Document:

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                                  EXHIBIT 10.8

                               SEVERANCE AGREEMENT

      THIS SEVERANCE AGREEMENT (hereinafter referred to as this "AGREEMENT") is
entered into as of the 1st day of January, 2004, by and between The Winton
Savings and Loan Co., a savings and loan association incorporated under Ohio law
(hereinafter referred to as "WINTON"), and Gregory P. Niesen, an individual
(hereinafter referred to as the "EMPLOYEE");

                                   WITNESSETH:

      WHEREAS, the EMPLOYEE is currently employed as the Secretary and Treasurer
of WINTON;

      WHEREAS, as a result of the skill, knowledge and experience of the
EMPLOYEE, the Board of Directors of WINTON desires to retain the services of the
EMPLOYEE as the Secretary and Treasurer of WINTON;

      WHEREAS, the EMPLOYEE desires to continue to serve as the Secretary and
Treasurer of WINTON; and

      WHEREAS, the EMPLOYEE and WINTON desire to enter into this AGREEMENT to
set forth their understanding as to their respective rights and obligations in
the event of the termination of EMPLOYEE'S employment under the circumstances
set forth in this AGREEMENT.

      NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, WINTON and the EMPLOYEE hereby agree as follows:

      1. Term. This AGREEMENT shall commence on the date set forth above and
shall end twelve (12) months thereafter, subject to earlier termination as
provided herein (hereinafter referred to as the "TERM").

      2. Termination of Employment.

      (a) Termination for JUST CAUSE. In the event that WINTON terminates the
      employment of the EMPLOYEE before the expiration of the TERM because of
      the EMPLOYEE'S personal dishonesty, incompetence, willful misconduct,
      breach of fiduciary duty involving personal profit, intentional failure or
      refusal to perform the duties and responsibilities assigned in this
      AGREEMENT, willful violation of any law, rule, regulation (other than
      traffic violations or similar offenses) or final cease-and-desist order,
      conviction of a felony or for fraud or embezzlement, or material breach of
      any provision of this AGREEMENT (hereinafter collectively referred to as
      "JUST CAUSE"), the EMPLOYEE shall not receive, and shall have no right to
      receive, any compensation or other benefits for any period after such
      termination.

      (b) Termination without JUST CAUSE and without a CHANGE OF CONTROL. In the
      event that WINTON terminates the employment of the EMPLOYEE before the
      expiration of the TERM without JUST CAUSE and on a date which is more than
      six months before a CHANGE OF CONTROL (hereinafter defined) or which is
      after one year following a CHANGE OF CONTROL, the EMPLOYEE shall not
      receive, and shall have no right to receive, any compensation or other
      benefits for any period after such termination.

      (c) Termination in Connection with a CHANGE OF CONTROL.

   (i) In the event that WINTON terminates the employment of the EMPLOYEE before
   the expiration of the TERM without JUST CAUSE and within six months before a
   CHANGE OF CONTROL or within one year after a CHANGE OF CONTROL, then the
   following shall occur:

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            (A) WINTON shall promptly pay to the EMPLOYEE or to his dependents,
            beneficiaries or estate $88,250 within seven (7) days after such
            termination;

            (B) The EMPLOYEE, his dependents, beneficiaries and estate shall be
            covered under either the health, life and disability plans of the
            EMPLOYER or the health, life and disability plans of the successors,
            survivors or assigns of the EMPLOYERS without any material
            diminution in coverage or benefit of the expense of the EMPLOYERS or
            the successors, survivors or assigns of the EMPLOYERS as if the
            EMPLOYEE were still employed under this AGREEMENT until the earliest
            of the expiration of the TERM or the date on which the EMPLOYEE is
            included in another employer's benefit plans as a full-time
            employee; and

            (C) The EMPLOYEE shall not be required to mitigate the amount of any
            payment provided for in this AGREEMENT by seeking other employment
            or otherwise, nor shall any amounts received from other employment
            or otherwise by the EMPLOYEE offset in any manner the obligations of
            WINTON hereunder, except as specifically stated in subparagraph (B).

