Document:

EX-10.70

 Exhibit 10.70 
 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 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 

 CONFIDENTIAL MATERIAL HAS BEEN 

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

  

 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 [*****]. 

  
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 (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. 

  
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 (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: 
  

			
	 Year
	  	 Minimum Tonnage

	 [*****]
	  	[*****]
	 Non-allocated [*****]
	  	[*****]
	 Total
	  	[*****]

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

  
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 (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. 

  
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 (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; 

  
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 (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 [*****]. 

  
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 CONFIDENTIAL MATERIAL HAS BEEN 

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

  
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 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 

  
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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 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. 

  
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 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. 

  
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 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 

  
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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 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. 

  
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 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. 

  
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 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. 

  
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 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. 

  
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 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 

  
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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, pending the establishment of the arbitral tribunal (or pending the arbitral tribunal’s determination of the merits of the controversy); 

  
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 (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. 

  
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 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 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] 

  
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 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:	 	 	 		 		 	By:	 	 	 	
	Name:	 	 	 		 		 	Name:	 	 	 	
	Title:	 	 	 		 		 	Title:	 	 	 	
				
	THE CLEVELAND-CLIFFS IRON COMPANY	 		 		 	
							
	By:	 	 	 		 		 		 		 	
	Name:	 	 	 		 		 		 		 	
	Title:	 	 	 		 		 		 		 	
						
	CLIFFS MINING COMPANY	 		 		 		 		 	
							
	By:	 	 	 		 		 		 		 	
	Name:	 	 	 		 		 		 		 	
	Title:	 	 	 		 		 		 		 	

  
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 APPENDIX I 

Glossary 
  

					
	 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	  

  
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	 [*****]
	  	 	9	  
	 [*****] Pellets
	  	 	2	  
	 [*****]
	  	 	2	  
	 ton
	  	 	2	  
	 [*****] Pellets
	  	 	2	  
	 year
	  	 	2	  
	 Year End Adjustment
	  	 	6	  

  
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 LIST OF EXHIBITS 

 

					
	[*****] 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	  

  
  
  

 
  

  
 - 24 -EX-10.74

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 PELLET SALE AND PURCHASE AGREEMENT

 THIS AGREEMENT, entered into, dated
                , 2006 and effective as of January 1, 2007 (“Agreement”), by and among THE CLEVELAND-CLIFFS IRON COMPANY, an Ohio
corporation (“Iron”), CLIFFS SALES COMPANY, an Ohio corporation (“Sales”; and together with Iron, referred to herein as “Cliffs”), AK STEEL CORPORATION, a Delaware corporation (“AK Steel”).

 RECITALS 
 WHEREAS, Cliffs desires to sell to AK Steel and AK Steel desires to purchase from Cliffs certain quantities of grades of iron ore [*****] pellets such grades of iron ore [******]
pellets being produced at the [**********************************************], located in [********************] or such other [**********] pellet grades as may be mutually agreed to by the parties hereto (such
[*********************] and other mutually agreed upon [*******] pellets collectively being referred to herein as “Cliffs Pellets”), all upon the terms and subject to the conditions contained herein. 

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

Section 1.—Definitions. 
 The terms quoted in the above parentheses of the first introductory paragraph of this Agreement and the WHEREAS clause, other terms quoted throughout this Agreement, and the terms defined below in this
Section 1 shall have the meanings assigned to them for purposes of this Agreement. Attached, as Appendix I to this Agreement is a locator list of all defined terms used throughout the Agreement. 

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 (a). The words, “AK Steel’s Annual Pellet Tonnage”, as used herein, shall
mean: (i) for the year 2007 a tonnage amount equal to 1.0 gross tons plus or minus ten percent (10%); and (ii) for the years 2008 through and including 2013 a tonnage amount between 1.0 gross tons and 1.3 gross tons plus or minus ten
percent (10%), for consumption in AK Steel’s iron and steel making facilities in any year at any of AK Steel’s facilities in North America owned or controlled at the time of execution of this Agreement. 

