary resulting from (i) an illness or accident of the Participant or
Beneficiary or his or her spouse or dependent (as defined in Section 152(a) of
the Code), (ii) loss of the Participant's or Beneficiary's property due to
casualty, or (iii) other similar or extraordinary circumstances arising as a
result of events beyond the control of the Participant or Beneficiary.

      (jj) "Voluntary Shares": The meaning set forth in Section 3.2(b).

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                               ARTICLE II. PURPOSE

            The purpose of this Plan is to provide for the Annual Equity Grant
to Directors and for the payment to Directors of a portion of the Retainer
earned by them for services as Directors in Shares in order to further align the
interests of Directors with the shareholders of the Company and thereby promote
the long-term success and growth of the Company. In addition, the Plan is
intended to provide Directors with opportunities to invest additional amounts of
their compensation payable for services as a Director in Shares and defer
receipt of any or all of such compensation.

           ARTICLE III. ANNUAL EQUITY GRANTS, REQUIRED RETAINER SHARES
                              AND VOLUNTARY SHARES

      3.1 Automatic Annual Equity Grants.

      (a) For the year 2005 only, each Director shall automatically on July 12,
2005, receive 433 Restricted Shares, which is the number of Restricted Shares
equal to $32,500 divided by the Fair Market Value per Share on July 12, 2005,
pro-rated from July 1, 2005. Each Director who joins the Board after the date of
the 2005 annual meeting, but before the 2006 annual meeting, shall automatically
receive on the date such Director joins the Board, the number of Restricted
Shares equal to $32,500 divided by the Fair Market Value of a Share on such
date, pro-rated from the date such Director joins the Board.

      (b) Beginning with the year 2006, each Director, shall automatically
receive each year on the date of the annual meeting, the number of Restricted
Shares equal to $32,500 divided by the Fair Market Value of a Share on the date
of the annual meeting. Each Director who joins the Board after an annual
meeting, shall receive a pro-rated amount of Restricted Shares from the date
such Director joins the Board. Notwithstanding the foregoing, any Director who
is age 69 years old or older on the date of an annual meeting shall, in lieu of
Restricted Shares, receive an equal number of Shares (with no restrictions).

      (c) The Restricted Shares may not be assigned, exchanged, pledged, sold,
transferred or otherwise disposed of by a Director, except to the Company, and
shall be subject to forfeiture as herein provided until the earliest to occur of
the following ("Vesting Event"): (a) the third anniversary of the date of award;
(b) a Change in Control (as defined below); (c) death; or (d) Disability. Any
purported transfer in violation of the provisions of this paragraph shall be
null and void, and the purported transferee shall obtain no rights with respect
to such Restricted Shares. For purposes of this Section 3.1, "Change in Control"
shall mean the occurrence of any of the following events:

            (i) The acquisition by any individual, entity or group (within the
      meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of 1934, as
      amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
      the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or
      more of the combined voting power of the then outstanding voting stock of
      the Company; provided, however, that for purposes of this Section
      3.1(c)(i) of Article III, the following acquisitions shall not constitute
      a Change in Control: (A) any issuance of voting stock of the Company
      directly from the Company that is approved by the Incumbent Board (as
      defined in Section 3.1(c)(ii) of

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      Article III below), (B) any acquisition by the Company of voting stock of
      the Company, (C) any acquisition of voting stock of the Company by any
      employee benefit plan (or related trust) sponsored or maintained by the
      Company or any subsidiary, or (D) any acquisition of voting stock of the
      Company by any Person pursuant to a Business Combination that complies
      with clauses (A), (B) and (C) of Section 3.1(c)(iii) of Article III,
      below; or

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

            (iii) consummation of a reorganization, merger or consolidation
      involving the Company, a sale or other disposition of all or substantially
      all of the assets of the Company, or any other transaction involving the
      Company (each, a "Business Combination"), unless, in each case,
      immediately following such Business Combination, (A) all or substantially
      all of the individuals and entities who were the beneficial owners of
      voting stock of the Company immediately prior to such Business Combination
      beneficially own, directly or indirectly, more than 55% of the combined
      voting power of the then outstanding shares of voting stock of the entity
      resulting from such Business Combination (including, without limitation,
      an entity which as a result of such transaction owns the Company or all or
      substantially all of the Company's assets either directly or through one
      or more subsidiaries) in substantially the same proportions relative to
      each other as their ownership, immediately prior to such Business
      Combination, of the voting stock of the Company, (B) no Person (other than
      the Company, such entity resulting from such Business Combination, or any
      employee benefit plan (or related trust) sponsored or maintained by the
      Company, any subsidiary or such entity resulting from such Business
      Combination) beneficially owns, directly or indirectly, 30% or more of the
      combined voting power of the then outstanding shares of voting stock of
      the entity resulting from such Business Combination, and (C) at least a
      majority of the members of the Board of Directors of the entity resulting
      from such Business Combination were members of the Incumbent Board at the
      time of the execution of the initial agreement or of the action of the
      Board providing for such Business Combination; or

            (iv) approval by the shareholders of the Company of a complete
      liquidation or dissolution of the Company, except pursuant to a Business
      Combination that complies with clauses (A), (B) and (C) of Section
      3.1(c)(iii) of Article III.

      For purposes of this Section 3.1(c) of Article III, voting stock means
securities entitled to vote generally in the election of directors, and
subsidiary means an entity in which the Company

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directly or indirectly beneficially owns 50% or more of the outstanding capital
or profits interests or voting stock.

      (d) All of the Restricted Shares shall be forfeited by a Director who is
terminated before a Vesting Event; provided, however, if service as a Director
is terminated by the Company owing to removal as a Director without cause before
the third anniversary of the date of an award, a portion of the Restricted
Shares covered by such award that then remain forfeitable shall become freely
transferable and nonforfeitable on a prorated basis (rounded up to the nearest
whole Restricted Share) for the number of full months the Director remained on
the Board during the three-year period from the date of grant.

      (e) Unless otherwise directed by the Administrator, all certificates
representing Restricted Shares shall be held in custody by the Company until the
occurrence of a Vesting Event. As a condition to each award of Restricted
Shares, unless otherwise determined by the Administrator, each Director shall
have delivered to the Company a stock power, endorsed in blank, relating to the
Restricted Shares covered by such award. After the occurrence of a Vesting
Event, assuming no event has occurred that would effect a forfeiture of a
Director's Restricted Shares, a certificate or certificates evidencing
unrestricted ownership of such Shares shall be delivered to the Director.

      (f) With respect to dividends on Restricted Shares:

            (i) A Director may elect, prior to December 31, 2005 or the
      applicable Election Filing Date for any Plan Year thereafter, that all
      cash dividends declared with respect to Restricted Shares awarded during
      such Plan Year shall be deferred and reinvested in additional Common
      Shares during the period of restriction of such Restricted Shares and
      which shall be subject to the same restrictions as such Restricted Shares.
      Such deferral election shall be effective as of the applicable Election
      Filing Date and shall apply to dividends declared on Restricted Shares
      granted in the Plan Year following the applicable Election Filing Date and
      in each subsequent Plan Year unless terminated for a subsequent Plan Year
      by filing a termination election by the applicable Election Filing Date
      for such subsequent Plan Year.

            (ii) In addition, any Director who joins the Board on or after
      January 1 of any Plan Year may make such an election with respect to
      dividends declared on his or her award of Restricted Shares within 30 days
      after becoming a Director. Such deferral election shall be effective when
      filed and shall apply only to dividends declared on Restricted Shares
      granted during the remainder of such Plan Year and in each subsequent Plan
      Year unless terminated for a subsequent Plan Year by filing a termination
      election by the applicable Election Filing Date for such subsequent Plan
      Year.

            (iii) Once such a deferral election has been terminated, another
      deferral election may not be made.

            (iv) All such deferred dividends shall be reinvested and held in the
      Director's name and shall be delivered as additional unrestricted Common
      Shares on the applicable Vesting Date, subject to vesting as provided in
      Section 3.1(c) hereof and proration as provided in Section 3.1(d) hereof.

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      Notwithstanding the foregoing, in accordance with Question and Answer 20
      of Internal Revenue Service Notice 2005-1, prior to December 31, 2005 a
      Director may elect to cancel his or her deferral election that was made in
      2005 that covered Restricted Shares granted in 2005 under Section 3.1(a)
      hereof as long as (i) the amounts subject to cancellation are includible
      in the gross income of the Director in the taxable year in which such
      amounts are earned and vested and (ii) the amounts subject to such
      cancellation shall be distributed to the Director.

      3.2 Required Retainer Shares and Voluntary Shares.

      (a) Payment of Retainer.

            (i) Subject to Section 3.2(a)(ii), Section 3.2(b) and Article IV of
      this Plan, the Retainer established by the Administrator from time to time
      shall be payable in part as Required Retainer Shares payable on January 1
      of the following year, and the balance of such Retainer and all other Fees
      shall be payable in cash quarterly in advance of each Accounting Period.

