Exhibit 13(j)
11-YEAR SUMMARY OF FINANCIAL AND OTHER STATISTICAL DATA
Cleveland-Cliffs Inc and Consolidated SubsidiarIes
1994 1993 1992 1991
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FINANCIAL
(In Millions Except Per Share Amounts)
For The Year
Net Income (Loss):
Continuing Operations (a) $ 42.8 $ 54.6 $ (7.9) $ 53.8
Discontinued Operations - - - -
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Total 42.8 54.6 (7.9) 53.8
Net Income (Loss) Per Common Share:
Continuing Operations (a) 3.54 4.55 (.66) 4.55
Discontinued Operations - - - -
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Total 3.54 4.55 (.66) 4.55
Revenues From Continuing Operations (a) 388.9 355.9 327.0 363.3
Cash Dividends:
Per Common Share 1.23 2.20 1.18 5.03
Per Preferred Share - - - -
Non-Cash Dividends:
Per Common Share - 1.70 (b) - -
Capital Expenditures (c) 10.9 5.0 5.2 7.3
At Year-End
Working Capital 169.5 186.0 188.9 139.7
Total Assets 616.5 549.1 537.2 478.7
Long-Term Debt:
Consolidated 75.0 75.0 75.1 41.2
Effectively Serviced (c) 84.2 88.6 92.1 65.0
Shareholders' Equity 311.4 280.4 269.5 290.8
Book Value Per Common Share 25.74 23.25 22.47 24.40
(a) Results have been affected by the acquisition of Northshore in 1994
and non-recurring items including net bankruptcy recoveries of $23.2
million and $47.1 million in 1993 and 1990, respectively, and a $38.7
million after-tax charge for accounting changes in 1992. See Management's
Discussion and Analysis.
(b) Non-cash distribution of 1.5 million shares ($20.4 million) of LTV
Corporation common stock.
(c) Includes the Company's share of associated companies.
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OPERATIONS
Iron Ore Production From Mines Managed by Cliffs
(Millions of Gross Tons)
United States 30.6 27.8 28.4 27.6
Canada 4.6 4.5 4.5 4.5
Australia 1.5 1.5 1.5 1.3
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Total 36.7 33.8 34.4 33.4
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OTHER INFORMATION
Common Shares Outstanding (Millions):
Average For Year 12.1 12.0 12.0 11.8
At Year-End 12.1 12.1 12.0 11.9
Common Shares Sales Price Range:
High $45 1/2 $37 1/2 $40 3/8 $36 1/2
Low 34 28 3/4 29 1/2 25
Employees At Year-End (d) 6,309 5,973 6,388 6,500
(d) Includes employees of managed mining ventures.
At December 31, 1994, the Company had 3,429 record holders of its common shares.
66
1990 1989 1988 1987 1986 1985 1984
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FINANCIAL
(In Millions Except Per Share Amounts)
For The Year
Net Income (Loss):
Continuing Operations (a) $ 73.8 $ 62.5 $ 42.6 $ 30.2 $ (19.0) $ 28.3 $ 24.8
Discontinued Operations - (1.9) (3.4) (17.5) (22.7) (11.1) (.7)
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Total 73.8 60.6 39.2 12.7 (41.7) 17.2 24.1
Net Income (Loss) Per Common Share:
Continuing Operations (a) 6.31 5.37 3.12 1.88 (1.94) 2.13 2.00
Discontinued Operations - (.17) (.26) (1.31) (1.82) (.90) (.06)
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Total 6.31 5.20 2.86 .57 (3.76) 1.23 1.94
Revenues From Continuing Operations (a) 400.2 372.4 317.5 412.0 241.0 267.9 321.3
Cash Dividends:
Per Common Share .80 .40 - - .35 1.00 1.00
Per Preferred Share - - 2.00 2.00 2.00 .68 -
Non-Cash Dividends:
Per Common Share - - .79 - - - -
Capital Expenditures (c) 11.2 14.6 8.4 2.0 3.4 4.4 10.5
At Year-End
Working Capital 169.8 104.7 45.0 220.3 110.0 114.0 77.3
Total Assets 510.9 415.2 390.6 665.6 527.2 511.7 481.5
Long-Term Debt:
Consolidated 53.0 71.3 119.6 153.5 80.5 35.4 50.0
Effectively Serviced (c) 82.4 93.4 145.7 183.5 305.3 200.9 234.9
Shareholders' Equity 290.8 226.0 168.6 395.4 325.5 363.9 316.7
Book Value Per Common Share 24.88 19.36 14.53 21.02 22.16 25.24 25.52
(a) Results have been affected by the acquisition of Northshore in 1994
and non-recurring items including net bankruptcy recoveries of $23.2
million and $47.1 million in 1993 and 1990, respectively, and a $38.7
million after-tax charge for accounting changes in 1992. See Management's
Discussion and Analysis.
(b) Non-cash distribution of 1.5 million shares ($20.4 million) of LTV
Corporation common stock.
(c) Includes the Company's share of associated companies.
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OPERATIONS
Iron Ore Production From Mines Managed by Cliffs
(Millions of Gross Tons)
United States 25.5 31.0 31.1 27.1 10.6 12.5 12.9
Canada 6.2 8.3 7.9 7.2 2.0 2.1 2.1
Australia 2.2 2.3 2.4 2.0 - 14.7 15.3
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Total 33.9 41.6 41.4 36.3 12.6 29.3 30.3
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OTHER INFORMATION
Common Shares Outstanding (Millions):
Average For Year 11.7 11.6 13.2 13.4 12.4 12.4 12.4
At Year-End 11.7 11.7 11.6 16.4 12.4 12.4 12.4
Common Shares Sales Price Range:
High $ 35 $ 34 $ 28 $21 3/8 $19 3/8 $22 1/4 $ 26
Low 19 5/8 25 3/4 14 1/4 9 1/4 6 16 5/8 17
Employees At Year-End (d) 6,695 7,522 7,638 8,328 8,972 6,387 7,248
(d) Includes employees of managed mining ventures.
At December 31, 1994, the Company had 3,429 record holders of its common shares
67