(b). The word “pellets”, as used herein, shall mean iron-bearing products obtained by the pelletizing of iron ore or iron ore
concentrates, suitable for making iron in blast furnaces. 
 (c). The word “ton”, as used herein, shall mean a gross
ton of 2,240 pounds avoirdupois natural weight. 
 (d). The words “Upper Lake Docks”, as used herein, shall mean
[****************************] or other mutually agreeable port. 
 (e). The word “year”, as used herein, shall
mean a calendar year commencing on January 1 and ending December 31. 
 Section 2.—Sale and Purchase/Tonnage.

 During each of the years 2007 through 2013, and each year thereafter as long as this Agreement remains in effect, Cliffs
shall sell and deliver to AK Steel and AK Steel shall purchase and receive from Cliffs and pay for a tonnage of Cliffs Pellets which tonnage shall be equal to AK Steel’s Annual Pellet Tonnage for each such year. 

  
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 Section 3.—Pellet [************************************]

 (a). Cliffs Pellets when loaded for shipment will be consistent with the typical specifications and analysis limits set
forth in Exhibit I to this Agreement. 
 (b).
[****************************************************************************************** **********************************************************************************************
********************************************************************************************** **********************************************************************************************
********************************************************************************************** **********************************************************************************************
********************************************************************************************** ********************************************************************************************** *************************] 

Section 4.—Notification and Nomination. 
 (a). With respect to the tonnage of Cliffs Pellets to be purchased by AK Steel for its facilities for each of the years 2007 through 2013, as provided in Section 2, on or before November 1 of
each of the years prior thereto (e.g., November 1, 2007 for the 2008 year), AK Steel shall notify Cliffs in writing of AK Steel’s preliminary tonnage of AK Steel’s Annual Pellet Tonnage for such year (“Annual Nomination”).

 (i). Beginning in the year 2008, in the event AK Steel requires tonnage in addition to the maximum 1.3 million gross
tons plus ten percent (10%), Cliffs is not obligated to provide such excess tonnage. However, as part of its preliminary nomination AK Steel may request additional tonnage, and shall notify Cliffs in writing of such requested excess tonnage on or

  
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before November 1 of the preceding year. Cliffs shall have thirty (30) days from the date of the request to determine whether Cliffs will supply all or any portion of such request. In
the event Cliffs is able to comply with such request, AK Steel shall be obligated to purchase such tonnage that Cliffs is able to provide. 
 (ii) If at any time during the term of the Agreement AK Steel’s Ashland blast furnace requires a reline, then AK Steel’s Annual Pellet Tonnage shall be adjusted downwards on a pro rata basis
during the time in which the reline takes place. AK Steel shall provide Cliffs with written notice of such planned reline with its Annual Nomination in the year prior to the planned reline. 

 

	 	(b).	 (i). With respect to the Annual Nomination for the year 2007, such Annual Nomination is fixed at 1.0 million gross tons, subject to the adjustments process
set forth below. 

 (ii). With respect to each Annual Nomination for each year beginning with 2008, on or before
[********] of the then current year of the purchase and sale, AK Steel may, by written notification to Cliffs, adjust its Annual Nomination for the then current year by not more than [**********] up or down.
[************************************************************************************************* **************************************************************************************************
************************************************************************************************** ************************************************************************************************** *************] 

  
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 If, however, AK Steel has not adjusted its Annual Nomination for the then current year
and thereafter as provided for above, then on or before [*******************] of the then current year of the purchase and sale (e.g. [**********************************]), AK Steel may, by written notification to Cliffs, adjust its
Annual Nomination for the current year, as made under Section 4(a), by not more than [*****************] up or down. 
 [*****************************************************************************************************
****************************************************************************************************** ******************************************************************************************************
****************************************************************************************************** ******************************************************************************************************
**********************************************************************************************************] 

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

  
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 (iii). In order to provide Cliffs with the necessary information to plan for the
production of Cliffs Pellets, between [**************************] of the then current year, AK Steel shall notify Cliffs of AK Steel’s current estimate of AK Steel’s annual iron ore pellets Tonnage for such year. 

