Exhibit 99.2

                              CLEVELAND-CLIFFS INC
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                    ANNOUNCES NEW SHARE PURCHASE RIGHTS PLAN
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         CLEVELAND, SEPTEMBER 9, 1997 - Cleveland-Cliffs Inc today announced
that its Board of Directors has adopted a new share purchase rights plan which
will replace Cleveland-Cliffs' existing rights plan expiring on September 18,
1997. The plan provides for rights to be issued to stockholders of record as of
the close of business on September 19, 1997.

         The Company said, "This action was taken after careful study by the
Board of Directors, and was not taken in response to any pending takeover or
proposed change in control of the Company. Like the Company's existing rights
plan, the new rights plan is intended to protect the Company and its
stockholders from potentially coercive takeover practices or takeover bids which
are inconsistent with the interests of the Company and its stockholders. The
adoption of a share purchase rights plan has become common practice in major
American companies and a well-accepted approach to ensuring that all
stockholders receive a fair price and are treated equally in the event of a
takeover."

         Under the plan, the rights will initially trade together with
Cleveland-Cliffs' common stock and will not be exercisable. In the absence of
further Board action, the rights generally will become exercisable and allow the
holder to acquire Cleveland-Cliffs' common stock at a discounted price if a
person or group acquires 20 percent or more of the outstanding shares of
Cleveland-Cliffs' common stock. 



Rights held by persons who exceed the applicable threshold will be void. Under
certain circumstances, the rights will entitle the holder to buy shares in an
acquiring entity at a discounted price.

         The plan also includes an exchange option. In general, after the rights
become exercisable, the Directors may, at their option, effect an exchange of
part of all of the rights -- other than rights that have become void -- for
shares of Cleveland-Cliffs' common stock. Under this option, Cleveland-Cliffs
would issue one share of common stock for each right, subject to adjustment in
certain circumstances.

         Cleveland-Cliffs' Directors may, at their option, redeem all rights for
$.01 per right, generally at any time prior to the rights becoming exercisable.
The rights will expire on September 19, 2007, unless earlier redeemed, exchanged
or amended by the Directors.

         The issuance of the rights is not a taxable event, will not affect
Cleveland-Cliffs' financial condition or results of operations (including
earnings per share) and will not change the way in which Cleveland-Cliffs'
common stock is currently traded.

         Cleveland-Cliffs, which is celebrating its 150th anniversary in 1997,
is the largest supplier of iron ore products to the North American steel
industry. Its subsidiaries manage six iron ore mines in North America. It has
equity interests in 



five of the mines, holds a major iron ore reserve position in the United States,
is a substantial iron ore merchant, and is constructing a joint venture plant in
Trinidad to produce high-quality iron briquettes.

Contacts
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Media:              David L. Gardner, Director-Public Relations
                    (216) 694-5407
Financial
Community:          Fred B. Rice, Manager-Investor Relations
                    (800) 214-0739

To obtain faxed copies of Cleveland-Cliffs Inc news releases dial
1-800-778-3888. News releases and other information on the Company are available
on the Internet at http://www.businesswire.com/cnn/clf.htm.