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691.29 Tm 0 g ( )Tj ET 0.934 g 490.77 701.61 9.84 -12.24 re f BT 10.079 0 0 10.079 490.77 691.29 Tm 0 g ( )Tj ET 0.934 g 500.85 701.61 5.28 -12.24 re f BT 10.079 0 0 10.079 503.73 691.29 Tm 0 g ( )Tj ET 0.934 g 506.37 701.61 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 521.4899 691.7701 Tm 0 g (1.1)Tj ET 0.934 g 534.21 701.61 10.08 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 534.21 691.29 Tm 0 g ( )Tj -46.2901 -1.2382 TD ( )Tj /F6 1 Tf 1.0001 0.0476 TD (Other income)Tj /F12 1 Tf 35.6939 -0.0476 TD 1.012 Tc ( )Tj /F6 1 Tf 3.0241 0.0476 TD 0 Tc (3.3)Tj /F12 1 Tf 1.262 -0.0476 TD 0.7501 Tc [( )-285.7( )]TJ /F6 1 Tf 4.048 0.0476 TD 0 Tc (2.4)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 671.37 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 667.53 Tm 0 g ( )Tj ET 0.5 g 506.37 671.37 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 667.53 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 665.37 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 655.05 Tm 0 g ( 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-12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 534.21 655.05 Tm 0 g ( )Tj /F6 1 Tf -46.2901 -1.1906 TD -0.0001 Tc 0.0001 Tw (COSTS AND EXPENSES)Tj /F12 1 Tf 36.694 -0.0476 TD 0.7501 Tc 0 Tw [( )476.2( )-1762.1( )452.4( )-1762.1( )]TJ ET 0.934 g 67.65 640.41 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 630.0901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 77.73 640.41 359.52 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 77.73 630.5701 Tm 0 g (Cost of goods sold and operating expenses � iron ore)Tj ET 0.934 g 437.49 640.41 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 630.0901 Tm 0 g ( )Tj ET 0.934 g 447.57 640.41 5.04 -12.24 re f BT 10.079 0 0 10.079 450.21 630.0901 Tm 0 g ( )Tj ET 0.934 g 452.85 640.41 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 462.93 630.5701 Tm 0 g (70.4)Tj ET 0.934 g 480.69 640.41 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 480.69 630.0901 Tm 0 g ( )Tj ET 0.934 g 490.77 640.41 9.84 -12.24 re f BT 10.079 0 0 10.079 490.77 630.0901 Tm 0 g ( )Tj ET 0.934 g 500.85 640.41 5.28 -12.24 re f BT 10.079 0 0 10.079 503.73 630.0901 Tm 0 g ( )Tj ET 0.934 g 506.37 640.41 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 516.45 630.5701 Tm 0 g (35.1)Tj ET 0.934 g 534.21 640.41 10.08 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 534.21 630.0901 Tm 0 g ( )Tj -46.2901 -1.2382 TD ( )Tj /F6 1 Tf 1.0001 0.0476 TD (Administrative, selling and general expenses)Tj /F12 1 Tf 35.6939 -0.0476 TD 1.012 Tc ( )Tj /F6 1 Tf 3.0241 0.0476 TD 0 Tc (4.0)Tj /F12 1 Tf 1.262 -0.0476 TD 0.7501 Tc [( )-285.7( )]TJ /F6 1 Tf 4.048 0.0476 TD 0 Tc (2.8)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj ET 0.934 g 67.65 615.45 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 605.1301 Tm 0 g ( )Tj ET 0.934 g 77.73 615.45 359.52 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 77.73 605.61 Tm 0 g (Idle expense and pre-operating loss of Cliffs and Associates Limited)Tj ET 0.934 g 437.49 615.45 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 605.1301 Tm 0 g ( )Tj ET 0.934 g 447.57 615.45 5.04 -12.24 re f BT 10.079 0 0 10.079 450.21 605.1301 Tm 0 g ( )Tj ET 0.934 g 452.85 615.45 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 467.97 605.61 Tm 0 g (3.3)Tj ET 0.934 g 480.69 615.45 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 480.69 605.1301 Tm 0 g ( )Tj ET 0.934 g 490.77 615.45 9.84 -12.24 re f BT 10.079 0 0 10.079 490.77 605.1301 Tm 0 g ( )Tj ET 0.934 g 500.85 615.45 5.28 -12.24 re f BT 10.079 0 0 10.079 503.73 605.1301 Tm 0 g ( )Tj ET 0.934 g 506.37 615.45 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 521.4899 605.61 Tm 0 g (5.8)Tj ET 0.934 g 534.21 615.45 10.08 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 534.21 605.1301 Tm 0 g ( )Tj -46.2901 -1.2382 TD ( )Tj /F6 1 Tf 1.0001 0.0476 TD (Interest expense)Tj /F12 1 Tf 35.6939 -0.0476 TD 1.012 Tc ( )Tj /F6 1 Tf 3.0241 0.0476 TD 0 Tc (1.9)Tj /F12 1 Tf 1.262 -0.0476 TD 0.7501 Tc [( )-285.7( )]TJ /F6 1 Tf 4.048 0.0476 TD 0 Tc (2.1)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj ET 0.934 g 67.65 590.49 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 580.17 Tm 0 g ( )Tj ET 0.934 g 77.73 590.49 359.52 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 77.73 580.6501 Tm 0 g (Other expenses)Tj ET 0.934 g 437.49 590.49 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 580.17 Tm 0 g ( )Tj ET 0.934 g 447.57 590.49 5.04 -12.24 re f BT 10.079 0 0 10.079 450.21 580.17 Tm 0 g ( )Tj ET 0.934 g 452.85 590.49 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 467.97 580.6501 Tm 0 g (1.3)Tj ET 0.934 g 480.69 590.49 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 480.69 580.17 Tm 0 g ( )Tj ET 0.934 g 490.77 590.49 9.84 -12.24 re f BT 10.079 0 0 10.079 490.77 580.17 Tm 0 g ( )Tj ET 0.934 g 500.85 590.49 5.28 -12.24 re f BT 10.079 0 0 10.079 503.73 580.17 Tm 0 g ( )Tj ET 0.934 g 506.37 590.49 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 521.4899 580.6501 Tm 0 g (2.5)Tj ET 0.934 g 534.21 590.49 10.08 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 534.21 580.17 Tm 0 g ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 572.73 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 568.8901 Tm 0 g ( )Tj ET 0.5 g 506.37 572.73 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 568.8901 Tm 0 g 0 Tc ( )Tj -46.2901 -1.2382 TD 0.7501 Tc ( )Tj /F6 1 Tf 3.0003 0.0476 TD 0 Tc (Total Costs and Expenses)Tj /F12 1 Tf 33.6937 -0.0476 TD 1.012 Tc ( )Tj /F6 1 Tf 2.5241 0.0476 TD 0 Tc (80.9)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.7501 Tc [( )-285.7( )]TJ /F6 1 Tf 3.548 0.0476 TD 0 Tc (48.3)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 548.97 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 545.1301 Tm 0 g ( )Tj ET 0.5 g 506.37 548.97 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 545.1301 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 542.97 369.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 67.65 533.1301 Tm 0 g -0.0001 Tc 0.0001 Tw (LOSS BEFORE INCOME TAXES, MINORITY INTEREST AND CUMULATIVE )Tj 0.7382 -1.2382 TD (EFFECT OF ACCOUNTING CHANGE)Tj ET 0.934 g 437.49 542.97 9.84 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 520.17 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 447.57 542.97 5.04 -24.72 re f BT 10.079 0 0 10.079 450.21 520.17 Tm 0 g ( )Tj ET 0.934 g 452.85 542.97 27.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 459.57 520.6501 Tm 0 g (\(20.2)Tj ET 0.934 g 480.69 542.97 9.84 -24.72 re f BT 10.079 0 0 10.079 480.69 520.6501 Tm 0 g (\))Tj ET 0.934 g 490.77 542.97 9.84 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 520.17 Tm 0 g ( )Tj ET 0.934 g 500.85 542.97 5.28 -24.72 re f BT 10.079 0 0 10.079 503.73 520.17 Tm 0 g ( )Tj ET 0.934 g 506.37 542.97 27.