(iv). In order to provide Cliffs with the necessary information to plan shipments of Cliffs Pellets, on [**********] of the then
current year, AK Steel shall provide Cliffs with a monthly shipping schedule for the then current year’s shipping season (the “Shipping Schedule”). Thereafter, AK Steel shall provide an updated Shipping Schedule on the
[***************] of each month through [********************] of the then current year. 
 (v). Notwithstanding
the foregoing, nothing contained in this Section 4 shall permit AK Steel to adjust its Annual Nomination in any manner which would result in a Final Nomination that is beyond the [*****************************] of AK Steel’s Annual
Pellet Tonnage set forth in Section 1(a) of this Agreement. 
 Section 5.—Price [************************].

 (a). [****************] shall have a [*************] price of [**********] per gross ton iron unit,
which at an expected [*************************] equals [*******] per ton. (“Base Price”) 
 (b). The
price for the Cliffs Pellets sold and purchased in each of the years 2007 and thereafter by AK Steel shall be based on the Base Price per iron unit as described in Section 5(a) above, which Base Price shall then be adjusted, up or down, in the
year 2007 and each year thereafter by an amount as determined in accordance with Section 5(c) below. 

  
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(c).[****************************************************************************************************
******************************************************************************************************* *******************************************************************************************************
******************************************************************************************************* *****************************************************************] 
 (i). divide (x) the numerator, which is the amount by which the[***********************************************************************************************************************] for the
[*************************************************************************************************** *************************************************************************************************** **********************************] by
(y) the denominator, which is the [********************************************************************], and multiply the result obtained by [****]; 
 (ii). divide (x) the numerator, which is the amount by which the [*************************************************************************************************] for the
[********************************************************** 

[**************************************************************************************************
************************************]; by (y) the denominator, which is the [****************************************], and multiply the result obtain by [*******]; 

  
 7 

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 (iii). divide (x) the numerator, which is the amount by which the
[************************************************************************************ *********************************************************************************************
********************************************************************************************* ****************************************************] for the [**** ********************************************]; by (y) the
denominator, which is the [************************************************], and multiply the result obtained by [*****]; 
 (iv). divide (x) the numerator, which is the amount by which the [**************************************************************************************************
**********************************************************************************************] for the calendar year in determination changes (up or down) from [*************************************]; by (y) the denominator, which
is the [***************************************************], and multiply the result obtained by [******]; 

(v). [****************] obtained in paragraphs (i) through (iv); 

(vi). [******************] determined in (v) above by the [******************************] per iron unit for AK Steel
which will then equal the [***************************************] per iron unit for AK Steel; 
 (vii).
[******************] determined in (vi) above to the preceding year’s adjusted price per iron unit for AK Steel, which will then equal the current year’s adjusted prices per iron unit for AK Steel; and 

  
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 (viii). [*********************************] determined in (vii) above by the
[********************************************], which will then equal the current year’s estimated price per ton for AK Steel. 
 Those adjusted prices per ton for AK Steel shall then become the contract’s year estimated price for the Cliffs Pellets delivered to the Upper Lake Docks for the year in determination. 

(d). The price for all tons sold by Cliffs to AK Steel shall be based on [************************************] 

(e). Attached, as Exhibit II is an example of the adjustment formula applying the provisions of Sections 5(c). 

