Feb. 28, 2007 — Cleveland-Cliffs Inc. has opened a new regional office in Rio de Janeiro, Brazil.

Cliffs says the new office—Cliffs International Mineracao Brasil, Ltda.—will help the company to identify and assess business opportunities and to provide technical and administrative support for Cliffs' ventures in Latin America.

"This new office will serve Cliffs' interests in the Latin American market, including support of the contemplated 30% ownership position in Brazilian iron ore project Amapa," President and CEO Joseph A. Carrabba said. "We look forward to developing new business opportunities in the region, with a primary focus on Brazil. We are developing strategic relationships with local partners whereby our company can add value to mining projects through our extensive mining and processing expertise."

Carrabba said that Cliffs' longer term goals in the region include potential development of other metallic opportunities, such as pellets and reduced iron products.

Headquartered in Cleveland, Ohio, Cleveland-Cliffs is the largest producer of iron ore pellets in North America, selling the majority of its pellets to integrated steel companies in the United States and Canada. Cleveland-Cliffs operates a total of six iron ore mines located in Michigan, Minnesota and Eastern Canada. The company is majority owner of Portman Limited, an iron ore mining company in Australia, serving the Asian iron ore markets with direct-shipping fines and lump ore.