   (ii)The EMPLOYEE may voluntarily terminate his employment pursuant to this
   AGREEMENT within one year following a CHANGE OF CONTROL and shall be entitled
   to compensation as set forth in Section 2(c)(i) of this AGREEMENT in the
   event that:

            (A) The present capacity or circumstances in which the EMPLOYEE is
            employed are materially changed (including, without limitation, a
            material reduction in responsibilities or authority, or the
            assignment of duties or responsibilities substantially inconsistent
            with those normally associated with the position of Secretary and
            Treasurer);

            (B) The EMPLOYEE is no longer the Secretary and Treasurer of WINTON;

            (C) The EMPLOYEE is required to move his personal residence, or
            perform his principal executive functions, more than thirty-five
            (35) miles from his primary office as of the date of the
            commencement of the TERM of this AGREEMENT; or

            (D) WINTON otherwise breaches this AGREEMENT in any material
            respect.

      In the event that payments pursuant to this subsection (c) would result in
      the imposition of a penalty tax pursuant to Section 280G(b)(3) of the
      Internal Revenue Code of 1986, as amended, and the regulations promulgated
      thereunder (hereinafter collectively referred to as "SECTION 280G"), such
      payments shall be reduced to the maximum amount which may be paid under
      SECTION 280G without exceeding such limits. Payments pursuant to this
      subsection (c) also may not exceed applicable limits established by the
      Office of Thrift Supervision (hereinafter referred to as the "OTS"), as
      set forth in OTS Regulatory Bulletin 32-12. In the event a reduction in
      payments is necessary in order to comply with the requirements of this
      AGREEMENT relating to the limitations of SECTION 280G or applicable OTS
      limits, the EMPLOYEE may determine, in his sole discretion, which
      categories of payments are to be reduced or eliminated.

      (d) Death of the EMPLOYEE. The TERM shall automatically terminate upon the
      death of the EMPLOYEE. In the event of such death, the EMPLOYEE'S estate
      shall be entitled to receive the compensation due the EMPLOYEE through the
      last day of the calendar month in which the death occurred, except as
      otherwise specified herein.

<PAGE>

      (e) "Golden Parachute" Provision. Any payments made to the EMPLOYEE
      pursuant to this AGREEMENT, or otherwise, are subject to and conditioned
      upon their compliance with 12 U.S.C. Section 1828(k) and FDIC regulation
      12 C.F.R. Part 359, Golden Parachute and Indemnification Payments.

      (f) Definition of "CHANGE OF CONTROL". A "CHANGE OF CONTROL" shall mean
      any one of the following events: (i) the acquisition of ownership or power
      to vote more than 25% of the voting stock of WINTON or Winton Financial
      Corporation, an Ohio corporation (hereinafter referred to as "WFC"); (ii)
      the acquisition of the ability to control the election of a majority of
      the directors of either of WINTON or WFC; (iii) during any period of two
      consecutive years, individuals who at the beginning of such period
      constitute the Board of Directors of WFC or WINTON cease for any reason to
      constitute at least a majority thereof; provided, however, that any
      individual whose election or nomination for election as a member of the
      Board of Directors of WFC or WINTON was approved by a vote of at least
      two-thirds of the directors then in office shall be considered to have
      continued to be a member of the Board of Directors of WFC or WINTON; or
      (iv) the acquisition by any person or entity of "conclusive control" of
      WINTON within the meaning of 12 C.F.R. Section 574.4(a), or the
      acquisition by any person or entity of "rebuttable control" within the
      meaning of 12 C.F.R. Section 574.4(b) that has not been rebutted in
      accordance with 12 C.F.R. Section 574.4(c). For purposes of this
      paragraph, the term "person" refers to an individual or corporation,
      partnership, trust, association, or other organization, but does not
      include the EMPLOYEE and any person or persons with whom the EMPLOYEE is
      "acting in concert" within the meaning of C.F.R. Part 574.

      (g) Legal Fees. WINTON shall promptly pay all legal fees and expenses
      which the EMPLOYEE may incur as a result of the EMPLOYEE or WINTON
      contesting the validity or enforceability of this AGREEMENT if a court of
      competent jurisdiction renders a final decision in favor of the EMPLOYEE
      with respect to any such contest, or to the extent agreed to by WINTON and
      the EMPLOYEE in an agreement of settlement with respect to any such
      contest.