            (ii) If a Director meets the Director Share Ownership Guidelines on
      December 1 of 2004 or any year thereafter, such Director may elect, by the
      filing of a Participant Agreement or such other form as may be approved by
      the Administrator by March 29, 2004 or by December 15 of such year, as
      applicable, to have up to 100% of such Director's Retainer paid by the
      Company in cash. Such election shall apply to the Director's Retainer for
      the Plan Year commencing January 1, 2004 or the Plan Year following such
      election, as applicable.

      (b) Voluntary Shares. Prior to the commencement of any calendar quarter, a
Director may elect by the filing of a Participation Agreement to have up to 100%
of his or her Fees for such quarter paid by the Company in the form of Voluntary
Shares and in lieu of the cash payment. Such Participation Agreement must be
filed as a one-time election. Such election, unless subsequently terminated,
shall apply to a Director's Fees for the remainder of the current Plan Year and
each subsequent Plan Year. Once an election has been terminated another election
may not be made.

      (c) Issuance of Shares. On the first business day of each year the Company
shall issue (i) to each Director a number of Shares equal to such Director's
Required Retainer Shares for each Accounting Period during the prior Plan Year
divided by the Fair Market Value per Share on the first day of such Accounting
Period and (ii) to each Director who has made an election under Section 3.2(b),
a number of Shares for each such Accounting Period equal to the portion of such
Director's Fees for such Accounting Period that such Director has elected to
receive as Voluntary Shares for such Accounting Period divided by the Fair
Market Value per Share on the first day of such Accounting Period (less, in each
case, the portion of the Required Retainer Shares and Voluntary Shares the
Director elected to defer under Section 4.3). To the extent that the application
of the foregoing formula would result in the issuance of fractional Shares, no
fractional Shares shall be issued, but instead, the Company shall maintain two
separate non-interest-bearing accounts for each Director, which accounts shall
be credited with the amount of any Required Retainer Shares or Voluntary Shares,
as the case may be, not convertible into whole Shares, which amounts shall be
combined with Required Retainer Shares

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and Voluntary Shares, respectively, which are paid for the next following Plan
Year. When whole Shares are issued by the Company to the Director on January 1,
the amounts in such accounts shall be reduced by that amount which (when added
to the Required Retainer Shares and Voluntary Shares for such Director for such
quarter) results in the issuance of the maximum number of Shares to such
Director. The Company shall pay any and all fees and commissions incurred in
connection with the payment of Required Retainer Shares and Voluntary Shares to
a Director in Shares.

               ARTICLE IV. DEFERRAL OF FEES, ANNUAL EQUITY GRANT,
                  REQUIRED RETAINER SHARES AND VOLUNTARY SHARES

      4.1 Deferral of Fees. A Director may elect to defer all or a specified
percentage of his or her Fees earned for any Deferral Period by filing a
Participation Agreement with the Administrator by the applicable Election Filing
Date. Such Deferral Commitment shall be effective as of the applicable Election
Filing Date and shall continue to be effective from Deferral Period to Deferral
Period until terminated or modified by filing a new Participation Agreement with
the Administrator, provided that such Participant Agreement must be filed by the
applicable Election Filing Date for the Deferral Period for which it is to be
effective.

      4.2 Crediting of Deferred Fees. The portion of a Director's Fees that is
deferred pursuant to a Deferral Commitment shall be credited promptly following
each Plan Year to the Director's Deferred Fee Account as of the date the
corresponding non-deferred portion of his or her Fees would have been paid to
the Director.

      4.3 Deferral of Annual Equity Grant. A Director may elect to defer all of
his or her Annual Equity Grant (in lieu of receiving Restricted Shares or Shares
pursuant to Section 3.1(b)) awarded during any Deferral Period by filing a
Participation Agreement with the Administrator by the applicable Election Filing
Date. Such Deferral Commitment shall be effective as of the applicable Election
Filing Date and shall continue to be effective from Deferral Period to Deferral
Period until terminated by filing a new Participation Agreement with the
Administrator, provided that such Participation Agreement must be filed by the
applicable Election Filing Date for the Plan Year for which it is to be
effective. Once such a Deferral Commitment has been terminated, another Deferral
Commitment may not be made. Such Deferred Shares are still subject to forfeiture
pursuant to Section 6.5.

      4.4 Deferral of Required Retainer Shares and Voluntary Shares. A Director
may elect to defer all or a specified percentage of his or her Required Retainer
Shares and his or her Voluntary Shares earned for any Deferral Period by filing
a Participation Agreement with the Administrator by the applicable Election
Filing Date. Such Deferral Commitment shall be effective as of the applicable
Election Filing Date and shall continue to be effective from Deferral Period to
Deferral Period until terminated or modified by filing a new Participation
Agreement with the Administrator, provided that such Participation Agreement
must be filed by the applicable Election Filing Date for the Deferral Period for
which it is to be effective.

      4.5 Crediting of Deferred Shares. The portion of a Director's Annual
Equity Grant, Required Retainer Shares and Voluntary Shares that is deferred
pursuant to a Deferral Commitment shall be credited promptly following each Plan
Year to the Director's Deferred

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Share Account as of the date the corresponding non-deferred portion of his or
her Required Retainer Shares and Voluntary Shares would have been issued to the
Director.

                         ARTICLE V. DEFERRED FEE ACCOUNT

      5.1 Determination of Deferred Fee Account. On any particular date, a
Director's Deferred Fee Account shall consist of the aggregate amount credited
thereto pursuant to Section 4.2, plus any interest credited pursuant to Section
5.2, minus the aggregate amount of distributions, if any, made from such
Deferred Fee Account.

      5.2 Crediting of Interest. Each Deferred Fee Account to which Fees have
been credited in dollar amounts shall be increased by the amount of interest
earned since the immediately preceding Accounting Date. Interest shall be
credited at the Declared Rate as of each Accounting Date based on the average
daily balance of the Director's Deferred Fee Account since the immediately
preceding Accounting Date, but after the Deferred Fee Account has been adjusted
for any contributions or distributions to be credited or deducted for such
period. Interest for the period prior to the first Accounting Date applicable to
a Deferred Fee Account shall be prorated.

      5.3 Adjustments to Deferred Fee Accounts. Each Director's Deferred Fee
Account shall be immediately debited with the amount of any distributions under
the Plan to or on behalf of the Director or, in the event of his or her death,
his or her Beneficiary.

      5.4 Statements of Deferred Fee Accounts. As soon as practicable after the
end of each Plan Year, a statement shall be furnished to each Director or, in
the event of his or her death, to his or her Beneficiary showing the status of
his or her Deferred Fee Account as of the end of the Accounting Period, any
changes in such Account since the end of the immediately preceding Accounting
Period, and such other information as the Administrator shall determine.

      5.5 Vesting of Deferred Fee Account. A Director shall be 100% vested in
his or her Deferred Fee Account at all times.

                       ARTICLE VI. DEFERRED SHARE ACCOUNT

      6.1 Determination of Deferred Share Account. On any particular date, a
Director's Deferred Share Account shall consist of the aggregate number of
Deferred Shares credited thereto pursuant to Section 4.5, plus any dividend
equivalents credited pursuant to Section 6.2, minus the aggregate amount of
distributions, if any, made from such Deferred Share Account.

      6.2 Crediting of Dividend Equivalents. Each Deferred Share Account shall
be credited as of the end of each Accounting Period with additional Deferred
Shares equal in value to the amount of cash dividends paid by the Company during
such Accounting Period on that number of Shares equivalent to the number of
Deferred Shares in such Deferred Share Account during such Accounting Period.
The dividend equivalents shall be valued by dividing the dollar value of such
dividend equivalents by the Fair Market Value on the Accounting Date next
following the dividend payment date. Until a Director or his or her Beneficiary
receives his or her entire Deferred Share Account, the unpaid balance thereof
credited in Deferred Shares shall be credited with dividend equivalents as
provided in this Section 6.2.

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      6.3 Adjustments to Deferred Share Accounts. Each Director's Deferred Share
Account shall be immediately debited with the amount of any distributions under
the Plan to or on behalf of the Director or, in the event of his or her death,
his or her Beneficiary.

      6.4 Statements of Deferred Share Accounts. As soon as practicable after
the end of each Plan Year, a statement shall be furnished to each Director or,
in the event of his or her death, to his or her Beneficiary showing the status
of his or her Deferred Share Account as of the end of the Accounting Period, any
changes in such Account since the end of the immediately preceding Accounting
Period, and such other information as the Administrator shall determine.

      6.5 Vesting of Deferred Share Account. A Director shall be 100% vested in
his or her Deferred Share Account at all times with respect to the deferral of
Required Retainer Shares and Voluntary Shares, and with respect to any Annual
Equity Grant received when a Director was 69 years of age or older. A Director
shall become 100% vested in his or her Deferred Share Account with respect to
each Annual Equity Grant upon the occurrence of a Vesting Event described in
Section 3.1(c) (excluding any such Annual Equity Grant made to a Director who
was 69 or older on the date of grant of such Annual Equity Grant) and any
unvested portion shall be forfeited upon Termination of Service.