Section 6.— Payments [*********************************] 

(a). Cliffs shall invoice AK Steel for each shipment of Cliffs Pellets delivered to the Upper Lake Docks and payment for shipments of
Cliffs Pellets shall be made via wire transfer [*******************] following delivery of the Cliffs Pellets to the Upper Lake Docks. [****************************************************] 

(b). [*************************************************************************************
***************************************************************************************************** *****************************************************************************************************
*************************************************************************************************
*************************************************************************************************************************************************************************************************************
***************************************************************************************************** ******************************************************************************************************
******************************************************************************************************* ******************************************************************************************************
*******************************************************] 

  
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 ************************************************************************************
************************************************************************************ ************************************************************************************ ******************************************** 

(c). In the event AK Steel shall fail to make payment when due of any or all amounts, Cliffs, in addition to all other remedies available
to Cliffs in law or in equity, shall have the right, but not the obligation, to withhold further performance by Cliffs under this Agreement until all claims Cliffs may have against AK Steel under this Agreement are fully satisfied. 

(d). All payments shall be made in U.S. dollars. 
 (e). [********************************************************************************* ************************************************************************************************* *****
**************************************************************************] 
 (i)
[************************************************************************* ********************************************************************************** ************************************************************************************
************************************************************************************ ************************************************************************************
************************************************************************************** *************************************************************************************
************************************************************************************* *************************************************************************] 

  
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 (ii) [****************************************************************************
************************************************************************************** **************************************************************************************
************************************************************************************* **************************************************************************************
************************************************************************************* **************************************************************************************
************************************************************************************* **************************************************************************************
************************************************************************************* ******************************************************************************************
******************************************************************************************* ******************************************************************************************* *************] 

(iii) [*****************************************************************************
************************************************************************************** **************************************************************************************
************************************************************************************* ****************************************************************************************
*********************************************************************************** **************************************************************************] 

  
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 Section 7.—Sampling and Analyses. 

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

(c). [******************************************************************************* ***
************************************************************************************************** 

  
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*************************************************************************************************
*************************************************************************************************** **************************************************************************************************
************************************************************************************************** ************] 

Section 9.—Shipments. 
 Shipments of Cliffs Pellets shall be in approximately equal amounts over the nine-month period of March 25 through January 15 each year during the term of this Agreement to ensure an adequate
amount of inventory to allow a working pellet pile at the Upper Lake Docks. Vessel Seasons are determined by the U.S. Army Corps of Engineers and other uncontrollable factors, such as weather, and are subject to change by the U.S. Army Corps of
Engineers. 
 Section 10.—Weights. 
 The 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 or Upper Lake Docks shall be accepted by the parties as finally determining the amount of Cliffs Pellets shipped to the Upper Lake Docks for AK Steel pursuant to this Agreement. 

Section 11.—Employment of Vessels. 
 AK Steel assumes the obligation for arranging and providing appropriate vessels for the transportation of the Cliffs Pellets delivered by Cliffs to the Upper Lake Docks for AK Steel hereunder. 

  
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 Section 12.—[****************] 

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

 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 notices for
substantial variance in specifications of the Cliffs Pellets from the specifications and analysis limits described in Exhibit I shall be given in writing delivered to Cliffs within sixty (60) calendar days after completion of discharge of the
Cliffs Pellets at the Upper Lake Docks, or any claim arising from any substantial variance shall be deemed waived by AK Steel. Each party shall afford the other party prompt and reasonable opportunity to inspect the Cliffs Pellets as to which any
notice is given as above stated. No claim will be entertained after the Cliffs Pellets have been consumed. The Cliffs Pellets shall not be returned to Cliffs without prior written consent of Cliffs. In no event shall Cliffs be liable for AK
Steel’s cost of processing, lost profits, injury to good will or any other special or consequential damages. 