      3. Special Regulatory Events. Notwithstanding Section 2 of this AGREEMENT,
the obligations of WINTON to the EMPLOYEE shall be as follows in the event of
the following circumstances:

      (a) If the EMPLOYEE is suspended and/or temporarily prohibited from
      participating in the conduct of WINTON'S affairs by a notice served under
      Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act
      (hereinafter referred to as the "FDIA"), WINTON'S obligations under this
      AGREEMENT shall be suspended as of the date of service of such notice,
      unless stayed by appropriate proceedings. If the charges in the notice are
      dismissed, WINTON shall (i) pay the EMPLOYEE all of the compensation
      withheld while the obligations in this AGREEMENT were suspended and (ii)
      reinstate any of the obligations that were suspended.

      (b) If the EMPLOYEE is removed and/or permanently prohibited from
      participating in the conduct of WINTON'S affairs by an order issued under
      Section 8(e)(4) or (g)(1) of the FDIA, all obligations of WINTON under
      this AGREEMENT shall terminate as of the effective date of such order;
      provided, however, that vested rights of the EMPLOYEE shall not be
      affected by such termination.

   (c) If WINTON is in default as defined in Section 3(x)(1) of the FDIA, all
   obligations under this AGREEMENT shall terminate as of the date of default;
   provided, however, that vested rights of the EMPLOYEE shall not be affected.

   (d) All obligations under this AGREEMENT shall be terminated, except to the
   extent of a determination that the continuation of this AGREEMENT is
   necessary for the continued operation of WINTON, (i) by the Director of the
   OTS, or his or her designee, at the time that the Federal Deposit Insurance
   Corporation enters into an agreement to provide assistance to or on behalf of
   WINTON under the authority contained in Section 13(c) of the FDIA; or (ii) by
   the Director of the OTS, or his or her designee, at any time the Director of
   the OTS, or his or her designee, approves a supervisory merger to resolve
   problems related to the operation of WINTON or when WINTON is determined by
   the Director of the OTS to be in an unsafe or unsound condition. No vested
   rights of the EMPLOYEE shall be affected by any such action.

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      4. Consolidation, Merger or Sale of Assets. Nothing in this AGREEMENT
shall preclude WINTON from consolidating with, merging into, or transferring
all, or substantially all, of its assets to another corporation that assumes all
of WINTON'S obligations and undertakings hereunder. Upon such a consolidation,
merger or transfer of assets, the term "WINTON" as used herein shall mean such
other corporation or entity and this AGREEMENT shall continue in full force and
effect; provided, however, that the assumption of the EMPLOYERS' obligations and
undertakings hereunder shall not affect the EMPLOYEE'S right to payments
pursuant to Section 2(c)(i)(A) of this AGREEMENT in connection with such
consolidation, merger or transfer of assets.

      5. Confidential Information. The EMPLOYEE acknowledges that during his
employment he will learn and have access to confidential information regarding
WINTON and WFC, and their customers and businesses. The EMPLOYEE agrees and
covenants not to disclose or use for his own benefit, or the benefit of any
other person or entity, any confidential information, unless or until WINTON and
WFC consent to such disclosure or use or such information becomes common
knowledge in the industry or is otherwise legally in the public domain. The
EMPLOYEE shall not knowingly disclose or reveal to any unauthorized person any
confidential information relating to WINTON and WFC, their parents, subsidiaries
or affiliates, or to any of the businesses operated by them, and the EMPLOYEE
confirms that such information constitutes the exclusive property of WINTON and
WFC. The EMPLOYEE shall not otherwise knowingly act or conduct himself (a) to
the material detriment of WINTON and WFC, their parents, subsidiaries or
affiliates, or (b) in a manner which is inimical or contrary to the interests of
WINTON and WFC.

      6. Nature of Employment. Nothing contained in this AGREEMENT shall create
any employment relationship between WINTON and the EMPLOYEE other than an
employment relationship which is terminable "at will." WINTON may terminate the
EMPLOYEE'S employment at any time, subject to providing any payments specified
herein in accordance with the terms hereof.