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 513.09 520.6501 Tm 0 g (\(16.0)Tj ET 0.934 g 534.21 542.97 10.08 -24.72 re f BT 10.079 0 0 10.079 534.21 520.6501 Tm 0 g (\))Tj -46.2901 -1.2382 TD -0.0001 Tc 0.0001 Tw (INCOME TAXES \(CREDIT\))Tj /F12 1 Tf 36.694 -0.0476 TD 1.012 Tc 0 Tw ( )Tj /F6 1 Tf 2.6907 0.0476 TD 0 Tc [(\(6.7)-12.5(\))]TJ /F12 1 Tf 2.5955 -0.0476 TD 1.0358 Tc ( )Tj /F6 1 Tf 2.7145 0.0476 TD 0 Tc [(\(5.2)-12.5(\))]TJ /F12 1 Tf -44.6947 -1.1668 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 500.25 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 496.4101 Tm 0 g ( )Tj ET 0.5 g 506.37 500.25 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 496.4101 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 494.25 369.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 67.65 484.4101 Tm 0 g -0.0001 Tc 0.0001 Tw (LOSS BEFORE MINORITY INTEREST AND CUMULATIVE EFFECT OF )Tj 0.7382 -1.2382 TD (ACCOUNTING CHANGE)Tj ET 0.934 g 437.49 494.25 9.84 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 471.4501 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 447.57 494.25 5.04 -24.72 re f BT 10.079 0 0 10.079 450.21 471.4501 Tm 0 g ( )Tj ET 0.934 g 452.85 494.25 27.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 459.57 471.9301 Tm 0 g (\(13.5)Tj ET 0.934 g 480.69 494.25 9.84 -24.72 re f BT 10.079 0 0 10.079 480.69 471.9301 Tm 0 g (\))Tj ET 0.934 g 490.77 494.25 9.84 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 471.4501 Tm 0 g ( )Tj ET 0.934 g 500.85 494.25 5.28 -24.72 re f BT 10.079 0 0 10.079 503.73 471.4501 Tm 0 g ( )Tj ET 0.934 g 506.37 494.25 27.6 -24.72 re f BT /F6 1 Tf 10.079 0 0 10.079 513.09 471.9301 Tm 0 g (\(10.8)Tj ET 0.934 g 534.21 494.25 10.08 -24.72 re f BT 10.079 0 0 10.079 534.21 471.9301 Tm 0 g (\))Tj -46.2901 -1.2382 TD -0.0001 Tc 0.0001 Tw (MINORITY INTEREST)Tj /F12 1 Tf 36.694 -0.0476 TD 1.012 Tc 0 Tw ( )Tj /F6 1 Tf 3.5241 0.0476 TD 0 Tc (.7)Tj /F12 1 Tf 0.762 -0.0476 TD 0.7501 Tc [( )-285.7( )]TJ /F6 1 Tf 4.048 0.0476 TD 0 Tc (1.2)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 451.53 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 447.6901 Tm 0 g ( )Tj ET 0.5 g 506.37 451.53 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 447.6901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 445.53 369.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 67.65 435.6901 Tm 0 g -0.0001 Tc 0.0001 Tw (LOSS BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE)Tj ET 0.934 g 437.49 445.53 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 435.2101 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 447.57 445.53 5.04 -12.24 re f BT 10.079 0 0 10.079 450.21 435.2101 Tm 0 g ( )Tj ET 0.934 g 452.85 445.53 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 459.57 435.6901 Tm 0 g (\(12.8)Tj ET 0.934 g 480.69 445.53 9.84 -12.24 re f BT 10.079 0 0 10.079 480.69 435.6901 Tm 0 g (\))Tj ET 0.934 g 490.77 445.53 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 435.2101 Tm 0 g ( )Tj ET 0.934 g 500.85 445.53 5.28 -12.24 re f BT 10.079 0 0 10.079 503.73 435.2101 Tm 0 g ( )Tj ET 0.934 g 506.37 445.53 27.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 518.1299 435.6901 Tm 0 g (\(9.6)Tj ET 0.934 g 534.21 445.53 10.08 -12.24 re f BT 10.079 0 0 10.079 534.21 435.6901 Tm 0 g (\))Tj -46.2901 -1.2382 TD -0.0001 Tc 0.0001 Tw (CUMULATIVE EFFECT OF ACCOUNTING CHANGE � NET OF $5.0 TAX)Tj /F12 1 Tf 36.694 -0.0476 TD 0.7501 Tc 0 Tw [( )476.2( )-1762.1( )-285.7( )]TJ /F6 1 Tf 8.3341 0.0476 TD 0 Tc (9.3)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 415.29 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 411.4501 Tm 0 g ( )Tj ET 0.5 g 506.37 415.29 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 411.4501 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 409.29 369.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 67.65 399.4501 Tm 0 g -0.0001 Tc 0.0001 Tw (NET LOSS)Tj ET 0.934 g 437.49 409.29 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 398.9701 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 447.57 409.29 5.04 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 447.81 399.4501 Tm 0 g ($)Tj ET 0.934 g 452.85 409.29 27.6 -12.24 re f BT 10.079 0 0 10.079 459.57 399.4501 Tm 0 g (\(12.8)Tj ET 0.934 g 480.69 409.29 9.84 -12.24 re f BT 10.079 0 0 10.079 480.69 399.4501 Tm 0 g (\))Tj ET 0.934 g 490.77 409.29 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 398.9701 Tm 0 g ( )Tj ET 0.934 g 500.85 409.29 5.28 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 501.33 399.4501 Tm 0 g ($)Tj ET 0.934 g 506.37 409.29 27.6 -12.24 re f BT 10.079 0 0 10.079 523.1699 399.4501 Tm 0 g (\(.3)Tj ET 0.934 g 534.21 409.29 10.08 -12.24 re f BT 10.079 0 0 10.079 534.21 399.4501 Tm 0 g (\))Tj /F12 1 Tf -46.2901 -1.1668 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 392.73 27.6 -2.88 re f BT 10.079 0 0 10.079 480.69 387.6901 Tm 0 g ( )Tj ET 0.5 g 506.37 392.73 27.6 -2.88 re f BT 10.079 0 0 10.079 534.21 387.6901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 385.53 369.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 67.65 375.6901 Tm 0 g -0.0001 Tc 0.0001 Tw (NET LOSS PER COMMON SHARE)Tj ET 0.934 g 437.49 385.53 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 375.2101 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 447.57 385.53 5.04 -12.24 re f 452.85 385.53 27.6 -12.24 re f 480.69 385.53 9.84 -12.24 re f 490.77 385.53 9.84 -12.24 re f BT 10.079 0 0 10.079 490.77 375.2101 Tm 0 g ( )Tj ET 0.934 g 500.85 385.53 5.28 -12.24 re f 506.37 385.53 27.6 -12.24 re f 534.21 385.53 10.08 -12.24 re f BT 10.079 0 0 10.079 67.65 362.7301 Tm 0 g ( )Tj /F6 1 Tf 1.0001 0.0476 TD (Basic and Diluted)Tj /F12 1 Tf 35.6939 -0.0476 TD 5.0362 Tc ( )Tj ET 0.934 g 67.65 360.57 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 350.2501 Tm 0 g 0 Tc ( )Tj ET 0.934 g 77.73 360.57 359.52 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 77.73 350.7301 Tm 0 g (Before cumulative effect of accounting change)Tj ET 0.934 g 437.49 360.57 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 350.2501 Tm 0 g ( )Tj ET 0.934 g 447.57 360.57 5.04 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 447.81 350.7301 Tm 0 g ($)Tj ET 0.934 g 452.85 360.57 27.6 -12.24 re f BT 10.079 0 0 10.079 459.57 350.7301 Tm 0 g (\(1.27)Tj ET 0.934 g 480.69 360.57 9.84 -12.24 re f BT 10.079 0 0 10.079 480.69 350.7301 Tm 0 g (\))Tj ET 0.934 g 490.77 360.57 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 350.2501 Tm 0 g ( )Tj ET 0.934 g 500.85 360.57 5.28 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 501.33 350.7301 Tm 0 g ($)Tj ET 0.934 g 506.37 360.57 27.6 -12.24 re f BT 10.079 0 0 10.079 518.1299 350.7301 Tm 0 g (\(.95)Tj ET 0.934 g 534.21 360.57 10.08 -12.24 re f BT 10.079 0 0 10.079 534.21 350.7301 Tm 0 g (\))Tj /F12 1 Tf -46.2901 -1.2858 TD 0.7501 Tc ( )Tj /F6 1 Tf 2.0002 0.0476 TD 0 Tc (Cumulative effect of accounting change � net of tax)Tj /F12 1 Tf 34.6938 -0.0476 TD 0.7501 Tc [( )476.2( )-1762.1( )-285.7( )]TJ /F6 1 Tf 8.3341 0.0476 TD 0 Tc (.92)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj -46.2901 -1.1192 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 330.33 27.6 -0.48 re f BT 10.079 0 0 10.079 480.69 326.4901 