                      ARTICLE VII. DISTRIBUTION OF BENEFITS

      7.1 Settlement Date. A Director, or in the event of such Director's death,
his or her Beneficiary shall be entitled to all or a portion of the balance in
such Director's Deferred Fee Account and Deferred Share Account, as provided in
this Article VII, following such Director's Settlement Date or Dates.

      7.2 Amount to be Distributed. The amount to which a Director, or in the
event of such Director's death, his or her Beneficiary is entitled in accordance
with the following provisions of this Article VII shall be based on the
Director's adjusted balances in his or her Deferred Fee Account and Deferred
Share Account determined as of the Accounting Date coincident with or next
following his or her Settlement Date or Dates.

      7.3 In-Service Distribution. A Director may irrevocably elect to receive a
pre-termination distribution of all or any specified percentage of his or her
Deferred Fees or vested Deferred Shares commencing on a specified date in a Plan
Year that begins at least three Plan Years after the date such Fees and Shares
otherwise would have been payable. Such election (i) shall be made in a
Participation Agreement filed at the same time he or she files a Deferral
Commitment covering such Deferred Fees or Deferred Shares as provided in
Sections 4.1, 4.2 or Section 4.4 and (ii) shall contain the Director's
irrevocable election to receive such Deferred Fees or Deferred Shares under one
of the forms provided in Section 7.4 or Section 7.5. Notwithstanding the
foregoing, with respect to Deferred Shares in lieu of an Annual Equity Grant in
the form of Restricted Shares for a Director under age 69 at the date of grant,
the specified distribution date must be at least three years from the date of
grant.

      7.4 Form of Distribution -- Deferred Fees. Thirty days after the end of
the Accounting Period in which a Director's Settlement Date occurs, the Company
shall distribute or cause to be distributed, to the Director the balance of the
Director's Deferred Fee Account as determined under Section 7.2, under one of
the forms provided in this Section 7.4. In the event

                                       11

<PAGE>

of a Director's death, the balance of his or her Deferred Fee Account shall be
distributed to his or her Beneficiary in a lump sum.

      Distribution of a Director's Deferred Fee Account shall be made in one of
the following forms as elected by the Director:

      (a) by payment in cash in a single lump sum;

      (b) by payment in cash in not greater than ten annual installments; or

      (c) a combination of (a) and (b) above. The Director shall designate the
percentage payable under each option.

      The Director's election of the form of distribution of Deferred Fees shall
be on a Participation Agreement filed with the Administrator at the same time
the Director files a Deferral Commitment covering such Deferred Fees pursuant to
Section 4.1 hereof.

      The amount of cash to be distributed in each installment shall be equal to
the quotient obtained by dividing the Director's Deferred Fee Account balance as
of the date of such installment payment by the number of installment payments
remaining to be made to or in respect of such Director at the time of
calculation.

      If a Director fails to make an election in a timely manner as provided in
this Section 7.4, distribution shall be made in cash in a single lump sum.

      7.5 Form of Distribution -- Deferred Shares. Thirty days after the end of
the Accounting Period in which a Director's Settlement Date occurs, the Company
shall distribute or cause to be distributed, to the Director a number of Shares
equal to the number of Deferred Shares in the Director's Deferred Share Account
as determined under Section 7.2, under one of the forms provided in this Section
7.5. In the event of a Director's death, the number of Shares equal to the
number of Deferred Shares in his or her Deferred Share Account shall be
distributed to his or her Beneficiary in a single distribution.

      Distribution of a Director's Deferred Share Account shall be made in one
of the following forms as elected by the Director:

      (a) by payment in Shares or cash in a single distribution;

      (b) by payment in Shares or cash in not greater than ten annual
installments; or

      (c) a combination of (a) and (b) above. The Director shall designate the
percentage payable under each option.

      The Director's election of the form of distribution of Deferred Shares
shall be on a Participation Agreement filed with the Administrator at the same
time the Director files a Deferral Commitment covering the Annual Equity Grant,
Required Retainer Shares or Voluntary Shares comprising such Deferred Shares
pursuant to Section 4.3 or 4.4 hereof.

                                       12

<PAGE>

      The number of Shares to be distributed in each installment shall be equal
to the quotient obtained by dividing the number of Deferred Shares in the
Director's Deferred Share Account as of the date of such installment payment by
the number of installment payments remaining to be made to or in respect of such
Director at the time of calculation. Fractional Shares shall be rounded down to
the nearest whole Share, and such fractional amount shall be re-credited as a
fractional Deferred Share in the Director's Deferred Share Account.

      If a Director elects payment in a single distribution in cash, the amount
of the payout shall be equal to the Fair Market Value of the Deferred Shares in
the Director's Deferred Share Account on the Settlement Date. If such Director
elects payout in installments in cash, an amount equal to the Fair Market Value
of the Deferred Shares in the Director's Deferred Share Account on the
Settlement Date shall be transferred to the Director's Deferred Fee Account
pending distribution.

      If a Director fails to make an election in a timely manner as provided in
this Section 7.5, distribution of the Director's Deferred Share Account shall be
made in Shares in a single distribution.

      7.6 Special Distributions. Notwithstanding any other provision of this
Article VII, with respect to Deferred Fees or Deferred Shares that were earned
and vested prior to January 1, 2005, a Director may elect to receive a
distribution of part or all of his or her Deferred Fee Account and/or Deferred
Share Account attributable to such Deferred Fees or Deferred Shares in one or
more distributions if (and only if) the amount in the Director's Deferred Fee
Account and/or the number of the Shares in the Director's Deferred Share Account
subject to such distribution is reduced by 6%. The remaining 6% of the portion
of the electing Director's Deferred Fee Account and/or Deferred Share Account
subject to such distribution shall be forfeited. If a Director makes an election
under this Section 7.6 during a Plan Year in which he or she is also making
deferrals under the deferral portion of the Plan: (i) such election shall be
effective as of the last day of the Plan Year in which it is submitted to the
Administrator and any distribution made pursuant to such an election shall be
made on such day and (ii) such Director shall terminate his or her participation
in the deferral portion of the Plan for the two Plan Years following the Plan
Year during which the Director's election is effective under this Section 7.6.
If a Director makes an election under this Section 7.6 during a Plan Year in
which he or she is not making any deferrals under the deferral portion of the
Plan: (i) such election shall be effective when it is submitted to the
Administrator and any distribution made pursuant to such an election shall be
made within sixty days of the date such election is submitted to the
Administrator and (ii) such Director shall not be eligible to participate in the
deferral portion of the Plan for the two Plan Years following the Plan Year
during which the Director's election is effective under this Section 7.6.

      7.7 Beneficiary Designation. As used in the Plan the term "Beneficiary"
means:

      (a) The person last designated as Beneficiary by the Director in writing
on a form prescribed by the Administrator;

      (b) If there is no designated Beneficiary or if the person so designated
shall not survive the Director, such Director's spouse; or

                                       13

<PAGE>

      (c) If no such designated Beneficiary and no such spouse is living upon
the death of a Director, or if all such persons die prior to the distribution of
the Director's balance in his or her Deferred Fee Account and Deferred Share
Account, then the legal representative of the last survivor of the Director and
such persons, or, if the Administrator shall not receive notice of the
appointment of any such legal representative within one year after such death,
the heirs-at-law of such survivor shall be the Beneficiaries to whom the then
remaining balance of such Accounts shall be distributed (in the proportions in
which they would inherit his or her intestate personal property).

Any Beneficiary designation may be changed from time to time by the filing of a
new form. No notice given under this Section 7.7 shall be effective unless and
until the Administrator actually receives such notice.

      7.8 Facility of Payment. Whenever and as often as any Director or his or
her Beneficiary entitled to payments hereunder shall be under a legal disability
or, in the sole judgment of the Administrator, shall otherwise be unable to
apply such payments to his or her own best interests and advantage, the
Administrator in the exercise of its discretion may direct all or any portion of
such payments to be made in any one or more of the following ways: (i) directly
to him or her; (ii) to his or her legal guardian or conservator; or (iii) to his
or her spouse or to any other person, to be expended for his or her benefit; and
the decision of the Administrator, shall in each case be final and binding upon
all persons in interest.