Section 14.—Force Majeure. 
 (a). Force Majeure shall be defined as any unforeseeable event that delays or prevents a Party from performing, in whole or in part, any of its obligations under this Agreement due to any cause beyond the
reasonable control of and not due to the fault or negligence of the declaring Party, including but not limited to acts of God, war, riots, 

  
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civil insurrection, acts of the public enemy, terrorism, strikes, lockouts, natural disasters, breakdown of or damage to necessary facilities or equipment, transportation delays, orders or acts
of civil or military authorities, legislation, regulation or administrative orders, or any limitation or prohibition on, or inability to obtain governmental permits or approvals required by law and necessary to, the mining, transporting, storing, or
handling of iron ore, or other unforeseeable causes that are beyond the reasonable control and without the fault or negligence of the Party affected thereby. Notwithstanding the foregoing, Force Majeure, for purposes of this Agreement, shall not
include (i) the ability of Cliffs to sell Cliffs Pellets to a third party at a price greater than the applicable price as set forth in Section 5 hereof; (ii) loss of AK Steel’s markets; (iii) AK Steel’s ability to
purchase Cliffs Pellets from a third party at a price lower than the applicable price as set forth in Section 5 hereof; or (iv) financial difficulties of any kind. 
 (b). If because of Force Majeure either Cliffs or AK Steel is rendered wholly or partially unable to carry out its respective obligations under this Agreement, and if such Party promptly gives the other
Party written notice of such Force Majeure in accordance with Paragraph 14(d) below, the obligations and liabilities of the Party giving such notice and the corresponding obligation of the other Party shall be excused to the extent made necessary by
and during the continuance of such Force Majeure, provided, however, that the Party claiming Force Majeure shall use its best effort to eliminate the cause or effect of the Force Majeure as soon as to the extent possible except that labor disputes
or strikes shall be settled at the sole discretion of the Party affected. To the extent possible, Cliffs and AK Steel shall utilize good faith efforts to minimize the adverse 

  
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effects of a Force Majeure. AK Steel shall have the option to require Cliffs to make up any deliveries excused by reason of a Force Majeure (at the price existing as of the date of the occurrence
of the Force Majeure) prior to the termination of this Agreement. Cliffs shall have the option to require AK Steel to make up any purchases excused by reason of Force Majeure (at the price existing as of the date of the occurrence of the Force
Majeure) prior to the termination of this Agreement. 
 (c). If Cliffs claims Force Majeure and is unable to meet all of its
delivery obligations hereunder, or if AK Steel claims Force Majeure and is unable to meet all of its purchase obligations hereunder, then any reductions in Cliff’s deliveries or AK Steel’s purchases (as applicable) shall be allocated on a
pro rata basis with all other iron ore supply or purchase agreements involving iron ore of the same type and quality as the Cliffs Pellets. Upon a written request by the Party not claiming Force Majeure, the declaring Party shall provide reasonable
written documentation to establish that its deliveries or purchases (as applicable) have been allocated on such a pro rata basis. 
 (d). Should either Party experience an event of Force Majeure impacting its ability to perform its obligations under this Agreement, said Party shall provide written notice within ten (10) Business
Days to the Party not claiming Force Majeure setting forth the date(s) on which the Force Majeure occurred, a brief description of the event of Force Majeure, and the estimated duration of the impact of the Force Majeure at that time. 

  
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 (e). If a Party declares a complete or partial Force Majeure based on damage to and/or
unexpected conditions with respect to any real and/or personal property within its custody or control, then the Party not claiming Force Majeure and/or its appointed designee shall have the right to inspect (upon a written request) the property
affected by the Force Majeure. The non-declaring Party shall choose the date and time of the inspection, however, such date and time must be consented to by the declaring Party, which consent shall not be unreasonably withheld. The declaring Party
shall make such property available for inspection within twenty (20) Business Days after the Party not claiming Force Majeure requests the inspection. A Party is entitled to one such inspection per declared Force Majeure, but upon the written
consent of the declaring Party, additional inspections may be permitted. Such consent shall not be unreasonably withheld. 