Tm 0 g ( )Tj ET 0.5 g 506.37 330.33 27.6 -0.48 re f BT 10.079 0 0 10.079 534.21 326.4901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 324.33 9.84 -12.24 re f BT 10.079 0 0 10.079 67.65 314.0101 Tm 0 g ( )Tj ET 0.934 g 77.73 324.33 9.84 -12.24 re f BT 10.079 0 0 10.079 77.73 314.0101 Tm 0 g ( )Tj ET 0.934 g 87.81 324.33 9.84 -12.24 re f BT 10.079 0 0 10.079 87.81 314.0101 Tm 0 g ( )Tj ET 0.934 g 97.89 324.33 9.84 -12.24 re f BT 10.079 0 0 10.079 97.89 314.0101 Tm 0 g ( )Tj ET 0.934 g 107.97 324.33 329.28 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 107.97 314.4901 Tm 0 g (Net loss)Tj ET 0.934 g 437.49 324.33 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 437.49 314.0101 Tm 0 g ( )Tj ET 0.934 g 447.57 324.33 5.04 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 447.81 314.4901 Tm 0 g ($)Tj ET 0.934 g 452.85 324.33 27.6 -12.24 re f BT 10.079 0 0 10.079 459.57 314.4901 Tm 0 g (\(1.27)Tj ET 0.934 g 480.69 324.33 9.84 -12.24 re f BT 10.079 0 0 10.079 480.69 314.4901 Tm 0 g (\))Tj ET 0.934 g 490.77 324.33 9.84 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 490.77 314.0101 Tm 0 g ( )Tj ET 0.934 g 500.85 324.33 5.28 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 501.33 314.4901 Tm 0 g ($)Tj ET 0.934 g 506.37 324.33 27.6 -12.24 re f BT 10.079 0 0 10.079 518.1299 314.4901 Tm 0 g (\(.03)Tj ET 0.934 g 534.21 324.33 10.08 -12.24 re f BT 10.079 0 0 10.079 534.21 314.4901 Tm 0 g (\))Tj /F12 1 Tf -46.2901 -1.1668 TD ( )Tj 36.694 0 TD 0.7501 Tc ( )Tj ET 0.5 g 452.85 307.77 27.6 -2.88 re f BT 10.079 0 0 10.079 480.69 302.7301 Tm 0 g ( )Tj ET 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989.85 575.76 -906.72 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj /F6 1 Tf 10.079 0 0 10.079 154.05 952.41 Tm -0.0001 Tc 0.0001 Tw (CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES)Tj 1.4525 -2.6431 TD (STATEMENT OF CONSOLIDATED FINANCIAL POSITION)Tj /F12 1 Tf 12 0 0 12 95.73 912.3301 Tm 1.03 Tc 0 Tw [( )-17180( )700( )-900( )360( )-40( )-900( )]TJ 7.439 0 0 7.439 95.73 902.25 Tm 1.8148 Tc [( )-27713.2( )]TJ /F6 1 Tf 45.651 0.0323 TD 0 Tc (\(In Millions\))Tj /F12 1 Tf -45.651 -1.2582 TD 1.8148 Tc [( )-27713.2( )]TJ /F6 1 Tf 40.973 0.0323 TD 0 Tc (March 31)Tj /F12 1 Tf 5.0652 -0.0323 TD ( )Tj /F6 1 Tf 3.4843 0.0323 TD (December 31)Tj /F12 1 Tf -49.5225 -1.2582 TD 1.8148 Tc [( )-27713.2( )]TJ /F6 1 Tf 42.0377 0.0323 TD 0 Tc (2002)Tj /F12 1 Tf 4.0005 -0.0323 TD ( )Tj /F6 1 Tf 5.2587 0.0323 TD (2001)Tj /F12 1 Tf -51.2969 -1.1614 TD 1.8148 Tc [( )-27713.2( )]TJ ET 0.5 g 394.05 876.33 43.92 -0.48 re f BT 7.439 0 0 7.439 438.21 875.61 Tm 0 g 0 Tc ( )Tj ET 0.5 g 453.57 876.33 62.88 -0.48 re f 0.934 g 95.73 873.93 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 863.61 Tm 0 g ( )Tj ET 0.934 g 111.09 873.93 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 863.61 Tm 0 g ( )Tj ET 0.934 g 126.45 873.93 15.12 -12.24 re f BT 10.079 0 0 10.079 126.45 863.61 Tm 0 g ( )Tj ET 0.934 g 141.81 873.93 15.12 -12.24 re f BT 10.079 0 0 10.079 141.81 863.61 Tm 0 g ( )Tj ET 0.934 g 157.17 873.93 221.28 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 157.17 864.0901 Tm 0 g -0.0001 Tc (ASSETS)Tj ET 0.934 g 378.69 873.93 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 863.61 Tm 0 g 0 Tc ( )Tj ET 0.934 g 394.05 873.93 6.72 -12.24 re f BT 10.079 0 0 10.079 394.05 863.61 Tm 0 g ( )Tj ET 0.934 g 401.01 873.93 25.92 -12.24 re f BT 10.079 0 0 10.079 401.01 863.61 Tm 0 g ( )Tj ET 0.934 g 427.17 873.93 10.8 -12.24 re f BT 10.079 0 0 10.079 427.17 863.61 Tm 0 g ( )Tj ET 0.934 g 438.21 873.93 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 863.61 Tm 0 g ( )Tj ET 0.934 g 453.57 873.93 15.6 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838.65 Tm 0 g ( )Tj ET 0.934 g 438.21 848.97 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 838.65 Tm 0 g ( )Tj ET 0.934 g 453.57 848.97 15.6 -12.24 re f BT /F6 1 Tf 10.079 0 0 10.079 464.37 839.13 Tm 0 g ($)Tj ET 0.934 g 469.41 848.97 25.92 -12.24 re f BT 10.079 0 0 10.079 472.77 839.13 Tm 0 g (183.8)Tj ET 0.934 g 495.57 848.97 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 838.65 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Trade accounts receivable )Tj /F6 1 Tf 11.414 0 TD (�)Tj /F13 1 Tf 0.9999 0 TD ( net)Tj /F12 1 Tf 14.1363 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.548 0.0476 TD 0 Tc (9.9)Tj /F12 1 Tf 1.262 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (19.9)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 824.01 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 813.6901 Tm 0 g ( )Tj ET 0.934 g 111.09 824.01 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 814.17 Tm 0 g (Receivables from associated companies)Tj ET 0.934 g 378.69 824.01 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 813.6901 Tm 0 g ( )Tj ET 0.934 g 394.05 824.01 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 813.6901 Tm 0 g ( )Tj ET 0.934 g 401.01 824.01 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 414.45 814.17 Tm 0 g (2.2)Tj ET 0.934 g 427.17 824.01 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 813.6901 Tm 0 g ( )Tj ET 0.934 g 438.21 824.01 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 813.6901 Tm 0 g ( )Tj ET 0.934 g 453.57 824.01 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 813.6901 Tm 0 g ( )Tj ET 0.934 g 469.41 824.01 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 814.17 Tm 0 g (12.1)Tj ET 0.934 g 495.57 824.01 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 813.6901 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Inventories)Tj /F12 1 Tf 26.5501 -0.0476 TD 2.6074 Tc [( )904.8( )1762.1( )23.8( )]TJ -28.0741 -1.2382 TD 1.274 Tc ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (Product)Tj /F12 1 Tf 25.0262 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 2.5479 0.0476 TD 0 Tc (126.3)Tj /F12 1 Tf 2.2621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (84.8)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 786.57 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 776.25 Tm 0 g ( )Tj ET 0.934 g 111.09 786.57 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 776.25 Tm 0 g ( )Tj ET 0.934 g 126.45 786.57 252 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 126.45 776.73 Tm 0 g (Supplies and other)Tj ET 0.934 g 378.69 786.57 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 776.25 Tm 0 g ( )Tj ET 0.934 g 394.05 786.57 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 776.25 Tm 0 g ( )Tj ET 0.934 g 401.01 786.57 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 776.73 Tm 0 g (49.8)Tj ET 0.934 g 427.17 786.57 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 776.25 Tm 0 g ( )Tj ET 0.934 g 438.21 786.57 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 776.25 Tm 0 g ( )Tj ET 0.934 g 453.57 786.57 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 776.25 Tm 0 g ( )Tj ET 0.934 g 469.41 786.57 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 776.73 Tm 0 g (29.0)Tj ET 0.934 g 495.57 786.57 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 776.25 