      7.9 Elections to Change Time and Form of Distribution. A Director may make
an election to change the time of commencement of distribution(s) of his or her
Deferred Fee Account or vested Deferred Shares Account, the form of payment of
such accounts, or both, with respect to an amount previously deferred by the
Director under a Deferral Commitment if all of the following requirements are
met:

      (a) Such election may not take effect until at least twelve months after
the date on which the election is made;

      (b) In the case of a election related to a payment other than a payment on
account of death, Disability or occurrence of an Unforeseeable Emergency, the
first payment under such election shall in all cases be deferred for a period of
not less than five years from the date such payment would otherwise have been
made (or, in the case of installment payments, which shall be treated as a
single payment for purposes of this Section 7.9, five years from the date the
first installment payment was scheduled to be paid); and

      (c) Any subsequent election related to a distribution that is to be made
at a specified date or pursuant to a fixed schedule pursuant to Sections 7.3 of
the Plan must be made not less than twelve months prior to the date the payment
was scheduled to be made under the prior election or deemed election (or, in the
case of installment payments, which shall be treated as a single payment for
purposes of this Section 7.9, twelve months prior to the date the first
installment payment was scheduled to be paid).

      7.10 Unforeseeable Emergency. Notwithstanding any other provision of this
Article VII, in the event of an Unforeseeable Emergency and at the request of a
Director or Beneficiary, accelerated payment shall be made to the Participant or
Beneficiary of all or a part of his or her

                                       14

<PAGE>

(i) Deferred Fee Account or (ii) vested Deferred Share Account. Payments of
amounts as a result of an Unforeseeable Emergency may not exceed the amount
necessary to satisfy such Unforeseeable Emergency plus amounts necessary to pay
taxes reasonably anticipated as a result of the distribution(s), after taking
into account the extent to which the hardship is or may be relieved through
reimbursement or compensation by insurance or otherwise by liquidation of the
Participant's assets (to the extent the liquidation of such assets would not
itself cause severe financial hardship).

             ARTICLE VIII. ADMINISTRATION, AMENDMENT AND TERMINATION

      8.1 Administration. The Plan shall be administered by the Administrator.
The Administrator shall have such powers as may be necessary to discharge its
duties hereunder. The Administrator may, from time to time, employ, appoint or
delegate to an agent or agents (who may be an officer or officers of the
Company) and delegate to them such administrative duties as it sees fit, and may
from time to time consult with legal counsel who may be counsel to the Company.
The Administrator shall have no power to add to, subtract from or modify any of
the terms of the Plan, or to change or add to any benefits provided under the
Plan, or to waive or fail to apply any requirements of eligibility for a benefit
under the Plan. No member of the Administrator shall act in respect of his or
her own Deferred Fee Account or his or her own Deferred Share Account. All
decisions and determinations by the Administrator shall be final and binding on
all parties. No member of the Administrator shall be liable for any such action
taken or determination made in good faith. All decisions of the Administrator
shall be made by the vote of the majority, including actions and writing taken
without a meeting. All elections, notices and directions under the Plan by a
Director shall be made on such forms as the Administrator shall prescribe.

      8.2 Amendment and Termination. The Board may alter or amend this Plan from
time to time or may terminate it in its entirety; PROVIDED, HOWEVER, that no
such action shall, without the consent of a Director, affect the rights in any
Shares issued or to be issued to such Director, in any Deferred Shares in a
Director's Deferred Share Account or in any amounts in a Director's Deferred Fee
Account (except that this limitation requiring the consent of a Director to
certain actions shall not apply to any amendment or termination that is deemed
necessary by the Company to ensure compliance with Section 409A of the Code);
and further provided, that, without further approval by the shareholders of the
Company no such action shall (a) increase the total number of Shares available
for issuance under this Plan specified in Article X or (b) otherwise cause Rule
16b-3 to become inapplicable to this Plan.

                        ARTICLE IX. FINANCING OF BENEFITS

      9.1 Financing of Benefits. The Shares and benefits payable in cash under
the Plan to a Director or, in the event of his or her death, to his or her
Beneficiary shall be paid by the Company from its general assets. The right to
receive payment of the Shares and benefits payable in cash represents an
unfunded, unsecured obligation of the Company. No person entitled to payment
under the Plan shall have any claim, right, security interest or other interest
in any fund, trust, account, insurance contract, or asset of the Company which
may be responsible for such payment.

                                       15

<PAGE>

      9.2 Security for Benefits. Notwithstanding the provisions of Section 9.1,
nothing in this Plan shall preclude the Company from setting aside Shares or
funds in trust ("Trust") pursuant to one or more trust agreements between a
trustee and the Company. However, no Director or Beneficiary shall have any
secured interest or claim in any assets or property of the Company or the Trust
and all Shares or funds contained in the Trust shall remain subject to the
claims of the Company's general creditors.

                        ARTICLE X. SHARES SUBJECT TO PLAN

      10.1 Shares Subject to Plan. Subject to adjustment as provided in this
Plan, the total number of Shares which may be issued under this Plan shall be
200,000 (100,000 of which were approved in 1996 and 100,000 of which were added
as of May 8, 2001).

      10.2 Adjustments. In the event of any change in the outstanding Shares by
reason of (a) any stock dividend, stock split, combination of shares,
recapitalization or any other change in the capital structure of the Company,
(b) any merger, consolidation, spin-off, split-off, spin-out, split-up,
reorganization, partial or complete liquidation or other distribution of assets,
issuance of rights or warrants to purchase securities, or (c) any other
corporate transaction or event having an effect similar to any of the foregoing,
the number and kind of shares specified in Article III, the number or kind of
Shares that may be issued under the Plan as specified in Article X and the
number of Deferred Shares in a Director's Deferred Share Account shall
automatically be adjusted so that the proportionate interest of the Directors
shall be maintained as before the occurrence of such event. Such adjustment
shall be conclusive and binding for all purposes with respect to the Plan.

                             ARTICLE XI. PRIOR PLANS

      11.1 1992 Incentive Equity Plan. No further options shall be issued to the
Directors under Section 8 of the Company's 1992 Incentive Equity Plan on or
after July 1, 1996.

      11.2 Plan for Deferred Payment of Director's Fees. Effective May 14, 1996,
the Prior Plan was discontinued, except that amounts remaining payable to former
Directors in the Prior Plan were paid in accordance with its terms.

                         ARTICLE XII. GENERAL PROVISIONS

      12.1 Interests Not Transferable; Restrictions on Shares and Rights to
Shares. No rights to Shares or other benefits payable in cash shall be assigned,
pledged, hypothecated or otherwise transferred by a Director or any other
person, voluntarily or involuntarily, other than (i) by will or the laws of
descent and distribution, or (ii) to the extent permitted by Section 409A of the
Code, pursuant to a judgment, order or decree from a state domestic relations
court which requires payment of all or a part of a Director's interest under the
Plan to an "alternate payee" as defined in Section 414(p) of the Code. No person
shall have any right to commute, encumber, pledge or dispose of any other
interest herein or right to receive payments hereunder, nor shall such interests
or payments be subject to seizure, attachment or garnishment for the payments of
any debts, judgments, alimony or separate maintenance obligations or be
transferable by operation of law in the event of bankruptcy, insolvency or
otherwise, all payments and rights hereunder being expressly declared to be
nonassignable and nontransferable.

                                       16

<PAGE>

      12.2 Governing Law. The provisions of this Plan shall be governed by and
construed in accordance with the laws of the State of Ohio.

      12.3 Withholding Taxes. To the extent that the Company is required to
withhold Federal, state or local taxes in connection with any component of a
Director's compensation in cash or Shares, and the amounts available to the
Company for such withholding are insufficient, it shall be a condition to the
receipt of any Shares that the Director make arrangements satisfactory to the
Company for the payment of the balance of such taxes required to be withheld,
which arrangement may include relinquishment of the Shares.

      12.4 Application of the American Jobs Creation Act of 2004.

      (a) Notwithstanding any other provision of the Plan, any Deferred Fees or
Deferred Shares (and earnings thereon) that qualify for "grandfathered status"
under Section 409A of the Code because they were earned and vested prior to
January 1, 2005 shall continue to be governed by the law applicable to
nonqualified deferred compensation prior to the addition of Section 409A of the
Code and shall be subject to the terms and conditions specified in the Plan as
in effect prior to such date and shall not be modified by this amendment and
restatement of the Plan (other than Section 7.6 hereof).

      (b) To the extent applicable, it is intended that this Plan comply with
the provisions of Section 409A of the Code. The Plan shall be administered in a
manner consistent with this intent, and any provision that would cause the Plan
to fail to satisfy Section 409A of the Code shall have no force and effect until
amended to comply with Section 409A of the Code (which amendment may be
retroactive to the extent permitted under Section 409A of the Code and may be
made by the Company without consent of the participants). Any reference in this
Plan to Section 409A of the Code will also include any proposed, temporary or
final regulations, or any other guidance, promulgated with respect to such
Section by the U.S. Department of the Treasury or the Internal Revenue Service.

