X0201 4 2004-03-11 0 0000764065 CLEVELAND CLIFFS INC CLF 0001210452 CALFEE WILLIAM R 1100 SUPERIOR AVENUE 15TH FLOOR CLEVELAND OH 44114 0 1 0 0 Exec. V.P. Comm'l Common Stock 2004-03-11 4 A 0 3595.0000 0 A 21780.0000 D Common Stock 2004-03-11 4 F 0 1173.0000 61.7000 D 20607.0000 D Common Stock 4946.0000 I By VNQDC Retention Units 2004-03-11 4 D 0 1500.0000 50.9500 D Common Shares 1500.0000 0 D Retention Units 2004-03-11 4 A 0 870.0000 0 A Common Shares 870.0000 870.0000 D Reflects payout in Common Stock of Performance Shares earned under the Cleveland-Cliffs Inc 1992 Equity Plan (as Amended and Restated as of May 13, 1997) as amended, for the 2001-2003 Performance Period. Surrender of Performance Shares represented in footnote (1) in payment of the related tax liability incurred on March 11, 2004, the date of issuance of the shares to the reporting person. Held for the benefit of the Reporting Person by the Cleveland-Cliffs Inc Voluntary Non-Qualified Deferred Compensation Plan (VNQDC). Converted common stock on a 1-for-1 basis. Retention Units granted to Reporting Person under the Cleveland-Cliffs Inc Long-Term Incentive Program covering the period of January 1, 2001 to December 31, 2003 (Retention Period) were paid-out to Reporting Person in cash on March 11, 2004, based on the market value prices of the Common Shares of the Issuer on the last day of the Retention Period. Represents a grant of Retention Units to the Reporting Person under the Cleveland Cliffs Inc Long-Term Incentive Program (LTI Program) covering the period January 1, 2004 through December 31, 2006 ("Retention Period"). Payment of the Retention Units will be made in cash after the completion of the Retention Period based upon the employment by the Company of the Reporting Person and the market value of a Common Share of the Company on the last day of the Retention Period. /s/ John E. Lenhard, by power of attorney 2004-03-15