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Deferred and refundable income taxes)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (28.1)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (20.8)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 761.61 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 751.29 Tm 0 g ( )Tj ET 0.934 g 111.09 761.61 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 751.77 Tm 0 g (Other)Tj ET 0.934 g 378.69 761.61 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 751.29 Tm 0 g ( )Tj ET 0.934 g 394.05 761.61 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 751.29 Tm 0 g ( )Tj ET 0.934 g 401.01 761.61 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 751.77 Tm 0 g (20.4)Tj ET 0.934 g 427.17 761.61 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 751.29 Tm 0 g ( )Tj ET 0.934 g 438.21 761.61 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 751.29 Tm 0 g ( )Tj ET 0.934 g 453.57 761.61 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 751.29 Tm 0 g ( )Tj ET 0.934 g 469.41 761.61 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 751.77 Tm 0 g (12.3)Tj ET 0.934 g 495.57 761.61 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 751.29 Tm 0 g ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 743.85 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 740.0101 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 743.85 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 740.0101 Tm 0 g 0 Tc ( )Tj -39.6704 -1.2382 TD 1.274 Tc ( )Tj /F13 1 Tf 4.5719 0.0476 TD -0.0001 Tc 0.0001 Tw (TOTAL CURRENT ASSETS)Tj /F12 1 Tf 23.5022 -0.0476 TD 1.7026 Tc 0 Tw ( )Tj /F13 1 Tf 2.5479 0.0476 TD 0 Tc (378.8)Tj /F12 1 Tf 2.2621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 4.5242 0.0476 TD 0 Tc (362.7)Tj /F12 1 Tf 2.2621 -0.0476 TD ( )Tj ET 0.934 g 95.73 725.37 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 715.53 Tm 0 g -0.0001 Tc (PROPERTIES)Tj ET 0.934 g 378.69 725.37 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 715.05 Tm 0 g 0 Tc ( )Tj ET 0.934 g 394.05 725.37 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 715.05 Tm 0 g ( )Tj ET 0.934 g 401.01 725.37 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 404.37 715.53 Tm 0 g (498.1)Tj ET 0.934 g 427.17 725.37 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 715.05 Tm 0 g ( )Tj ET 0.934 g 438.21 725.37 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 715.05 Tm 0 g ( )Tj ET 0.934 g 453.57 725.37 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 715.05 Tm 0 g ( )Tj ET 0.934 g 469.41 725.37 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 472.77 715.53 Tm 0 g (358.0)Tj ET 0.934 g 495.57 725.37 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 715.05 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Allowances for depreciation and depletion)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 2.2145 0.0476 TD 0 Tc [(\(101.5)-12.7(\))]TJ /F12 1 Tf 3.6908 -0.0476 TD 2.5836 Tc ( )Tj /F13 1 Tf 3.5956 0.0476 TD 0 Tc [(\(97.7)-12.6(\))]TJ /F12 1 Tf -37.575 -1.1668 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 695.13 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 691.29 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 695.13 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 691.29 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 689.13 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 678.8101 Tm 0 g ( )Tj ET 0.934 g 111.09 689.13 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 678.8101 Tm 0 g ( )Tj ET 0.934 g 126.45 689.13 15.12 -12.24 re f BT 10.079 0 0 10.079 126.45 678.8101 Tm 0 g ( )Tj ET 0.934 g 141.81 689.13 236.64 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 141.81 679.29 Tm 0 g -0.0001 Tc 0.0001 Tw (TOTAL PROPERTIES)Tj ET 0.934 g 378.69 689.13 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 678.8101 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 689.13 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 678.8101 Tm 0 g ( )Tj ET 0.934 g 401.01 689.13 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 404.37 679.29 Tm 0 g (396.6)Tj ET 0.934 g 427.17 689.13 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 678.8101 Tm 0 g ( )Tj ET 0.934 g 438.21 689.13 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 678.8101 Tm 0 g ( )Tj ET 0.934 g 453.57 689.13 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 678.8101 Tm 0 g ( )Tj ET 0.934 g 469.41 689.13 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 472.77 679.29 Tm 0 g (260.3)Tj ET 0.934 g 495.57 689.13 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 678.8101 Tm 0 g ( )Tj /F13 1 Tf -39.6704 -1.1906 TD -0.0001 Tc 0.0001 Tw (INVESTMENTS IN ASSOCIATED COMPANIES)Tj /F12 1 Tf 28.0741 -0.0476 TD 1.7026 Tc 0 Tw ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (46.3)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 4.5242 0.0476 TD 0 Tc (135.0)Tj /F12 1 Tf 2.2621 -0.0476 TD ( )Tj ET 0.934 g 95.73 664.17 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 654.3301 Tm 0 g -0.0001 Tc 0.0001 Tw (OTHER ASSETS)Tj ET 0.934 g 378.69 664.17 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 653.8501 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 664.17 6.72 -12.24 re f BT 10.079 0 0 10.079 394.05 653.8501 Tm 0 g ( )Tj ET 0.934 g 401.01 664.17 25.92 -12.24 re f BT 10.079 0 0 10.079 401.01 653.8501 Tm 0 g ( )Tj ET 0.934 g 427.17 664.17 10.8 -12.24 re f BT 10.079 0 0 10.079 427.17 653.8501 Tm 0 g ( )Tj ET 0.934 g 438.21 664.17 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 653.8501 Tm 0 g ( )Tj ET 0.934 g 453.57 664.17 15.6 -12.24 re f BT 10.079 0 0 10.079 453.57 653.8501 Tm 0 g ( )Tj ET 0.934 g 469.41 664.17 25.92 -12.24 re f BT 10.079 0 0 10.079 469.41 653.8501 Tm 0 g ( )Tj ET 0.934 g 495.57 664.17 20.88 -12.24 re f BT 10.079 0 0 10.079 495.57 653.8501 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Prepaid pensions)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (43.2)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (46.1)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 639.21 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 628.8901 Tm 0 g ( )Tj ET 0.934 g 111.09 639.21 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 629.3701 Tm 0 g (Miscellaneous)Tj ET 0.934 g 378.69 639.21 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 628.8901 Tm 0 g ( )Tj ET 0.934 g 394.05 639.21 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 628.8901 Tm 0 g ( )Tj ET 0.934 g 401.01 639.21 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 629.3701 Tm 0 g (24.3)Tj ET 0.934 g 427.17 639.21 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 628.8901 Tm 0 g ( )Tj ET 0.934 g 438.21 639.21 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 628.8901 Tm 0 g ( )Tj ET 0.934 g 453.57 639.21 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 628.8901 Tm 0 g ( )Tj ET 0.934 g 469.41 639.21 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 629.3701 Tm 0 g (20.9)Tj ET 0.934 g 495.57 639.21 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 