      7. Nonassignability. Neither this AGREEMENT nor any right or interest
hereunder shall be assignable by the EMPLOYEE, his beneficiaries or his legal
representatives without WINTON'S prior written consent; provided, however, that
nothing in this Section 7 shall preclude (a) the EMPLOYEE from designating a
beneficiary to receive any benefits payable hereunder upon his death, or (b) the
executors, administrators, or other legal representatives of the EMPLOYEE or his
estate from assigning any rights hereunder to the person or persons entitled
thereto.

      8. No Attachment. Except as required by law, no right to receive payment
under this AGREEMENT shall be subject to anticipation, commutation, alienation,
sale, assignment, encumbrance, charge, pledge or hypothecation or to execution,
attachment, levy, or similar process of assignment by operation of law, and any
attempt, voluntary or involuntary, to effect any such action shall be null, void
and of no effect.

      9. Binding Agreement. This AGREEMENT shall be binding upon, and inure to
the benefit of, the EMPLOYEE and WINTON and their respective permitted
successors and assigns.

      10. Amendment of AGREEMENT. This AGREEMENT may not be modified or amended,
except by an instrument in writing signed by the parties hereto.

      11. Waiver. No term or condition of this AGREEMENT shall be deemed to have
been waived, nor shall there be an estoppel against the enforcement of any
provision of this AGREEMENT, except by written instrument of the party charged
with such waiver or estoppel. No such written waiver shall be deemed a
continuing waiver, unless specifically stated therein, and each waiver shall
operate only as to the specific term or condition waived and shall not
constitute a waiver of such term or condition for the future or as to any act
other than the act specifically waived.

      12. Severability. If, for any reason, any provision of this AGREEMENT is
held invalid, such invalidity shall not affect the other provisions of this
AGREEMENT not held so invalid, and each such other provision shall, to the full
extent consistent with applicable law, continue in full force and effect.

      13. Headings. The headings of the paragraphs herein are included solely
for convenience of reference and shall not control the meaning or interpretation
of any of the provisions of this AGREEMENT.

<PAGE>

      14. Governing Law; Regulatory Authority. This AGREEMENT has been executed
and delivered in the State of Ohio and its validity, interpretation, performance
and enforcement shall be governed by the laws of the State of Ohio, except to
the extent that federal law is governing. References to the OTS included herein
shall include any successor primary federal regulatory authority of WINTON.

      15. Effect of Prior Agreements. This AGREEMENT contains the entire
understanding between the parties hereto and supersedes any other prior
agreement between WINTON or any predecessor of WINTON and the EMPLOYEE.

      16. Notices. Any notice or other communication required or permitted
pursuant to this AGREEMENT shall be deemed delivered if such notice or
communication is in writing and is delivered personally or by facsimile
transmission or is deposited in the United States mail, postage prepaid,
addressed as follows:

      If to WINTON:

            President
            The Winton Savings and Loan Co.
            5511 Cheviot Road
            Cincinnati, Ohio 45247-7095

      With copies to:

            John C. Vorys, Esq.
            Vorys, Sater, Seymour and Pease LLP
            Suite 2000, Atrium Two
            221 East Fourth Street
            Cincinnati, Ohio 45202

      If to the EMPLOYEE:

            Gregory P. Niesen
            6803 Stonington Road
            Cincinnati, Ohio 45230

      IN WITNESS WHEREOF, WINTON has caused this AGREEMENT to be executed by its
duly authorized officer, and the EMPLOYEE has signed this AGREEMENT, each as of
the day and year first above written.

ATTEST:                            THE WINTON SAVINGS AND LOAN CO.