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 e-mail or facsimile addressed as follows: 
 If to Cliffs:

 1100 Superior Avenue—15th Floor 
 Cleveland, Ohio 44114-2589 
 Attention: Secretary 

Cc: General Manager – Sales and Traffic 
 E-mail: trmee@cleveland-cliffs.com 
 Facsimile: (216) 694-5385

  
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 If to AK Steel: 

703 Curtis Street 
 Middletown, Ohio 45043 
 Attention: Director – Purchasing 

E-mail: Toney.Perry@aksteelcom 
 Cc: Manager Raw Materials—Purchasing 
 E-mail: Mick.Paddock@aksteel.com

 Facsimile: 513-425-5562 
 provided, however, that any party may change the address to which notices or other communications to it shall be sent by giving to the other party written notice of such change, in which case notices and
other communications to the party giving the notice of the change of address shall not be deemed to have been sufficiently given or delivered unless addressed to it at the new address as stated in said notice. 

Section 16.—Term. 
 (a). The term of this Agreement shall commence as of January 1, 2007 and continue through December 31, 2013. Unless either party has given written notice of termination to the other party by
[***********************************], this Agreement shall continue on an annual basis after December 31, 2013 (original termination year) subject to subsequent termination by either party upon [**************************] prior
written notification to the other party, in which case the Agreement shall terminate at the end of the next succeeding year. 

  
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 (b). This Agreement shall remain valid and fully enforceable for the fulfillment of
obligations incurred prior to termination. 
 Section 17.—Amendment. 

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

Section 18.—Merger, Transfer and Assignment. 
 (a). AK Steel shall not merge, consolidate or reorganize with any person, partnership, corporation or other entity unless the surviving or resulting person, partnership, corporation or other entity
assumes in writing all of AK Steel’s obligations under this Agreement. Any obligations required to be assumed by a surviving or resulting person, partnership, corporation or entity in accordance with this Section 18(a) shall be limited to
the AK Steel obligations under this Agreement, and this Section 18(a) is not intended (i) to impose and shall not be deemed to impose upon any such surviving or resulting person, partnership, corporation or entity, including AK Steel, any
obligation with respect to any pellet requirements it may have for any facility or facilities it owns or operates other than AK Steel, nor (ii) to allow the surviving or resulting person, partnership, corporation or other entity to substitute
any other pellet tonnage available from any other pellet purchase or pellet equity commitment of such surviving or resulting person, partnership, corporation or other entity in order to satisfy the assumed obligations under this Agreement for AK
Steel . 
 (b). AK Steel shall not sell or transfer all or any of the blast furnace operations at AK Steel to any other person,
partnership, corporation, joint venture or other entity 

  
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(“Transferee“) unless the Transferee assumes in writing all of AK Steel’s obligations under this Agreement, as such obligations relate to AK Steel being sold or transferred. Any
obligations required to be assumed by a Transferee in accordance with this Section 18(b) shall be limited to the AK Steel obligations under this Agreement relating to the particular facility or facilities sold or transferred. This
Section 18(b) is not intended (i) to impose and shall not be deemed to impose upon any such Transferee any obligation with respect to any pellet requirements such Transferee may have for any facility or facilities such Transferee owns or
operates other than AK Steel , nor (ii) to allow such Transferee to substitute any other pellet tonnage available from any other pellet purchase or pellet equity commitment of such Transferee in order to satisfy the assumed obligations under
this Agreement. 
 (c). AK Steel shall not assign its rights or delegate its obligations under this Agreement except as provided
in Section 18(a) or 18(b). 
 (d). Cliffs shall not merge, consolidate or reorganize with any person, partnership,
corporation or other entity unless the surviving or resulting person, partnership, corporation or other entity assumes in writing all of Cliffs’ obligations under this Agreement. Cliffs shall not sell or transfer all or substantially all of its
iron ore business to any other person, partnership, corporation, joint venture or other entity (“Cliffs Transferee“) unless the Cliffs Transferee assumes in writing all of Cliffs’ obligations under this Agreement. 

(e). Cliffs shall not assign its rights or delegate its obligations under this Agreement except as provided in Section 18(d).

  
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 (f). All the covenants, stipulations and agreements herein contained shall inure to the
benefit of and bind the parties hereto and their respective successors, transferees and permitted assigns, and any of the latter’s subsequent successors, transferees and permitted assigns. 