      (c) Notwithstanding any other provision of the Plan to the contrary, to
the extent that Deferred Shares shall be deemed to be vested or restrictions
lapse, expire or terminate upon the occurrence of a Change in Control or all or
a portion of a Director's Deferred Fee Account or Deferred Share Account becomes
payable upon the occurrence of such a Change in Control and, in either case,
such Change in Control does not constitute a "change in the ownership or
effective control" or a "change in the ownership or substantial portion of the
assets" of the Company within the meaning of Section 409A(a)(2)(A)(v) of the
Code, then though such Deferred Shares may be deemed to be vested or
restrictions lapse, expire or terminate upon the occurrence of a Change in
Control and all or a portion of such Deferred Fee Account or Deferred Share
Account shall become payable upon the occurrence of a Change in Control, payment
will be made, to the extent necessary to comply with the provisions of Section
409A of the Code, to the Director upon the earliest to occur of the following
events: (i) the date of a Director's Termination of Service (including by
death); (ii) the date payment would have been made in the absence of any
provisions in the Plan to the contrary (provided such date is permissible under
Section 409A of the Code); or (iii) the Participant's death.

      12.5 Rule 16b-3. This Plan is intended to comply with Rule 16b-3. The
Board may make such other changes in the terms or operation of the Plan as may
then by necessary or

                                       17

<PAGE>

appropriate to comply with such Rule, including, without limitation, by
eliminating any restriction originally included in the Plan to comply with Rule
16b-3 that may no longer be required. Without limiting the generality of the
foregoing, the Board may change the number of Restricted Shares and Restricted
Retainer Shares to be awarded under Section 3.1 and 3.2, respectively, from time
to time, and the Board may provide for annual election of Voluntary Shares
pursuant to Section 3.3 if such election would be permitted by Rule 16b-3.

      12.6 Miscellaneous. Headings are given to the sections of this Plan solely
as a convenience to facilitate reference. Such headings, numbering and
paragraphing shall not in any case be deemed in any way material or relevant to
the construction of this Plan or any provisions thereof. The use of the singular
shall also include within its meaning the plural, and vice versa.

                                       18<PAGE>

                                                                 EXHIBIT 10(fff)

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

             AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT

      THIS AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT (the
"Agreement"), entered into, dated and effective as of January 1, 2006 (the
"Effective Date"), by and among CLIFFS SALES COMPANY, an Ohio corporation
("Cliffs Sales"), THE CLEVELAND-CLIFFS IRON COMPANY, an Ohio corporation
("Iron"), CLIFFS MINING COMPANY, a Delaware corporation ("Mining") ("Cliffs
Sales", "Iron" and "Mining" being collectively referred to herein as "Cliffs")
and SEVERSTAL NORTH AMERICA, INC., a Delaware corporation ("Severstal").

                                    RECITALS

      WHEREAS, Cliffs and Rouge Steel Company ("Rouge") are parties to that
certain Pellet Sale, Purchase and Trade Agreement dated January 1, 1991, as
amended (the "Original Contract"), pursuant to which Cliffs provided Rouge with
iron ore pellets in connection with Rouge's steel manufacturing and processing
activities; and

      WHEREAS, on October 23, 2003, Rouge filed for protection under Chapter 11
of the United States Bankruptcy Code in the bankruptcy case styled In re: Rouge
Industries, Inc., et al., case number 03-13272 (the "Bankruptcy Case") in the
United States Bankruptcy Court for the District of Delaware; and

      WHEREAS,on or about January 30, 2004, in connection with the Bankruptcy
Case, OAO Severstal acquired substantially all of Rouge's assets, including an
assignment by Rouge of the Original Contract pursuant to Section 365 of the
United States Bankruptcy Code to Severstal, a subsidiary of OAO Severstal, which
Severstal has expressly agreed to assume; and

      WHEREAS, during the years 2004 and 2005 respectively, Cliffs sold to
Severstal and Severstal purchased from Cliffs 3,276,317 tons and approximately
3,450,000 tons of standard grades of iron ore pellets upon the terms and
conditions set forth in the Original Contract, as

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

amended, including the amendments contained in the January 29, 2004 Letter
Agreement by and between Rouge, Iron, Mining and Severstal (the "2004 Letter
Agreement"); and

      WHEREAS, Cliffs desires to continue to sell to Severstal and Severstal
desires to continue to purchase from Cliffs certain quantities of standard
grades of iron ore pellets upon the terms and subject to the conditions set
forth herein.

      NOW, THEREFORE, in consideration of the mutual covenants hereinafter set
forth, Cliffs and Severstal agree as follows:

SECTION 1. - DEFINITIONS.

      The terms quoted in the above parentheses of the first introductory
paragraph of this Agreement and 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. Attached as
Appendix I to this Agreement is a locator list of all defined terms used
throughout the Agreement.

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

      (b). The word "pellets", as used herein, shall mean a product obtained by
pelletizing iron ore or iron ore concentrates, suitable for iron making in blast
furnaces.

      (c). The words "[*****] Pellets", as used herein, shall mean pellets to
which have been added sufficient quantities of [*****] and [*****] so as to
increase the percentage of [*****] content of the pellet to a minimum of [*****]
and the percentage of [*****] content of the pellet to a minimum of [*****]
(unless such specifications are changed pursuant to Section 4), such pellets
being those currently produced at the [*****], located in [*****].

      (d). The words "[*****] Pellets", as used herein, shall mean pellets with
approximately [*****] content produced at the [*****] iron ore plant located at
[*****].

                                     - 2 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

      (e). The words "iron unit", as used herein, shall mean one percent (1%)
iron contained in a ton.

      (f). The word "year", as used herein, shall mean a calendar year.

SECTION 2. - SALE AND PURCHASE.

      (a). Cliffs shall sell and by these presents does sell and shall deliver
to Severstal, the tonnages and grades of [*****] Pellets and [*****] Pellets or
other mutually agreed pellets (the [*****] Pellets, [*****] Pellets and any
other mutually agreed pellets collectively referred to herein as "Cliffs'
Pellets") on the terms and conditions as hereinafter provided. Severstal shall
purchase and by these presents does purchase and shall receive and pay for such
tonnages and grades of Cliffs' Pellets on the terms and conditions as
hereinafter provided.

SECTION 3. - TONNAGE/IRON UNITS.

      (a). During the term of this Agreement, Cliffs shall sell to Severstal and
Severstal shall purchase from Cliffs all of Severstal's annual iron ore pellet
tonnage requirements, such requirements being equal to Severstal's total annual
iron ore pellet tonnage requirements, based on Severstal's operating
configuration as of the Effective Date of this Agreement, for consumption in
Severstal's iron and steelmaking facilities in any year ("Severstal's Annual
Pellet Tonnage Requirements").

      (b). The iron ore pellets to be purchased by Severstal during the term of
this Agreement shall consist of [*****] Pellets, [*****] Pellets, or other
mutually agreed pellets, provided that Cliffs has available for sale [*****]
Pellets. In the event Cliffs has [*****] Pellets available, Severstal may
purchase up to [*****] of Severstal's Annual Pellet Tonnage Requirements in
[*****] Pellets. In the event Cliffs does not have sufficient [*****] Pellets
available, Severstal and Cliffs shall mutually agree on another acceptable
Cliffs' iron ore pellet, which substituted pellet shall be priced at a per iron
unit that would yield a comparable delivered cost to Severstal had Severstal
been able to purchase the [*****] Pellets.

                                     - 3 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

      (c). During the years [*****], (i) Severstal shall purchase from Cliffs
all of Severstal's Annual Pellet Tonnage Requirements at prices to be
established in accordance with the Agreement, and (ii) such purchases shall be
in amounts equal to a minimum aggregate tonnage of [*****] tons of Cliffs'
Pellets and shall in each year of the years [*****] be in accordance with the
following schedule:

<TABLE>
<CAPTION>
        YEAR                       MINIMUM TONNAGE
---------------------              ---------------
<S>                                <C>
       [*****]                         [*****]
Non-allocated [*****]                  [*****]
        TOTAL                          [*****]
</TABLE>

The non-allocated tonnage shall be purchased during the years [*****] and, for
the purchases in year 2006, shall be in addition to the minimum tonnage
purchased during such year.

      (d). [*****]

      (e). All tons sold by Cliffs to Severstal, as provided for in this Section
3, shall be based on actual natural iron content and determined as herein
provided.

SECTION 4. - NOTIFICATION AND NOMINATION.

      (a). With respect to the tonnage of Cliffs' Pellets to be purchased by
Severstal for the year 2006 (and during any years after 2006 in the event the
Agreement is extended pursuant to Section 16), on or before [*****] of the prior
year thereto, Severstal shall notify Cliffs in writing of the preliminary total
number of iron units which Severstal shall purchase from Cliffs.

      (b). With respect to the preliminary tonnage nominations as provided for
in Section 4(a) above, on or before [*****] of the then current year, Severstal
may, by written notification to Cliffs, adjust its preliminary tonnage
nominations by not more than [*****], up or down. If, by [*****] of the then
current year, Severstal shall have adjusted its preliminary tonnage nominations,
then such adjusted tonnage nominations shall be deemed their final tonnage

                                     - 4 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

nominations for such year, and Severstal shall be obligated to purchase such
tonnage in accordance with such final tonnage nominations.