/s/ Mary Beth Doll                 By /s/ Robert L. Bollin
-------------------------------       ---------------------------------
                                      _________________________________
                                      its President

Attest:

/s/ Gregory J. Stautberg           /s/ Gregory P. Niesen
-------------------------------    ------------------------------------
                                   Gregory P. NiesenExhibit 10(A)

 

EXHIBIT 10(a)

CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND

FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

FIRST AMENDMENT TO PELLET SALE AND PURCHASE AGREEMENT

     This FIRST AMENDMENT TO PELLET SALE AND PURCHASE AGREEMENT (the “Amendment”) is entered into,
dated and effective as of December 16, 2004, by and among THE CLEVELAND-CLIFFS IRON COMPANY, an
Ohio corporation (“CCIC”), CLIFFS MINING COMPANY, a Delaware corporation (“CMC”), NORTHSHORE MINING
COMPANY, a Delaware corporation (“Northshore”), CLIFFS SALES COMPANY, an Ohio corporation formerly
known as Northshore Sales Company (“Sales”; CCIC, CMC, Northshore and Sales, collectively,
“Cliffs”), INTERNATIONAL STEEL GROUP INC., a Delaware corporation (“ISG”), ISG CLEVELAND INC., a
Delaware corporation (“ISG Cleveland”), and ISG INDIANA HARBOR INC., a Delaware corporation (“ISG
Indiana Harbor”; ISG, ISG Cleveland and ISG Indiana Harbor, collectively, “Steel”).

RECITALS

     WHEREAS, Cliffs and Steel desire to enter into this Amendment to amend their Pellet Sale and
Purchase Agreement, dated as of April 10, 2002 (the “Agreement”);

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

1.  The WHEREAS clause appearing on pages 1 and 2 of the Agreement is hereby deleted and the
following added as a new WHEREAS clause:

     WHEREAS, Cliffs desires to sell to Steel and Steel desires to purchase from Cliffs
certain quantities of grades of iron ore pellets as follows: (i) such grades of iron ore
standard pellets being those produced at the [****] iron ore pellet plant (“[****]
Pellets”), located in [****] (“[****] Mine”); (ii) such grades of iron ore flux pellets
being those produced at the [****] iron ore plant (“[****] Pellets”), located in [****]
(“[****] Mine”); (iii) such grades of iron ore standard pellets being those produced at the
[****] iron ore pellet plant (“[****] Pellets”), located in [****] (“[****] Mine”); (iv)
such grades of iron ore standard pellets being those produced at the [****] iron ore pellet
plant (“[****] Pellets”), located in [****] (“[****] Mine”); (v) such grades of iron ore
partial flux pellets being those produced at the [****] iron ore plant (“[****] Pellets”),
located in [****] (“[****] Mine”); or (vi) such other pellet grades as may be mutually
agreed to by the parties hereto (such [****] Pellets, [****] Pellets, [****] Pellets, [****]
Pellets, [****] Pellets, and other mutually agreed upon pellets collectively being referred
to herein as “Cliffs Pellets”), all on the conditions contained herein.

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2.  Section 4(c) of the Agreement is hereby deleted and the following added as a new Section 4(c):

     (c) With respect to the tonnage of [****] Pellets which Cliffs will have available for
sale to Steel, on or before December 31 of each year Cliffs shall notify Steel in writing as
to the tonnage of [****] Pellets Cliffs shall sell to Steel, which tonnage shall equal
Steel’s Annual Pellet Tonnage Requirements for such year.

3.  Section 5(c) of the Agreement is hereby deleted and the following is added as a new Section
5(c):

     (c) The prices for the specific grades of Cliffs Pellets sold and purchased in each of
the years 2003 and 2004 for the Cleveland Works or other dock area designated by Steel
pursuant to Section 8(a), and the Indiana Harbor Works shall be based on the [****] prices
per iron unit as described in Section 5(a) (iii) and 5(b)(ii) above (“[****] prices per iron
unit for each of the Cleveland Works and the Indiana Harbor Works”), which [****] prices per
iron unit for each of the Cleveland Works and the Indiana Harbor Works shall then be
adjusted, up or down, in the year [****] by an amount as determined in accordance with
Section 5(d) below.

4.  Sections 5(g)(i)(1) and (2) of the Agreement are hereby deleted and the following is added as
new Sections 5(g)(i)(1) and 5(g)(i)(2):

     (g)(1) In [****], annual special steel pricing payments (“Special Payment”) shall be
made, wherein Cliffs shall pay Steel or Steel shall pay Cliffs, as the case may be, [****].
The amount of the Special Payment shall be determined as follows:

	 	(1)	 	If during [****], Steel’s [****], Cliffs shall pay Steel an amount equal to:
(w) the amount [****], (x) multiplied by [****], (y) multiplied by [****], (z)
multiplied by [****].

