Exhibit 13(c)
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
--------------------
1993 1992
- ----------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 67.9 $ 128.6
Marketable securities 93.1 --
------- -------
161.0 128.6
Trade accounts receivable (net of allowance,
1993 - $19.5 and 1992 - $20.8) 27.6 27.4
Receivables from associated companies 9.3 14.9
Product inventories 27.5 49.4
Deferred income taxes 14.1 17.7
Other 10.5 11.2
------- -------
TOTAL CURRENT ASSETS 250.0 249.2
PROPERTIES
Plant and Equipment 157.6 161.7
Minerals 15.0 15.2
------- -------
172.6 176.9
Allowances for depreciation and depletion (137.3) (141.2)
------- -------
TOTAL PROPERTIES 35.3 35.7
INVESTMENTS IN ASSOCIATED COMPANIES 152.3 167.1
OTHER ASSETS
Long-term investments 57.4 38.2
Deferred charges 9.2 10.7
Deferred income taxes 6.5 5.8
Miscellaneous 34.7 30.5
------- -------
TOTAL OTHER ASSETS 107.8 85.2
------- -------
TOTAL ASSETS $ 545.4 $ 537.2
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STATEMENT OF CONSOLIDATED FINANCIAL POSITION
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions)
December 31
----------------------
1993 1992
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade accounts payable $ 11.5 $ 11.8
Payables to associated companies 4.9 4.4
Accrued employment costs 17.7 16.1
Accrued expenses 10.0 7.4
Income taxes payable 14.6 12.7
Current portion of long-term obligations -- .1
Reserve for capacity rationalization 1.7 2.7
Other 3.6 5.1
--------- --------
TOTAL CURRENT LIABILITIES 64.0 60.3
LONG-TERM OBLIGATIONS 75.0 75.0
POST-EMPLOYMENT BENEFIT LIABILITIES 71.2 70.5
RESERVE FOR CAPACITY RATIONALIZATION 21.7 26.3
OTHER LIABILITIES 32.8 35.5
SHAREHOLDERS' EQUITY
Preferred Stock
Class A - no par value
Authorized - 500,000 shares;
Issued-none -- --
Class B - no par value
Authorized - 4,000,000 shares;
Issued-none -- --
Common Shares-par value $1 a share
Authorized - 28,000,000 shares;
Issued - 16,827,941 shares 16.8 16.8
Capital in excess of par value of shares 61.4 61.2
Retained income 315.8 308.0
Foreign currency translation adjustments ( .3) ( .3)
Unrealized gain on available for sale securities,
net of tax 1.3 --
Cost of 4,763,824 Common Shares in
treasury (1992 - 4,839,387 shares) (114.3) (116.1)
-------- --------
TOTAL SHAREHOLDERS' EQUITY 280.7 269.6
-------- --------
COMMITMENTS - Note B
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 545.4 $ 537.2
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See notes to consolidated financial statements.
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