      (c). If, however, Severstal has not adjusted its preliminary tonnage
nomination as provided for above, then on or before [*****] of the then current
year, Severstal may, by written notification to Cliffs, adjust its preliminary
tonnage nominations by not more than [*****], up or down. Such adjusted tonnage
nominations shall be deemed to be Severstal's final tonnage nominations for such
year, and Severstal shall be obligated to purchase such tonnage with Cliffs in
accordance with such final tonnage nominations.

      (d). If no adjustment is made on or before [*****], then the preliminary
tonnage nomination, as provided above, shall be deemed to be Severstal's final
tonnage nominations for such year, and Severstal shall be obligated to purchase
such tonnages with Cliffs in accordance with such preliminary tonnage
nominations.

SECTION 5. - PRICE AND ADJUSTMENTS.

      (a). Quarterly Adjustments. Effective as of the quarter ended [*****],
prices for Cliffs' Pellets shall be adjusted on a calendar quarterly basis based
upon estimated and actual changes in the published pricing factors and indices
specified in Section (d)(i) below (a "Quarterly Price Adjustment"). Cliffs shall
calculate the Quarterly Price Adjustment and provide Severstal 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
Severstal. The adjusted prices for [*****] Pellets and [*****] Pellets
determined in such Quarterly Price Adjustment shall have prospective effect
until the next Quarterly Price Adjustment and shall have retroactive effect for
the prior calendar quarters for the applicable year. Any overpayment or
underpayments for such prior calendar quarters shall be promptly paid, by Cliffs
or Severstal as applicable, within thirty (30) days of the determination of any
such Quarterly Price Adjustment.

                                     - 5 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

      (b). Year End Adjustments. A final adjustment shall be made to the prices
for Cliffs' Pellets for each year on or about [*****] of the following year once
final pricing factors and indices for the applicable year have been published in
accordance with Section (d)(i) below (the "Year End Adjustment").

      (c). [*****] Pellets. The price for [*****] tonnage of [*****] Pellets
sold by Cliffs and purchased by Severstal shall have a [*****] price per iron
unit of [*****], which is comprised of [*****] per iron unit paid in the [*****]
plus [*****] per iron unit in excess of [*****] carried forward to [*****].

      (d). Adjustment to [*****] Price. The price for the [*****] Pellets as
provided for in (c) above, purchased in the year [*****] (and during any years
after [*****] in the event the Agreement is extended pursuant to Section 16)
shall be adjusted. In order to determine the adjusted price to be paid for the
[*****] Pellets for each such year, the price per iron unit for the year [*****]
and for each of the respective years thereafter, as then calculated, for [*****]
Pellets shall be further adjusted, up or down, each year for the year in
determination by an amount equal to the sum of the adjustment factors (i), (ii),
(iii) and (iv) below:

            (i). [*****] of the amount obtained by multiplying the as then
adjusted price per iron unit for [*****] Pellets for the year in determination
by a fraction (as converted to a decimal) determined by,

                  (y) dividing the numerator of which is the amount by which the
[*****] for the calendar year in determination changes (up to down) from [*****]
for the immediately preceding year; and

                  (z) by the denominator of which is [*****] for the immediately
preceding year.

            Plus;

                                     - 6 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

            (ii) [*****] of the amount obtained by multiplying the as then
adjusted price per iron unit for [*****] Pellets for the year in determination
by the fraction (as converted to a decimal) determined by,

                  (y) dividing the numerator, which is the amount by which
[*****] for the calendar year in determination changes (up or down) from the
immediately preceding calendar years [*****];

                  (z) by the denominator, which is the immediately preceding
calendar year's [*****];

            Plus;

            (iii) [*****] of the amount obtained by multiplying the [*****] by
the fraction (as converted to decimal) determined by

                  (y) dividing the numerator, which is the amount by which
[*****] for the calendar year in determination changes (up or down) from the
immediately preceding calendar years [*****];

                  (z) by the denominator, which is the immediately preceding
calendar year's [*****];

            Plus;

            (iv) [*****] of the amount obtained by multiplying [*****] for the
year in determination by the fraction (as converted to decimal) determined by

                  (y) dividing the numerator, which is the amount by which
[*****] for the calendar year in determination changes (up or down) from the
immediately preceding calendar years [*****];

                  (z) by the denominator, which is the immediately preceding
calendar year's [*****].

                                     - 7 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

An example of the calculation of the adjustment under this Section 5(d) is
included as Exhibit I to this Agreement.

      (e). [*****]

      (f). [*****]

      (g). [*****]

            (i).   [*****]

            (ii).  [*****]

            (iii). [*****]

      (h). [*****] Pellets. The price for any tonnage of [*****] Pellets shall
be the price for [*****] Pellets calculated as provided in Section 5(d) above,
[*****]. Sample price calculations for [*****] Pellets are attached as Exhibits
II(a), II(b), III(a) and III(b) and are incorporated herein by reference.

      (i). The price for any other mutually agreed upon Cliffs' iron ore
pellets, which are substituted for the [*****] Pellets, shall be priced so as to
provide Severstal with a delivered price equal to the price for the substituted
[*****] Pellets, as the case may be.

      (j). [*****]

SECTION 6. - DELIVERY, CREDIT AND PAYMENT.

      (a). For all cargoes of Cliffs' Pellets shipped to Severstal beginning as
of the date hereof, Cliffs shall retain title to the cargoes of Cliffs' Pellets
so shipped until Severstal makes payment for the Cliffs' Pellets. Severstal
shall pay Cliffs for each cargo of Cliffs' Pellets shipped during the month by
wire transfer to Cliffs no later than [*****] following the shipment of a cargo.
Title to the Cliffs' Pellets for each such cargo of Cliffs' Pellets shipped
shall pass to Severstal [*****].

      (b). [*****]

      (c). In the event Severstal shall fail to make prompt payment, Cliffs, in
addition to all other remedies available to it in law or in equity, shall have
the right, but not the obligation, to

                                     - 8 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

withhold further performance by it under this Agreement until all claims it may
have against Severstal under this Agreement are fully satisfied.

SECTION 7. - GRANT OF SECURITY INTEREST.

      (a). Severstal acknowledges and agrees that, except [*****], it is the
intent of the parties that title to the Cliffs' Pellets shall pass to Severstal
solely upon [*****] in accordance with the terms of this Agreement. However, to
secure the payment and performance of all obligations of Severstal due to Cliffs
pursuant to this Agreement, Severstal hereby grants, pledges and assigns to
Cliffs a purchase money security interest ("PMSI") in all of Severstal's right,
title and interest in and to the Cliffs' Pellets to the extent that Severstal
takes possession of any Cliffs' Pellets in any fashion prior to making payment
as required under this Agreement as well as the proceeds of any of the Cliffs'
Pellets, including the proceeds of any insurance related thereto (collectively,
the "Collateral").

      (b). Upon delivery of any of the Collateral to Severstal by Cliffs, the
Collateral shall be located at the addresses set forth on Attachment A hereto.
Severstal will deliver written notice to Cliffs at least thirty (30) days prior
to any change in the locations of any of the Collateral.

      (c). The PMSI granted to Cliffs that attaches to a specific shipment of
inventory shall automatically terminate upon the date of Cliffs' receipt from
Severstal of payment in full for said shipment (the "PMSI Termination Date").
Prior to the applicable PMSI Termination Date, the Collateral will at all times
be free and clear of any lien, security interest, mortgage, charge or
encumbrance created by or through Severstal or any of its affiliates that is
senior to the security interest granted to Cliffs pursuant to this Agreement.

      (d). Severstal 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

                                     - 9 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

sufficiency or filing office acceptance of any such financing statements,
amendments, modifications or continuation statements. Severstal covenants and
agrees to (i) provide 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 fully protect its security
interest in the Cliffs' Pellets granted hereunder.

      (e). Prior to the applicable PMSI Termination Date, Severstal 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.

      (f). Severstal and Cliffs acknowledge that in the event of a default
hereunder by Severstal, Cliffs will have all the rights and remedies afforded a
secured party under the Uniform Commercial Code as adopted in the State of
Michigan with respect to the Collateral.

SECTION 8. - ANALYSES.

      The [*****] Pellets delivered hereunder will be sampled at the [*****]
Mine and analyzed by mine technicians or such independent chemists as may be
mutually agreed upon, and said analyses shall be final and the weighted average
of all such analyses of each grade of [*****] Pellets delivered hereunder shall
constitute the basis of settlement hereunder for such grade of [*****] Pellets.
The cost of sampling and analyzing by independent chemists, if requested by any
party, shall be borne by the party requesting such sampling and analyzing.

      The [*****] Pellets delivered hereunder will be sampled at the [*****]
iron ore pellet plant and analyzed by mine technicians or such independent
chemists as may be mutually agreed upon, and said analyses shall be final and
the weighted average of all such analyses of each grade of [*****] Pellets
delivered hereunder shall constitute the basis of settlement hereunder for

                                     - 10 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

such grade of [*****] Pellets. The cost of sampling and analyzing by independent
chemists, if requested by any party, shall be borne by the party requesting such
sampling and analyzing.

