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STATEMENT OF CONSOLIDATED INCOME Exhibit 13(d)
Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions, Except Per Share Amounts)
Year Ended December 31
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1997 1996 1995
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REVENUES
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Product sales and services $391.4 $451.7 $411.2
Royalties and management fees 47.5 51.5 49.5
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Total Operating Revenues 438.9 503.2 460.7
Investment income (securities) 6.3 9.5 9.3
Recovery of excess closedown provision 5.0 -- --
Property damage claim recovery -- 2.0 --
Other income 5.5 3.4 3.1
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Total Revenues 455.7 518.1 473.1
COSTS AND EXPENSES
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Cost of goods sold and operating expenses 354.5 392.9 356.4
Administrative, selling and general expenses 17.1 16.7 15.1
Interest expense 2.6 4.6 6.5
Other expenses 8.9 8.4 23.5
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Total Costs and Expenses 383.1 422.6 401.5
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INCOME BEFORE INCOME TAXES AND
EXTRAORDINARY ITEM 72.6 95.5 71.6
INCOME TAXES 17.7 34.5 10.7
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INCOME BEFORE EXTRAORDINARY ITEM 54.9 61.0 60.9
EXTRAORDINARY LOSS
ON EARLY EXTINGUISHMENT OF DEBT
(NET OF TAX BENEFIT, $1.7 MILLION) -- -- (3.1)
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NET INCOME $ 54.9 $ 61.0 $ 57.8
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NET INCOME PER COMMON SHARE
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Basic
Before Extraordinary Item $ 4.83 $ 5.26 $ 5.10
Extraordinary Item -- -- (.26)
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Net Income $ 4.83 $ 5.26 $ 4.84
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Diluted
Before Extraordinary Item $ 4.80 $ 5.23 $ 5.08
Extraordinary Item -- -- (.26)
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Net Income $ 4.80 $ 5.23 $ 4.82
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AVERAGE NUMBER OF SHARES
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Basic 11.4 11.6 11.9
Diluted 11.5 11.7 12.0
See notes to consolidated financial statements.
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