628.8901 Tm 0 g ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 621.45 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 617.61 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 621.45 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 617.61 Tm 0 g 0 Tc ( )Tj -39.6704 -1.2382 TD 1.274 Tc ( )Tj /F13 1 Tf 4.5719 0.0476 TD -0.0001 Tc 0.0001 Tw (TOTAL OTHER ASSETS)Tj /F12 1 Tf 23.5022 -0.0476 TD 1.7026 Tc 0 Tw ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (67.5)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (67.0)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 597.69 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 593.85 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 597.69 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 593.85 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 591.69 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 581.3701 Tm 0 g ( )Tj ET 0.934 g 111.09 591.69 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 581.3701 Tm 0 g ( )Tj ET 0.934 g 126.45 591.69 15.12 -12.24 re f BT 10.079 0 0 10.079 126.45 581.3701 Tm 0 g ( )Tj ET 0.934 g 141.81 591.69 236.64 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 141.81 581.85 Tm 0 g -0.0001 Tc 0.0001 Tw (TOTAL ASSETS)Tj ET 0.934 g 378.69 591.69 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 581.3701 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 591.69 6.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 395.97 581.85 Tm 0 g ($)Tj ET 0.934 g 401.01 591.69 25.92 -12.24 re f BT 10.079 0 0 10.079 404.37 581.85 Tm 0 g (889.2)Tj ET 0.934 g 427.17 591.69 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 581.3701 Tm 0 g ( )Tj ET 0.934 g 438.21 591.69 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 581.3701 Tm 0 g ( )Tj ET 0.934 g 453.57 591.69 15.6 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 464.37 581.85 Tm 0 g ($)Tj ET 0.934 g 469.41 591.69 25.92 -12.24 re f BT 10.079 0 0 10.079 472.77 581.85 Tm 0 g (825.0)Tj ET 0.934 g 495.57 591.69 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 581.3701 Tm 0 g ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 575.13 25.92 -2.88 re f BT 10.079 0 0 10.079 427.17 570.0901 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 575.13 25.92 -2.88 re f BT 10.079 0 0 10.079 495.57 570.0901 Tm 0 g 0 Tc ( )Tj -39.6704 -1.2382 TD 1.274 Tc ( )Tj /F13 1 Tf 6.0958 0.0476 TD -0.0001 Tc 0.0001 Tw (LIABILITIES AND SHAREHOLDERS)Tj /F6 1 Tf 17.1684 0 TD 0 Tc 0 Tw (�)Tj /F13 1 Tf 0.333 0 TD -0.0001 Tc 0.0001 Tw ( EQUITY)Tj /F12 1 Tf 4.4769 -0.0476 TD 1.274 Tc 0 Tw [( )833.5( )-1071.5( )428.7( )-47.6( )-1071.5( )]TJ ET 0.934 g 95.73 555.45 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 545.61 Tm 0 g -0.0001 Tc 0.0001 Tw (CURRENT LIABILITIES)Tj ET 0.934 g 378.69 555.45 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 545.1301 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 555.45 6.72 -12.24 re f BT 10.079 0 0 10.079 394.05 545.1301 Tm 0 g ( )Tj ET 0.934 g 401.01 555.45 25.92 -12.24 re f BT 10.079 0 0 10.079 401.01 545.1301 Tm 0 g ( )Tj ET 0.934 g 427.17 555.45 10.8 -12.24 re f BT 10.079 0 0 10.079 427.17 545.1301 Tm 0 g ( )Tj ET 0.934 g 438.21 555.45 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 545.1301 Tm 0 g ( )Tj ET 0.934 g 453.57 555.45 15.6 -12.24 re f BT 10.079 0 0 10.079 453.57 545.1301 Tm 0 g ( )Tj ET 0.934 g 469.41 555.45 25.92 -12.24 re f BT 10.079 0 0 10.079 469.41 545.1301 Tm 0 g ( )Tj ET 0.934 g 495.57 555.45 20.88 -12.24 re f BT 10.079 0 0 10.079 495.57 545.1301 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Borrowings under revolving credit facility)Tj /F12 1 Tf 26.5501 -0.0476 TD ( )Tj /F13 1 Tf 1.7145 0.0476 TD [($)-333.4(100.0)]TJ /F12 1 Tf 3.0955 -0.0476 TD 0.8453 Tc ( )Tj /F13 1 Tf 3.6908 0.0476 TD 0 Tc [($)-333.4(100.0)]TJ /F12 1 Tf 3.0955 -0.0476 TD ( )Tj ET 0.934 g 95.73 530.49 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 520.17 Tm 0 g ( )Tj ET 0.934 g 111.09 530.49 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 520.6501 Tm 0 g (Environmental and closure obligations)Tj ET 0.934 g 378.69 530.49 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 520.17 Tm 0 g ( )Tj ET 0.934 g 394.05 530.49 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 520.17 Tm 0 g ( )Tj ET 0.934 g 401.01 530.49 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 414.45 520.6501 Tm 0 g (8.9)Tj ET 0.934 g 427.17 530.49 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 520.17 Tm 0 g ( )Tj ET 0.934 g 438.21 530.49 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 520.17 Tm 0 g ( )Tj ET 0.934 g 453.57 530.49 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 520.17 Tm 0 g ( )Tj ET 0.934 g 469.41 530.49 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 482.85 520.6501 Tm 0 g (9.1)Tj ET 0.934 g 495.57 530.49 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 520.17 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Accounts payable and accrued expenses)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 2.5479 0.0476 TD 0 Tc (105.9)Tj /F12 1 Tf 2.2621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (80.7)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 500.25 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 496.4101 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 500.25 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 496.4101 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 494.25 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 483.9301 Tm 0 g ( )Tj ET 0.934 g 111.09 494.25 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 483.9301 Tm 0 g ( )Tj ET 0.934 g 126.45 494.25 15.12 -12.24 re f BT 10.079 0 0 10.079 126.45 483.9301 Tm 0 g ( )Tj ET 0.934 g 141.81 494.25 236.64 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 141.81 484.4101 Tm 0 g -0.0001 Tc 0.0001 Tw (TOTAL CURRENT LIABILITIES)Tj ET 0.934 g 378.69 494.25 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 483.9301 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 494.25 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 483.9301 Tm 0 g ( )Tj ET 0.934 g 401.01 494.25 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 404.37 484.4101 Tm 0 g (214.8)Tj ET 0.934 g 427.17 494.25 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 483.9301 Tm 0 g ( )Tj ET 0.934 g 438.21 494.25 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 483.9301 Tm 0 g ( )Tj ET 0.934 g 453.57 494.25 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 483.9301 Tm 0 g ( )Tj ET 0.934 g 469.41 494.25 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 472.77 484.4101 Tm 0 g (189.8)Tj ET 0.934 g 495.57 494.25 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 483.9301 Tm 0 g ( )Tj /F13 1 Tf -39.6704 -1.1906 TD -0.0001 Tc 0.0001 Tw (LONG-TERM DEBT)Tj /F12 1 Tf 28.0741 -0.0476 TD 1.7026 Tc 0 Tw ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (70.0)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (70.0)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 469.29 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 