Section 19.—Waiver. 
 No waiver of any of the terms of this Agreement shall be valid unless in writing. No waiver or any breach of any provision hereof or default under any provisions hereof shall be deemed a waiver of any
subsequent breach or default of any kind whatsoever. 
 Section 20.—Confidentiality. 

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

  
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notify the other party prior to disclosure to permit such party to seek a protective order or take other appropriate action to preserve the confidentiality of such Confidential Information. If
either party determines to file this Agreement with the Securities and Exchange Commission (“Commission“) or any other federal, state or local governmental or regulatory authority, or with any stock exchange or similar body, such
determining party will use its best efforts to obtain confidential treatment of such Confidential Information pursuant to any applicable rule, regulation or procedure of the Commission and any applicable rule, regulation or procedure relating to
confidential filings made with any such other authority or exchange. If the Commission (or any such other authority or exchange) denies such party’s request for confidential treatment of such Confidential Information, such party will use its
best efforts to obtain confidential treatment of the portions thereof that the other party designates. Each party will allow the other party to participate in seeking to obtain such confidential treatment for Confidential Information. 

Section 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 Ohio. 

  
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 Section 22.—Representations and Warranties. 

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

  
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the breach of or constitute a default under any material agreement to which it is a party or by which it or any of its properties is bound, or any judgment, order, award or decree to which Cliffs
is a party or by which it is bound, or require any approval, consent, authorization or other action by any court, governmental authority or regulatory body or any creditor of Cliffs or any other person or entity, and (iii) this Agreement
constitutes a valid and binding obligation of Cliffs and is enforceable against Cliffs in accordance with its terms. 

Section 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 AK Steel, 

  
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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, AK Steel or Cliffs; 

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

  
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 (vi). The arbitration shall be “Baseball Style“ wherein each party shall
submit to the arbitrator and exchange with each other in advance of the hearing their last, best offers. The arbitrator shall be limited to awarding only one or the other of the two figures submitted; 

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

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

									
	THE CLEVELAND-CLIFFS IRON COMPANY	 		 	AK STEEL CORPORATION
					
	By:	 	 	 		 	By:	 	 
	Name:	 	William R. Calfee	 		 	Name:	 	 
	Title:	 	Executive Vice President — Commercial	 		 	Title:	 	 

  

			
	CLIFFS SALES COMPANY
		
	By:	 	 
	Name:	 	William R. Calfee
	Title:	 	Executive Vice President — Commercial

  

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 APPENDIX 1 

GLOSSARY 
  

					
	 Agreement
	  	 	1	  
	 AK Steel
	  	 	1	  
	 AK Steel’s Annual Pellet Tonnage
	  	 	2	  
	 Annual Nomination
	  	 	3	  
	 Base Price
	  	 	6	  
	 Baseball Style
	  	 	26	  
	 Cliffs
	  	 	1	  
	 Cliffs Pellets
	  	 	1	  
	 Cliffs Transferee
	  	 	20	  
	 Commission
	  	 	22	  
	 Confidential Information
	  	 	21	  
	 [***************]
	  	 	8	  
	 [***************]
	  	 	9	  
	 [***************]
	  	 	5	  
	 [***************]
	  	 	9	  
	 Iron
	  	 	1	  
	 pellets
	  	 	2	  
	 [********]
	  	 	8	  
	 [********]
	  	 	7	  
	 [********]
	  	 	7	  
	 Sales
	  	 	1	  
	 Shipping Schedule
	  	 	6	  
	 [**************]
	  	 	10	  
	 [**************]
	  	 	1	  
	 ton
	  	 	2	  
	 Transferee
	  	 	20	  
	 Upper Lake Docks
	  	 	2	  
	 year
	  	 	2	  
	 [**************]
	  	 	10	  

  

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 EXHIBIT INDEX 

 

			
	I	  	[*************************]
	II	  	[*************************]
	III	  	[*************************]

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