	 	(2)	 	If during [****], Steel’s [****], Steel shall pay Cliffs an amount equal to:
(w) the amount [****], (x) multiplied by [****], (y) multiplied by the [****], (z)
multiplied by the [****].

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5.  The following is added as a new section 5A:

     5A(a) The prices for specific grades of Cliffs Pellets sold and purchased in each of
the years [****] and thereafter for the Cleveland Works or other dock areas designated by
Steel pursuant to Section 8(a), and Indiana Harbor Works shall be based on [****] Prices as
described in Section 5A(b), below, which [****] Prices for each of the Cleveland Works and
the Indiana Habor Works shall then be adjusted quarterly, up or down, in the year [****] and
thereafter by an amount as determined in accordance with Section 5A(c) below.

     (b) For purposes of this Section 5A, the [****] Prices per iron unit for Cliffs Pellets
shall be as follows:

Cleveland Works

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Expected	 	Estimated
	 	 	[****]	 	Natural	 	Price
	Grade	 	[****]
Price	 	Iron Content	 	Per Ton
	 
	[****] Flux
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Partial Flux
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 

Indiana Harbor Works

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Expected	 	Estimated
	 	 	[****]	 	Natural	 	Price
	Grade	 	[****]
Price	 	Iron Content	 	Per Ton
	 
	[****] Flux
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Partial Flux
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 
	[****] Standard
	 	 	$[****]	 	 	 	[****]	 	 	 	$[****]	 

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     (c) In order to determine the adjusted prices to be paid during the years [****] and
thereafter for the Cliffs Pellets, the [****] Prices for each of the Cleveland Works and the
Indiana Harbor Works and each of the following respective year’s then-adjusted prices per
iron unit for each of the Cleveland Works and the Indiana Harbor Works shall be further
adjusted, up or down, each year for the year in determination as follows:

	 	(1)	 	Divide (x) the numerator, which is the amount by which the [****] (“[****]”)
for the calendar year in determination changes (up or down) from the immediately
preceding calendar year’s [****]; by (y) the denominator, which is the immediately
preceding calendar year’s [****], and multiply the result obtained by [****]; and
	 
	 	(2)	 	Divide (x) the numerator, which is the amount by which the [****] (“[****]”)
for the calendar year in determination changes from the immediately preceding calendar
year’s [****]; by (y) the denominator, which is the immediately preceding calendar
year’s [****], and multiply the result obtain by [****]; and
	 
	 	(3)	 	Sum the results obtained in paragraphs (1) and (2) above and multiply that
total by [****]; and
	 
	 	(4)	 	Multiply the results determined in (3) above by the preceding year’s adjusted
prices per iron unit, which will then equal the current year’s price adjustment per
iron unit; and
	 
	 	(5)	 	Add the result determined in (4) above to the preceding year’s adjusted price
per iron unit for the Cleveland Works and the Indiana Harbor Works, which will then
equal the current year’s adjusted prices per iron unit for the Cleveland Works and the
Indiana Harbor Works; and
	 
	 	(6)	 	Multiply the result determined in (5) above by the current year’s expected
natural iron content, which will then equal the current year’s estimated price per ton
for the Cleveland Works and the Indiana Harbor Works.

     Those adjusted prices per ton shall then become the contract’s year estimated price for
the Cliffs Pellets delivered to the Cleveland Works and the Indiana Harbor Works for the
year in determination.

     (d) The final price for all tons sold by Cliffs to Steel shall be based on actual
natural iron content shipped, as provided in Section 6 of this Agreement.

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

     (f)(i) Beginning in [****], a Special Payment shall be made in each year, wherein
Cliffs shall pay Steel or Steel shall pay Cliffs, as the case may be, if [****]. The amount
of the Special Payment shall be determined as follows:

	 	(1)	 	In any contract year in which [****], Cliffs shall pay Steel an amount equal
to: (w) the amount [****], (x) multiplied by [****], (y) multiplied by [****], (z)
multiplied by the total tons of Cliffs Pellets which Steel [****] in the contract year.
	 