SECTION 9. - QUALITY.

      Cliffs' Pellets, when loaded for shipment, will be consistent with the
typical specifications and analysis limits set forth on Exhibit IV. Both parties
acknowledge the need for defining measurement of product characteristic
capabilities and quality system requirements. The basis for agreement will be
the use of statistical calculation of capabilities and a quality system based on
ISO 9001:2000 requirements.

SECTION 10. - SHIPMENTS.

      Within thirty (30) days prior to the first shipment of Cliffs' Pellets of
each year, Cliffs and Severstal will establish a schedule of shipments for the
Cliffs' Pellets for such year, which schedule may be changed during such year by
mutual agreement. In the event Cliffs and Severstal are unable to agree upon a
shipping schedule, the Cliffs' Pellets will be available for shipment in
approximately equal amounts over the nine month period of April through December
of each year during the term of this Agreement and shipment and delivery shall
be made in accordance with such availability.

SECTION 11. - WEIGHTS.

      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
amounts of the Cliffs' Pellets delivered to Severstal pursuant to this
Agreement.

SECTION 12. - EMPLOYMENT OF VESSELS OR RAILROAD CARS.

      Severstal shall assume the obligation for arranging, providing and paying
for the appropriate vessels for the transportation of all of the Cliffs' Pellets
delivered by Cliffs to Severstal.

                                     - 11 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

      Cliffs shall be responsible for any and all demurrage charges incurred
during the loading of [*****]Pellets for Severstal at [*****].

SECTION 13. - 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 claims for substantial variance in quality of
the Cliffs' Pellets, as described herein, shall be deemed waived unless made in
writing delivered to Cliffs within the thirty (30) calendar days after
completion of discharge at port of discharge. No claim will be entertained after
the Cliffs' Pellets have been consumed. 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 without
prior written consent of Cliffs. In no event shall Cliffs be liable for
Severstal's cost of processing, lost profits, injury to good will or any other
special or consequential damages.

SECTION 14. - FORCE MAJEURE.

      Neither party hereto shall be liable for damages resulting from failure to
produce, deliver or accept and pay for 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 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, hindrances, labor
disputes, labor shortages, fires, floods, embargoes, accidents, acts of
terrorism, or uncontrollable delays at the mines, steel plant, 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. A party claiming a

                                     - 12 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

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 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 15. - 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 facsimile addressed as follows:

            If to Cliffs:

            Cliffs Sales Company
            1100 Superior Avenue - 15th Floor
            Cleveland, Ohio  44114-2589
            Attention: Secretary
            cc: General Manager - Sales and Traffic
            Facsimile: (216) 694-5385

            If to Severstal:

            Severstal North America, Inc.
            3001 Miller Road
            Dearborn, Michigan 48121
            Attention: Director, Purchasing and Transportation
            Facsimile: (313) 337-9377

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

                                     - 13 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

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 16. - TERM.

      The initial term of this Agreement shall commence as of the Effective Date
and continue in effect until [*****]. The Agreement shall continue annually from
and after [*****] for the obligation of Severstal to purchase from Cliffs and
Cliffs to sell to Severstal all of Severstal's Annual Pellet Tonnage
Requirements pursuant to Section 3(a) above. Notwithstanding the above,
Severstal shall have the right to terminate the Agreement if at any time after
[*****], blast furnace production is no longer maintained by Severstal at the
former Rouge Steel Company facilities and Severstal no longer requires iron ore
pellets for consumption at such facilities in connection with blast furnace
production. In accordance with Section 3(d), during the years [*****], in the
event Severstal requires iron ore pellets for consumption in Severstal's iron
and steel making at the former Rouge Steel Company facilities in any year,
Severstal shall purchase from Cliffs and Cliffs shall sell to Severstal all of
Severstal's Annual Pellet Tonnage Requirements for each of the years [*****] and
except as otherwise stated in Section 3(c) Severstal shall have no minimum
annual purchase obligation under the Agreement. Notwithstanding the foregoing,
in the event that in any of the years following the year [*****] Severstal
purchases less than [*****] tons of Cliffs' Pellets in any such year, Cliffs
shall have the right to terminate the Agreement by written notice six (6) months
prior to the end of the following year.

SECTION 17. - AMENDMENT.

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

                                     - 14 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

SECTION 18. - MERGER, TRANSFER AND ASSIGNMENT.

      (a). Severstal 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
Severstal'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 18(b) shall be limited to the Severstal
obligations under this Agreement. Severstal shall not sell or transfer all or
substantially all of its business to any other person, partnership, corporation,
joint venture or other entity ("Severstal Transferee") unless the Severstal
Transferee assumes in writing all of Severstal's obligations under this
Agreement.

      (b). 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.

      (c). 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 19. - WAIVER.

      No waiver of any of the terms of this Agreement shall be valid unless in
writing. No waiver of 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.

                                     - 15 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

SECTION 20. - CONFIDENTIALITY

      (a). Cliffs and Severstal 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 Severstal at a
competitive disadvantage if disclosed to the public (the "Confidential
Information"). Cliffs and Severstal 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 20.

      (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.

                                     - 16 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

SECTION 21. - 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 Michigan.

SECTION 22. - REPRESENTATIONS AND WARRANTIES.

      (a). Severstal represents and warrants to Cliffs that (i) the execution
and delivery of this Agreement by Severstal 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 Severstal 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
Severstal 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 Severstal
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 Severstal or any other person or entity, and (iii) this
Agreement constitutes a valid and binding obligation of Severstal and is
enforceable against Severstal in accordance with its terms.

      (b). Cliffs represents and warrants to Severstal 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 it, or conflict with, violate or
result in the breach of or constitute a default under any material

                                     - 17 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

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 23. - 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 24. - 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 by Severstal,
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, Severstal 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,

                                     - 18 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

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;

            (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.

SECTION 25. - ENTIRE AGREEMENT

      This agreement, the Recitals and the Exhibits attached to this Agreement
(all of which shall be deemed to be incorporated into the Agreement and made a
part hereof) set forth the

                                     - 19 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

entire understanding of the parties with respect to the subject matter hereof
and supersede all prior agreements, understandings or letters of intent among
any of the parties hereto, including, without limitation, that certain Pellet
Sale and Purchase and Trade Agreement, dated and effective as of January 1,
1991, by and between Iron and Rouge Steel Company, as amended by the letter
agreements dated as of [*****] and the 2004 Letter Agreement.

                       [Signature Page Follows This Page]

                                     - 20 -

<PAGE>
                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

      IN WITNESS WHEREOF, the parties have executed this Agreement effective as
of the date first written above.

CLIFFS SALES COMPANY                        SEVERSTAL NORTH AMERICA, INC.

BY: /s/ W. R. Calfee                        BY: /s/ William E. Hornberger
   --------------------------------             -----------------------------
NAME: William R. Calfee                     NAME: William E. Hornberger
TITLE: Executive V. P. - Commercial         TITLE: EVP

THE CLEVELAND-CLIFFS IRON COMPANY

BY: /s/ W. R. Calfee
    -------------------------------
NAME: William R. Calfee
TITLE: Executive V. P. - Commercial

CLIFFS MINING COMPANY

BY: /s/ W. R. Calfee
    -------------------------------
NAME: William R. Calfee
TITLE: Executive V. P. - Commercial

                                     - 21 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

                                   APPENDIX I

                                    GLOSSARY

<TABLE>
<S>                                                                             <C>
2004 Letter Agreement.............................................               2

[*****]...........................................................               8

Agreement.........................................................               1

Bankruptcy Case...................................................               1

Cliffs............................................................               1

Cliffs' Pellets...................................................               3

Cliffs Sales......................................................               1

Cliffs Transferee.................................................              17

Collateral........................................................              11

Commission........................................................              18

Confidential Information..........................................              18

Effective Date....................................................               1

Iron..............................................................               1

iron unit.........................................................               2

Mining............................................................               1

Original Contract.................................................               1

pellets...........................................................               2

PMSI..............................................................              11

PMSI Termination Date.............................................              12

[*****]...........................................................               7

[*****]...........................................................               8

[*****]...........................................................               7

[*****]...........................................................               7

Quarterly Price Adjustment........................................               5

Rouge.............................................................               1

Severstal.........................................................               1

Severstal Transferee..............................................              17

Severstal's Annual Tonnage Requirements...........................               3

shipment week.....................................................              11

[*****]...........................................................               9
</TABLE>

                                     - 22 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

<TABLE>
<S>                                                                              <C>
[*****]...........................................................               9

[*****] Pellets...................................................               2

[*****]...........................................................               2

ton...............................................................               2

[*****] Pellets...................................................               2

year..............................................................               2

Year End Adjustment...............................................               6
</TABLE>

