Quarterly report pursuant to Section 13 or 15(d)

Statements Of Unaudited Condensed Consolidated Operations

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Statements Of Unaudited Condensed Consolidated Operations (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
REVENUES FROM PRODUCT SALES AND SERVICES        
Product $ 2,124.4 $ 1,287.2 $ 4,962.4 $ 3,074.8
Freight and venture partners' cost reimbursements 18.4 58.8 169.4 183.1
TOTAL REVENUES 2,142.8 1,346.0 5,131.8 3,257.9
COST OF GOODS SOLD AND OPERATING EXPENSES (1,279.5) (868.8) (2,936.9) (2,215.3)
SALES MARGIN 863.3 477.2 2,194.9 1,042.6
OTHER OPERATING INCOME (EXPENSE)        
Selling, general and administrative expenses (78.3) (57.3) (193.4) (143.0)
Consolidated Thompson acquisition costs (2.1)   (25.0)  
Exploration costs (26.6) (10.3) (55.4) (19.4)
Miscellaneous - net 64.0 (19.2) 59.6 (8.5)
TOTAL OTHER OPERATING EXPENSE (43.0) (86.8) (214.2) (170.9)
OPERATING INCOME 820.3 390.4 1,980.7 871.7
OTHER INCOME (EXPENSE)        
Gain on acquisition of controlling interests   2.1   40.7
Changes in fair value of foreign currency contracts, net (6.2) 32.5 100.5 24.8
Interest income 2.7 3.3 7.6 8.4
Interest expense (49.6) (17.4) (169.2) (41.0)
Other non-operating income (1.7) (0.3) (0.7) 6.9
TOTAL OTHER INCOME (54.8) 20.2 (61.8) 39.8
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY INCOME FROM VENTURES 765.5 410.6 1,918.9 911.5
INCOME TAX EXPENSE (17.8) (116.1) (312.3) (282.5)
EQUITY INCOME FROM VENTURES 11.1 3.6 2.8 8.4
INCOME FROM CONTINUING OPERATIONS 758.8 298.1 1,609.4 637.4
LOSS FROM DISCONTINUED OPERATIONS, net of tax (17.5) (0.7) (18.7) (2.0)
NET INCOME 741.3 297.4 1,590.7 635.4
LESS: INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST 151.8   170.1  
NET INCOME ATTRIBUTABLE TO CLIFFS SHAREHOLDERS $ 589.5 $ 297.4 $ 1,420.6 $ 635.4
Continuing operations $ 4.21 $ 2.20 $ 10.31 $ 4.71
Discontinued operations $ (0.12)   $ (0.13) $ (0.01)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC $ 4.09 $ 2.20 $ 10.18 $ 4.70
Discontinued operations $ (0.12) $ (0.01) $ (0.13) $ (0.01)
Continuing operations $ 4.19 $ 2.19 $ 10.25 $ 4.68
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED $ 4.07 $ 2.18 $ 10.12 $ 4.67
AVERAGE NUMBER OF SHARES (IN THOUSANDS)        
Basic 144,203 135,345 139,563 135,280
Diluted 144,989 136,213 140,321 136,098
CASH DIVIDENDS DECLARED PER SHARE $ 0.28 $ 0.14 $ 0.56 $ 0.3675