459.4501 Tm 0 g -0.0001 Tc 0.0001 Tw (POSTEMPLOYMENT BENEFIT LIABILITIES)Tj ET 0.934 g 378.69 469.29 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 458.9701 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 469.29 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 458.9701 Tm 0 g ( )Tj ET 0.934 g 401.01 469.29 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 459.4501 Tm 0 g (91.9)Tj ET 0.934 g 427.17 469.29 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 458.9701 Tm 0 g ( )Tj ET 0.934 g 438.21 469.29 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 458.9701 Tm 0 g ( )Tj ET 0.934 g 453.57 469.29 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 458.9701 Tm 0 g ( )Tj ET 0.934 g 469.41 469.29 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 459.4501 Tm 0 g (69.2)Tj ET 0.934 g 495.57 469.29 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 458.9701 Tm 0 g ( )Tj /F13 1 Tf -39.6704 -1.1906 TD -0.0001 Tc 0.0001 Tw (ENVIRONMENTAL AND CLOSURE)Tj /F12 1 Tf 28.0741 -0.0476 TD 1.7026 Tc 0 Tw ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (59.4)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (59.2)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 444.33 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 434.4901 Tm 0 g -0.0001 Tc 0.0001 Tw (OTHER LIABILITIES)Tj ET 0.934 g 378.69 444.33 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 434.0101 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 444.33 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 434.0101 Tm 0 g ( )Tj ET 0.934 g 401.01 444.33 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 434.4901 Tm 0 g (35.9)Tj ET 0.934 g 427.17 444.33 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 434.0101 Tm 0 g ( )Tj ET 0.934 g 438.21 444.33 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 434.0101 Tm 0 g ( )Tj ET 0.934 g 453.57 444.33 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 434.0101 Tm 0 g ( )Tj ET 0.934 g 469.41 444.33 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 434.4901 Tm 0 g (36.7)Tj ET 0.934 g 495.57 444.33 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 434.0101 Tm 0 g ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 426.57 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 422.7301 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 426.57 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 422.7301 Tm 0 g 0 Tc ( )Tj -39.6704 -1.2382 TD 27.8241 Tc [( )26121.5( )]TJ /F13 1 Tf 30.622 0.0476 TD 0 Tc (472.0)Tj /F12 1 Tf 2.2621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 4.5242 0.0476 TD 0 Tc (424.9)Tj /F12 1 Tf 2.2621 -0.0476 TD ( )Tj ET 0.934 g 95.73 408.09 282.72 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 398.2501 Tm 0 g -0.0001 Tc 0.0001 Tw (MINORITY INTEREST)Tj ET 0.934 g 378.69 408.09 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 397.7701 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 408.09 6.72 -12.24 re f BT 10.079 0 0 10.079 394.05 397.7701 Tm 0 g ( )Tj ET 0.934 g 401.01 408.09 25.92 -12.24 re f BT 10.079 0 0 10.079 401.01 397.7701 Tm 0 g ( )Tj ET 0.934 g 427.17 408.09 10.8 -12.24 re f BT 10.079 0 0 10.079 427.17 397.7701 Tm 0 g ( )Tj ET 0.934 g 438.21 408.09 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 397.7701 Tm 0 g ( )Tj ET 0.934 g 453.57 408.09 15.6 -12.24 re f BT 10.079 0 0 10.079 453.57 397.7701 Tm 0 g ( )Tj ET 0.934 g 469.41 408.09 25.92 -12.24 re f BT 10.079 0 0 10.079 469.41 397.7701 Tm 0 g ( )Tj ET 0.934 g 495.57 408.09 20.88 -12.24 re f BT 10.079 0 0 10.079 495.57 397.7701 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Cliffs and Associates Limited)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (25.8)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (25.9)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 383.13 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 372.8101 Tm 0 g ( )Tj ET 0.934 g 111.09 383.13 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 373.2901 Tm 0 g (Tilden Mining Company L.C)Tj ET 0.934 g 378.69 383.13 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 372.8101 Tm 0 g ( )Tj ET 0.934 g 394.05 383.13 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 372.8101 Tm 0 g ( )Tj ET 0.934 g 401.01 383.13 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 373.2901 Tm 0 g (28.8)Tj ET 0.934 g 427.17 383.13 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 372.8101 Tm 0 g ( )Tj ET 0.934 g 438.21 383.13 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 372.8101 Tm 0 g ( )Tj ET 0.934 g 453.57 383.13 15.6 -12.24 re f BT 10.079 0 0 10.079 453.57 372.8101 Tm 0 g ( )Tj ET 0.934 g 469.41 383.13 25.92 -12.24 re f BT 10.079 0 0 10.079 469.41 372.8101 Tm 0 g ( )Tj ET 0.934 g 495.57 383.13 20.88 -12.24 re f BT 10.079 0 0 10.079 495.57 372.8101 Tm 0 g ( )Tj /F13 1 Tf -39.6704 -1.1906 TD -0.0001 Tc (SHAREHOLDERS)Tj /F6 1 Tf 8.3342 0 TD 0 Tc (�)Tj /F13 1 Tf 0.333 0 TD -0.0001 Tc 0.0001 Tw ( EQUITY)Tj /F12 1 Tf 19.4069 -0.0476 TD 1.274 Tc 0 Tw [( )833.5( )-1071.5( )428.7( )-47.6( )-1071.5( )]TJ ET 0.934 g 95.73 358.17 15.12 -74.64 re f BT 10.079 0 0 10.079 95.73 285.4501 Tm 0 g 0 Tc ( )Tj ET 0.934 g 111.09 358.17 267.36 -74.64 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 348.3301 Tm 0 g (Preferred Stock Class)Tj 0.7382 -1.2382 TD (A - 500,000 shares authorized and unissued)Tj T* (Class B - 4,000,000 shares authorized and unissued)Tj T* (Common Shares )Tj /F6 1 Tf 7.3323 0 TD (�)Tj /F13 1 Tf 0.9999 0 TD ( par value $1 a share)Tj -8.3322 -1.2382 TD (Authorized - 28,000,000 shares;)Tj T* (Issued - 16,827,941 shares)Tj ET 0.934 g 378.69 358.17 15.12 -74.64 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 285.4501 Tm 0 g ( )Tj ET 0.934 g 394.05 358.17 6.72 -74.64 re f BT 10.079 0 0 10.079 398.37 285.4501 Tm 0 g ( )Tj ET 0.934 g 401.01 358.17 25.92 -74.64 re f BT /F13 1 Tf 10.079 0 0 10.079 409.41 285.9301 Tm 0 g (16.8)Tj ET 0.934 g 427.17 358.17 10.8 -74.64 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 285.4501 Tm 0 g ( )Tj ET 0.934 g 438.21 358.17 15.12 -74.64 re f BT 10.079 0 0 10.079 438.21 285.4501 Tm 0 g ( )Tj ET 0.934 g 453.57 358.17 15.6 -74.64 re f BT 10.079 0 0 10.079 466.77 285.4501 Tm 0 g ( )Tj ET 0.934 g 469.41 358.17 25.92 -74.64 re f BT /F13 1 Tf 10.079 0 0 10.079 477.81 285.9301 Tm 0 g (16.8)Tj ET 0.934 g 495.57 358.17 20.88 -74.64 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 285.4501 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Capital in excess of par value of shares)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.0479 0.0476 TD 0 Tc (70.0)Tj /F12 1 Tf 1.7621 -0.0476 TD 0.8453 Tc [( )-1738.3( )]TJ /F13 1 Tf 5.0243 0.0476 TD 0 Tc (66.2)Tj /F12 1 Tf 1.7621 -0.0476 TD ( )Tj ET 0.934 g 95.73 270.81 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 260.4901 Tm 0 g ( )Tj ET 0.934 g 111.09 270.81 267.36 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 260.9701 Tm 0 g (Retained income)Tj ET 0.934 g 378.69 270.81 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 260.4901 Tm 0 g ( )Tj ET 0.934 g 394.05 270.81 