                                     - 23 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

                                LIST OF EXHIBITS

<TABLE>
<S>                                                                                                 <C>
[*****] PRICE ADJUSTMENT FORMULA FOR YEARS [*****].......................................                EXHIBIT I

EXAMPLES OF ADJUSTMENTS IN [*****] PELLET PRICING........................................            EXHIBIT II(a)

EXAMPLES OF [*****] PELLET PRICING.......................................................            EXHIBIT II(b)

EXAMPLES OF YEAR-TO-YEAR PELLET PRICE CALCULATIONS [*****]...............................           EXHIBIT III(a)

EXAMPLES OF YEAR-TO-YEAR PELLET PRICE CALCULATIONS [*****]...............................           EXHIBIT III(b)

CLEVELAND-CLIFFS INC PELLET TYPICAL ANALYSIS AS LOADED TO VESSEL FOR SHIPMENT............               EXHIBIT IV
</TABLE>

                                     - 24 -

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

             AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT
               [*****] PRICE ADJUSTMENT FORMULA FOR YEARS [*****]

CURRENT YEAR'S PRICE ADJUSTMENT CALCULATION                            EXHIBIT I

<TABLE>
<S>            <C>                           <C>          <C>                <C>
(1) [*****]

               [*****] - [*****]                =             [*****]
               -----------------                              [(*****)]
                    [*****]

                [*****]       X              [*****]      X     [*****]      =    A

(2) [*****]

               [*****] - [*****]                =             [*****]
               -----------------                              [(*****)]
                    [*****]

                [*****]       X              [*****]      X     [*****]      =    B

(3) [*****]

               [*****] - [*****]                =             [*****]
               -----------------                              [(*****)]
                    [*****]

                [*****]       X              [*****]      X     [*****]      =    C

(4) [*****]

               [*****] - [*****]                =             [*****]
               -----------------                              [(*****)]
                    [*****]

                [*****]       X              [*****]      X     [*****]      =    D
</TABLE>

<TABLE>
<S>                                                  <C>  <C>                        <C>   <C>
CURRENT YEAR'S ADJUSTED PRICE PER IRON UNIT

    - PRECEDING YEAR'S ADJUSTED PRICE PER IRON UNIT  +          (A + B + C + D)      =       CURRENT YEAR'S ADJUSTED PRICE PER
                                                                                               IRON UNIT

CURRENT YEAR'S ESTIMATED PELLET PRICE PER TON

    - CURRENT YEAR'S ADJUSTED PRICE PER IRON UNIT    X    CURRENT YEAR'S EXPECTED    =     CURRENT YEAR'S ESTIMATED PELLET PRICE
                                                           NATURAL IRON CONTENT              PER TON
</TABLE>

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

          AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT  EXHIBIT II(a)
                   EXAMPLES OF ADJUSTMENTS IN [*****] PELLET PRICING
                                              -------

<TABLE>
<CAPTION>
[*****]                                                    [*****]
-------             ------------------------------------------------------------------------------------
<S>                 <C>             <C>            <C>             <C>            <C>            <C>
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
                    -------         -------        -------         -------        -------        -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
                    -------         -------        -------         -------        -------        -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]
    -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]
    -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
</TABLE>

<TABLE>
<CAPTION>
[*****]                                                    [*****]
-------             ------------------------------------------------------------------------------------
<S>                 <C>             <C>            <C>             <C>            <C>            <C>
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
                    -------         -------        -------         -------        -------        -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
                    -------         -------        -------         -------        -------        -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]
    -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]
    -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
                    -------         -------        -------         -------        -------        -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]
</TABLE>

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

          AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT  EXHIBIT II(b)
                           EXAMPLES OF [*****] PELLET PRICING

<TABLE>
<CAPTION>
[*****]                                                          [*****]
-------             ----------------------------------------------------------------------------------------------
<S>                 <C>             <C>            <C>             <C>            <C>            <C>       <C>
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
                    -------         -------        -------          -------       -------        -------   -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
</TABLE>

<TABLE>
<CAPTION>
[*****]                                                          [*****]
-------             ----------------------------------------------------------------------------------------------
<S>                 <C>             <C>            <C>             <C>            <C>            <C>       <C>
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
                    -------         -------        -------         -------        -------        -------   -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
                    -------         -------        -------         -------        -------        -------   -------
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]

    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
    [*****]         [*****]         [*****]        [*****]         [*****]        [*****]        [*****]   [*****]
</TABLE>

<PAGE>
                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

                                                                  EXHIBIT III(a)

            AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT
               EXAMPLES OF YEAR-TO-YEAR PELLET PRICE CALCULATIONS
                                     [*****]

<TABLE>
<CAPTION>
                     [*****]         [*****]        [*****]
                    ---------       ---------      ---------
<S>                 <C>             <C>            <C>
[*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]          [*****]        [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
                    ---------       ---------      ---------
    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]
                    ---------       ---------      ---------

[*****]
    [*****]           [*****]         [*****]        [*****]
    [*****]           [*****]         [*****]        [*****]
    [*****]           [*****]         [*****]        [*****]
                    ---------       ---------      ---------
    [*****]           [*****]         [*****]        [*****]
    [*****]           [*****]         [*****]        [*****]
                    ---------       ---------      ---------
    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]
    [*****]           [*****]         [*****]        [*****]
                    ---------       ---------      ---------
    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]
    [*****]
    [*****]           [*****]         [*****]        [*****]
    [*****]
    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]
    [*****]           [*****]         [*****]        [*****]

    [*****]           [*****]         [*****]        [*****]
</TABLE>

<PAGE>

                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

                                                                  EXHIBIT III(b)

            AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT
               EXAMPLES OF YEAR-TO-YEAR PELLET PRICE CALCULATIONS
                                     [*****]

<TABLE>
<CAPTION>
                    [*****]         [*****]        [*****]
                    -------         -------        -------
<S>                 <C>             <C>            <C>
[*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
                    -------         -------        -------
    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]
                    -------         -------        -------

[*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
                    -------         -------        -------
    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]
                    -------         -------        -------
    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]
    [*****]
    [*****]         [*****]         [*****]        [*****]
    [*****]
    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]
    [*****]         [*****]         [*****]        [*****]

    [*****]         [*****]         [*****]        [*****]
</TABLE>

<PAGE>
                                                  CONFIDENTIAL MATERIAL HAS BEEN
                                           OMITTED AND FILED SEPARATELY WITH THE
                                             SECURITIES AND EXCHANGE COMMISSION.
                                                ASTERISKS DENOTE SUCH OMISSIONS.

             AMENDED AND RESTATED PELLET SALE AND PURCHASE AGREEMENT  EXHIBIT IV
                  CLEVELAND-CLIFFS INC PELLET TYPICAL ANALYSIS
                        AS LOADED TO VESSEL FOR SHIPMENT

<TABLE>
<CAPTION>
                                  [*****]                                      [*****]                              [*****]
             [*****]    ---------------------------                  ---------------------------           -------------------------
             [*****]    [*****]   [*****]   [*****]                  [*****]   [*****]   [*****]           [*****]  [*****]  [*****]
            ---------   -------   -------   -------                  -------   -------   -------           -------  -------  -------
<S>         <C>         <C>       <C>       <C>      <C>             <C>       <C>       <C>      <C>      <C>      <C>      <C>
[*****]       [*****]   [*****]                      [*****]         [*****]                      [*****]  [*****]           [*****]
A. [*****]                                           [*****]                                      [*****]
----------
 [*****]      [*****]   [*****]   [*****]            [*****]         [*****]   [*****]            [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]   [*****]   [*****]  [*****]         [*****]   [*****]   [*****]  [*****]  [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]
 [*****]      [*****]   [*****]   [*****]   [*****]  [*****]         [*****]   [*****]   [*****]  [*****]  [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]   [*****]   [*****]  [*****]         [*****]   [*****]   [*****]  [*****]  [*****]           [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]                      [*****]  [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]             [*****]  [*****]         [*****]             [*****]  [*****]  [*****]           [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]                      [*****]  [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]                      [*****]  [*****]
B. [*****]
----------
 [*****]      [*****]   [*****]             [*****]  [*****]         [*****]             [*****]  [*****]                    [*****]
 [*****]      [*****]   [*****]   [*****]            [*****]         [*****]   [*****]            [*****]
 [*****]      [*****]   [*****]                      [*****]                                      [*****]
 [*****]      [*****]   [*****]             [*****]  [*****]         [*****]             [*****]  [*****]  [*****]

C. [*****]
----------
 [*****]      [*****]   [*****]   [*****]            [*****]         [*****]                      [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]   [*****]            [*****]         [*****]   [*****]            [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]                      [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]                      [*****]         [*****]                      [*****]

D. [*****]
----------
 [*****]                                                                                          [*****]  [*****]  [*****]  [*****]
 [*****]      [*****]   [*****]   [*****]            [*****][*****]            [*****]

 [*****]    - [*****]
 [*****]    - [*****]
 [*****]    - [*****]
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]