	 	(2)	 	In any contract year in which [****], Steel shall pay Cliffs an amount equal
to: (w) the amount [****], (x) multiplied by [****], (y) multiplied by [****], (z)
multiplied by the total tons of Cliffs Pellets which Steel [****] in the contract year.
	 
	 	(3)	 	For the purpose of estimating the Special Payment, a steel pricing payment
calculation shall be made by Steel following the end of each quarter, using the formula
provided for in Sections 5A(f)(i)(1) and 5A(f)(i)(2) above for each quarter. This
calculation (and payment, if any) shall be based on [****]. Within 30 days following
each quarter Steel shall notify Cliffs in writing of the amount (if any) payable by
Cliffs to Steel or Steel to Cliffs, and a quarterly payment, if any, shall be made by
Cliffs to Steel or Steel to Cliffs, as the case may be, within 45 days after the end of
each quarter.
	 
	 	(4)	 	The final Special Payment calculation shall be made after the end of the year
in accordance with Sections 5A(f)(i)(1) and 5A(f)(i)(2) above which will reflect [****]
adjustment will be made to reflect any difference between the actual year’s Special
Payment and the quarterly estimated payments that were made during the year. Payment
due, from either party, as a result of the actual annual calculation shall be made by
February 15 of the year following the contract year.

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EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

	 	(5)	 	Attached as Exhibits 6 and 7 are examples of the calculations applying the
provisions of Sections 5A(f)(i).

     (ii) In the event that in any year [****] are less than [****], then Cliffs and Steel
agree to review the [****]. If the [****] are greater than or equal to [****] of Steel’s
[****], then the provisions of Section 5A(f)(i) shall apply without further modification.
If such [****] threshold is still not satisfied, then Cliffs and Steel agree to substitute
[****]. The [****] which are used for the price ranges, as provided for in Section 5A(f)(i)
above, shall be adjusted as follows: (i) the [****] (ii) the [****], (iii) with the
difference between (i) and (ii) above being added to both the [****] to determine the
revised ranges for the [****] in order to determine the Special Payment.

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

6.  Exhibit 1 is hereby deleted and a new Exhibit 1 is hereby attached to this Agreement and
incorporated in the Agreement by reference.

* * * END OF PAGE * * *

6 of 7

 

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

	 	 	 
	THE CLEVELAND-CLIFFS IRON

	 	INTERNATIONAL STEEL GROUP INC.
	COMPANY
	 	 
	 
	 	 
	 
	 	 
	By: /s/ William R. Calfee

	 	By: /s/ Rodney B. Mott

	Name: William R. Calfee

	 	Name: Rodney B. Mott
	Title:
Executive Vice President –

	 	Title:
	          Commercial

	 	

	 
	 	 
	CLIFFS MINING COMPANY

	 	ISG CLEVELAND INC.
	 
	 	 
	 
	 	 
	By: /s/ William R. Calfee

	 	By: /s/ Rodney B. Mott

	Name: William R. Calfee

	 	Name: Rodney B. Mott
	Title: Executive Vice President
–
	 	Title:
	          Commercial

	 	

	 
	 	 
	NORTHSHORE MINING COMPANY

	 	ISG INDIANA HARBOR INC.
	 
	 	 
	 
	 	 
	By: /s/ William R. Calfee

	 	By: /s/ Rodney B. Mott

	Name: William R. Calfee

	 	Name: Rodney B. Mott
	Title: Executive Vice President
–
	 	Title:
	          Commercial

	 	

	 
	 	 
	CLIFFS SALES COMPANY
	 	 
	 
	 	 
	 
	 	 
	By: /s/ William R. Calfee

	 	 
	Name: William R. Calfee
	 	 
	Title:
Executive Vice President –

          Commercial
	 	 

Page 7 of 7

 

CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND

FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

EXHIBIT 1

CLEVELAND-CLIFFS [****] PELLET TYPICAL ANALYSIS

AS LOADED TO VESSEL FOR SHIPMENT

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Report	 	[****]	 	 	 	 	 	[****]	 	 	 	 	 	[****]	 	 	 	 	 	[****]	 	 	 	 	 	[****]	 	 	 	 	 
	 	 	 	 	 	 	Frequency	 	Typical	 	[****]	 	[****]		 	 	Typical	 	[****]	 	[****]	 		 	Typical	 	[****]	 	[****]	 		 	Typical	 	[****]	 	[****]	 		 	Typical	 	[****]	 	[****]
	Moisture
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	 
	A. DRY CHEMICAL ANALYSIS
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total Iron
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	SiO2
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	A12O3
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	CaO
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	MgO
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	Mn
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	Phos
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	S
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	TiO2
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	Na2O
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	K2O
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	B. SIZING, Wt. %
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% + 1/2”
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	% - 1/2” x + 3/8”
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	% - 3/8” x + 1/4”
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	% - 1/4”
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	% - 28 mesh
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	C. TUMBLE TEST
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	% + 1/4” before tumble
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	% + 1/4” after tumble
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	Q Index
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	Tumble Index - 28 mesh
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	 
	D.
COMPRESSION
TEST
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Minus 1/2” by plus 7/16”
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 
	Minus 1/2” by plus 3/8”
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	TYPICAL ANALYSIS
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	S.D.
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ANALYSIS LIMITS
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LETTER “V” DENOTES
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LETTER “M” DENOTES
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	LETTER “SA” DENOTES
	 	 	—	 	 	 	[****]	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND

FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

EXHIBIT 5

PRICE ADJUSTMENT FORMULA

[****], [****], [****], [****], AND [****] PELLETS

FOR YEARS 2005 THROUGH 2016

	 	 	 	 	 	 	 
	Current Year’s Price Adjustment Calculation
	 	 	 	 	 	 
	          1. Section 5A(b) and 5A(c)
	 	 	 	 	 	 
	(1)

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

	 	[****]	 	 	 	 
	 
	(2)

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

	 	[****]	 	 	 	 
	 
	(3) (4)     ((A + B) X 75.00%)          X

	 	Preceding Year’s Adjusted Price Per Iron Unit
	 	=
	 	Current Year’s Price Adjustment Per Iron Unit
	 
	 	 	 	 	 	 
	Current Year’s Adjusted Price Per Iron Unit
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	(5)     Current Year’s Price Adjustment Per Iron Unit

	 	+ Preceding Year’s Adjusted Price Per Iron Unit
	 	=
	 	Current Year’s Adjusted Price Per Iron Unit
	 
	 	 	 	 	 	 
	Current Year’s Estimated Pellet Price Per Ton
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	(6)     Current Year’s Adjusted Price Per Iron Unit

	 	X Current Year’s Expected Natural Iron Content
	 	=
	 	Current Year’s Estimated Pellet Price Per Ton

 

CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND

FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

EXHIBIT 6

[****] FORMULA

[****], [****], [****], [****], AND [****] PELLETS

FOR THE YEARS 2005 THROUGH 2016

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	Example 1	 	Example 2	 	Example 3	 	Example 4	 	Example 5	 	Example 6
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	First Quarter
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Second Quarter
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Third Quarter
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Year
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	[****]
	 	 	 	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 	 	 	[****]	 
	 
	 	 	 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 	 	 	
 	 

 

CONFIDENTIAL MATERIAL HAS BEEN OMITTED AND

FILED SEPARATELY WITH THE SECURITIES AND

EXCHANGE COMMISSION. ASTERISKS DENOTE SUCH

OMISSIONS.

EXHIBIT 7

SUBSTITUTE [****] EXAMPLE

[****]

FOR YEARS 2005 THROUGH 2016

	 	 	 
	Contract [****] — [****]
	 	 
	 
	Contract [****] — [****]
	 	 
	 
	In The Event That [****] Annual Total [****] Are Less Than [****], Then Steel And Cliffs Agree To Substitute Another [****] — Substitute [****]
	 	 
	 
	 	 
	Determine Substitute [****]
	 	 
	 
	 	 
	(1) Current Year’s Actual Average [****] of Substituted [****] — Prior Year’s [****]
          =          A
	 	
	 
	(2) A + [****]          =     [****]
	 	 
	 
	(3) A + [****]          =     [****]
	 	 
	 
	Results From (2) and (3) Above Determine Substitute [****]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]