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 260.4901 Tm 0 g ( )Tj ET 0.934 g 401.01 270.81 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 404.37 260.9701 Tm 0 g (463.9)Tj ET 0.934 g 427.17 270.81 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 260.4901 Tm 0 g ( )Tj ET 0.934 g 438.21 270.81 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 260.4901 Tm 0 g ( )Tj ET 0.934 g 453.57 270.81 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 260.4901 Tm 0 g ( )Tj ET 0.934 g 469.41 270.81 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 472.77 260.9701 Tm 0 g (476.7)Tj ET 0.934 g 495.57 270.81 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 260.4901 Tm 0 g ( )Tj -39.6704 -1.2382 TD ( )Tj /F13 1 Tf 1.524 0.0476 TD (Accumulated other comprehensive loss, net of tax)Tj /F12 1 Tf 26.5501 -0.0476 TD 1.7026 Tc ( )Tj /F13 1 Tf 3.2146 0.0476 TD 0 Tc [(\(1.0)-12.5(\))]TJ /F12 1 Tf 2.6907 -0.0476 TD 2.5836 Tc ( )Tj /F13 1 Tf 4.0956 0.0476 TD 0 Tc [(\(1.0)-12.5(\))]TJ ET 0.934 g 95.73 245.85 15.12 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 95.73 223.0501 Tm 0 g ( )Tj ET 0.934 g 111.09 245.85 267.36 -24.72 re f BT /F13 1 Tf 10.079 0 0 10.079 111.09 236.0101 Tm 0 g (Cost of 6,646,824 Common Shares in treasury)Tj 0.7382 -1.2382 TD (\(2001 - 6,685,988 shares\))Tj ET 0.934 g 378.69 245.85 15.12 -24.72 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 223.0501 Tm 0 g ( )Tj ET 0.934 g 394.05 245.85 6.72 -24.72 re f BT 10.079 0 0 10.079 398.37 223.0501 Tm 0 g ( )Tj ET 0.934 g 401.01 245.85 25.92 -24.72 re f BT /F13 1 Tf 10.079 0 0 10.079 401.01 223.5301 Tm 0 g (\(182.3)Tj ET 0.934 g 427.17 245.85 10.8 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Tc ( )Tj ET 0.934 g 95.73 197.13 15.12 -12.24 re f BT 10.079 0 0 10.079 95.73 186.8101 Tm 0 g ( )Tj ET 0.934 g 111.09 197.13 15.12 -12.24 re f BT 10.079 0 0 10.079 111.09 186.8101 Tm 0 g ( )Tj ET 0.934 g 126.45 197.13 15.12 -12.24 re f BT 10.079 0 0 10.079 126.45 186.8101 Tm 0 g ( )Tj ET 0.934 g 141.81 197.13 236.64 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 141.81 187.2901 Tm 0 g -0.0001 Tc 0.0001 Tw (TOTAL SHAREHOLDERS)Tj /F6 1 Tf 12.0849 0 TD 0 Tc 0 Tw (�)Tj /F13 1 Tf 0.333 0 TD -0.0001 Tc 0.0001 Tw ( EQUITY)Tj ET 0.934 g 378.69 197.13 15.12 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 378.69 186.8101 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 394.05 197.13 6.72 -12.24 re f BT 10.079 0 0 10.079 398.37 186.8101 Tm 0 g ( )Tj ET 0.934 g 401.01 197.13 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 404.37 187.2901 Tm 0 g (362.6)Tj ET 0.934 g 427.17 197.13 10.8 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 427.17 186.8101 Tm 0 g ( )Tj ET 0.934 g 438.21 197.13 15.12 -12.24 re f BT 10.079 0 0 10.079 438.21 186.8101 Tm 0 g ( )Tj ET 0.934 g 453.57 197.13 15.6 -12.24 re f BT 10.079 0 0 10.079 466.77 186.8101 Tm 0 g ( )Tj ET 0.934 g 469.41 197.13 25.92 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 472.77 187.2901 Tm 0 g (374.2)Tj ET 0.934 g 495.57 197.13 20.88 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 495.57 186.8101 Tm 0 g ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 179.37 25.92 -0.48 re f BT 10.079 0 0 10.079 427.17 175.5301 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 179.37 25.92 -0.48 re f BT 10.079 0 0 10.079 495.57 175.5301 Tm 0 g 0 Tc ( )Tj -39.6704 -2.4764 TD 1.274 Tc ( )Tj /F13 1 Tf 4.5719 1.2858 TD -0.0001 Tc 0.0001 Tw (TOTAL LIABILITIES AND SHAREHOLDERS)Tj /F6 1 Tf 20.9191 0 TD 0 Tc 0 Tw (�)Tj /F13 1 Tf 0.333 0 TD ( )Tj -20.5139 -1.2382 TD -0.0001 Tc (EQUITY)Tj /F12 1 Tf 22.7641 -0.0476 TD 0 Tc ( )Tj /F13 1 Tf 1.7145 0.0476 TD [($)-333.4(889.2)]TJ /F12 1 Tf 3.0955 -0.0476 TD 0.8453 Tc ( )Tj /F13 1 Tf 3.6908 0.0476 TD 0 Tc [($)-333.4(825.0)]TJ /F12 1 Tf 3.0955 -0.0476 TD ( )Tj -39.6704 -1.1192 TD 27.8241 Tc [( )26550.1( )]TJ ET 0.5 g 401.01 144.33 25.92 -2.88 re f BT 10.079 0 0 10.079 427.17 139.2901 Tm 0 g 0.8453 Tc [( )-428.7( )]TJ ET 0.5 g 469.41 144.33 25.92 -2.88 re f BT 10.079 0 0 10.079 495.57 139.2901 Tm 0 g 0 Tc ( )Tj /F13 1 Tf -46.6235 -2.5955 TD (See notes to consolidated financial statements.)Tj /F12 1 Tf 27.5741 -2.7384 TD (3)Tj ET endstream endobj 10 0 obj << /Type /Page /Parent 54 0 R /Resources 11 0 R /Contents 12 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj 11 0 obj << /ProcSet [ /PDF /Text ] /Font << /F6 72 0 R /F12 52 0 R /F13 53 0 R >> /ExtGState << /GS1 77 0 R >> >> endobj 12 0 obj << /Length 24257 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -684 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj /F13 1 Tf 10.079 0 0 10.079 154.05 952.41 Tm -0.0001 Tc 0.0001 Tw (CLEVELAND-CLIFFS INC AND CONSOLIDATED SUBSIDIARIES)Tj 3.5003 -2.6431 TD (STATEMENT OF CONSOLIDATED CASH FLOWS)Tj /F12 1 Tf 12 0 0 12 95.73 912.3301 Tm 0.97 Tc 0 Tw [( )-20340( )560( )-680( )220( )-440( )560( )-540( )]TJ 7.439 0 0 7.439 95.73 902.25 Tm 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 6.2589 0.0323 TD (\(In Millions,)Tj /F12 1 Tf -46.9415 -1.2582 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 5.1297 0.0323 TD (Brackets Indicate)Tj /F12 1 Tf -45.8124 -1.2582 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 5.6136 0.0323 TD (Cash Decrease\))Tj /F12 1 Tf -46.2963 -1.2582 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 4.3554 0.0323 TD (Three Months Ended)Tj /F12 1 Tf -45.0381 -1.2582 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 6.8396 0.0323 TD (March 31)Tj /F12 1 Tf -47.5223 -1.1614 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj ET 0.5 g 413.01 858.09 103.44 -0.48 re f BT 7.439 0 0 7.439 95.73 848.25 Tm 0 g 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj /F13 1 Tf 3.8069 0.0323 TD (2002)Tj /F12 1 Tf 3.9037 -0.0323 TD ( )Tj /F13 1 Tf 4.3877 0.0323 TD (2001)Tj /F12 1 Tf -52.781 -1.1614 TD 1.718 Tc ( )Tj 40.6827 0 TD 0 Tc ( )Tj ET 0.5 g 413.01 840.57 42.48 -0.48 re f BT 7.439 0 0 7.439 455.73 839.85 Tm 0 g ( )Tj ET 0.5 g 475.65 840.57 40.8 -0.48 re f 0.934 g 95.73 838.17 302.4 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 95.73 828.3301 Tm 0 g -0.0001 Tc 0.0001 Tw (OPERATING ACTIVITIES)Tj ET 0.934 g 398.37 838.17 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 827.85 Tm 0 g 0 Tc 0 Tw ( )Tj ET 0.934 g 413.01 838.17 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 827.85 Tm 0 g ( )Tj ET 0.934 g 420.93 838.17 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 827.85 Tm 0 g ( )Tj ET 0.934 g 443.73 838.17 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 827.85 Tm 0 g ( )Tj ET 0.934 g 455.73 838.17 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 827.85 Tm 0 g ( )Tj ET 0.934 g 475.65 838.17 7.68 -12.24 re f BT 10.079 0 0 10.079 475.65 827.85 Tm 0 g ( )Tj ET 0.934 g 483.57 838.17 20.88 -12.24 re f BT 10.079 0 0 10.079 483.57 827.85 Tm 0 g ( )Tj ET 0.934 g 504.69 838.17 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 827.85 Tm 0 g ( )Tj -40.5753 -1.2382 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD (Net loss)Tj /F12 1 Tf 28.5742 -0.0476 TD ( )Tj /F13 1 Tf 1.7383 0.0476 TD [($)-166.7(\(12.8)-12.6(\))]TJ /F12 1 Tf 3.9528 -0.0476 TD ( )Tj /F13 1 Tf 2.2621 0.0476 TD [($)-1000.1(\(.3)-12.4(\))]TJ ET 0.934 g 95.73 813.21 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 95.73 802.89 Tm 0 g ( )Tj ET 0.934 g 110.37 813.21 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 803.37 Tm 0 g (Depreciation and amortization:)Tj ET 0.934 g 398.37 813.21 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 802.89 Tm 0 g ( )Tj ET 0.934 g 413.01 813.21 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 802.89 Tm 0 g ( )Tj ET 0.934 g 420.93 813.21 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 802.89 Tm 0 g ( )Tj ET 0.934 g 443.73 813.21 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 802.89 Tm 0 g ( )Tj ET 0.934 g 455.73 813.21 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 802.89 Tm 0 g ( )Tj ET 0.934 g 475.65 813.21 7.68 -12.24 re f BT 10.079 0 0 10.079 475.65 802.89 Tm 0 g ( )Tj ET 0.934 g 483.57 813.21 20.88 -12.24 re f BT 10.079 0 0 10.079 483.57 802.89 Tm 0 g ( )Tj ET 0.934 g 504.69 813.21 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 802.89 Tm 0 g ( )Tj -40.5753 -1.2382 TD 1.2025 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc (Consolidated)Tj /F12 1 Tf 27.1216 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 3.2384 0.0476 TD 0 Tc (5.6)Tj /F12 1 Tf 1.262 -0.0476 TD 0.9406 Tc [( )-1309.6( )]TJ /F13 1 Tf 4.7862 0.0476 TD 0 Tc (3.8)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj ET 0.934 g 95.73 788.25 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 777.9301 Tm 0 g ( )Tj ET 0.934 g 110.37 788.25 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 777.9301 Tm 0 g ( )Tj ET 0.934 g 125.01 788.25 273.12 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 125.01 778.41 Tm 0 g (Share of associated companies)Tj ET 0.934 g 398.37 788.25 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 777.9301 Tm 0 g ( )Tj ET 0.934 g 413.01 788.25 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 777.9301 Tm 0 g ( )Tj ET 0.934 g 420.93 788.25 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 431.01 778.41 Tm 0 g (2.1)Tj ET 0.934 g 443.73 788.25 11.76 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 443.73 777.9301 Tm 0 g ( )Tj ET 0.934 g 455.73 788.25 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 777.9301 Tm 0 g ( )Tj ET 0.934 g 475.65 788.25 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 777.9301 Tm 0 g ( )Tj ET 0.934 g 483.57 788.25 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 491.97 778.41 Tm 0 g (3.1)Tj ET 0.934 g 504.69 788.25 11.76 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 504.69 777.9301 Tm 0 g ( )Tj -40.5753 -1.2382 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD (Deferred income taxes)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 3.2384 0.0476 TD 0 Tc (2.8)Tj /F12 1 Tf 1.262 -0.0476 TD 0.9406 Tc [( )-1309.6( )]TJ /F13 1 Tf 4.4528 0.0476 TD 0 Tc [(\(1.5)-12.5(\))]TJ ET 0.934 g 95.73 763.29 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 95.73 752.97 Tm 0 g ( )Tj ET 0.934 g 110.37 763.29 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 753.4501 Tm 0 g (Minority interest in Cliffs and Associates Limited)Tj ET 0.934 g 398.37 763.29 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 752.97 Tm 0 g ( )Tj ET 0.934 g 413.01 763.29 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 752.97 Tm 0 g ( )Tj ET 0.934 g 420.93 763.29 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 432.69 753.4501 Tm 0 g (\(.7)Tj ET 0.934 g 443.73 763.29 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 753.4501 Tm 0 g (\))Tj ET 0.934 g 455.73 763.29 19.68 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 455.73 752.97 Tm 0 g ( )Tj ET 0.934 g 475.65 763.29 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 752.97 Tm 0 g ( )Tj ET 0.934 g 483.57 763.29 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 488.61 753.4501 Tm 0 g (\(1.2)Tj ET 0.934 g 504.69 763.29 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 753.4501 Tm 0 g (\))Tj /F12 1 Tf -40.5753 -1.2858 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD (Gain on sale of assets)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc [(\(2.5)-12.5(\))]TJ /F12 1 Tf 2.786 -0.0476 TD 2.2502 Tc ( )Tj /F13 1 Tf 3.2622 0.0476 TD 0 Tc [(\(1.4)-12.5(\))]TJ ET 0.934 g 95.73 738.33 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 95.73 728.0101 Tm 0 g ( )Tj ET 0.934 g 110.37 738.33 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 728.4901 Tm 0 g (Cumulative effect of accounting change )Tj /F6 1 Tf 17.0795 0 TD (�)Tj /F13 1 Tf 0.9999 0 TD ( net of $5.0 tax)Tj ET 0.934 g 398.37 738.33 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 728.0101 Tm 0 g ( )Tj ET 0.934 g 413.01 738.33 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 728.0101 Tm 0 g ( )Tj ET 0.934 g 420.93 738.33 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 728.0101 Tm 0 g ( )Tj ET 0.934 g 443.73 738.33 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 728.0101 Tm 0 g ( )Tj ET 0.934 g 455.73 738.33 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 728.0101 Tm 0 g ( )Tj ET 0.934 g 475.65 738.33 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 728.0101 Tm 0 g ( )Tj ET 0.934 g 483.57 738.33 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 488.61 728.4901 Tm 0 g (\(9.3)Tj ET 0.934 g 504.69 738.33 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 728.4901 Tm 0 g (\))Tj /F12 1 Tf -40.5753 -1.2858 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD -0.0001 Tc (Other)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc [(\(3.3)-12.5(\))]TJ /F12 1 Tf 2.786 -0.0476 TD 2.2502 Tc ( )Tj /F13 1 Tf 3.5956 0.0476 TD 0 Tc (1.1)Tj /F12 1 Tf 1.262 -0.0476 TD ( )Tj -40.5753 -1.1192 TD 29.7767 Tc [( )28574.2( )]TJ ET 0.5 g 420.93 708.09 22.56 -0.48 re f BT 10.079 0 0 10.079 443.73 704.2501 Tm 0 g 0.9406 Tc [( )-785.8( )]TJ ET 0.5 g 483.57 708.09 20.88 -0.48 re f BT 10.079 0 0 10.079 504.69 704.2501 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 702.09 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 691.7701 Tm 0 g ( )Tj ET 0.934 g 110.37 702.09 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 691.7701 Tm 0 g ( )Tj ET 0.934 g 125.01 702.09 273.12 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 125.01 692.2501 Tm 0 g (Total before changes in operating assets and liabilities)Tj ET 0.934 g 398.37 702.09 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 691.7701 Tm 0 g ( )Tj ET 0.934 g 413.01 702.09 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 691.7701 Tm 0 g ( )Tj ET 0.934 g 420.93 702.09 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 427.65 692.2501 Tm 0 g (\(8.8)Tj ET 0.934 g 443.73 702.09 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 692.2501 Tm 0 g (\))Tj ET 0.934 g 455.73 702.09 19.68 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 455.73 691.7701 Tm 0 g ( )Tj ET 0.934 g 475.65 702.09 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 691.7701 Tm 0 g ( )Tj ET 0.934 g 483.57 702.09 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 488.61 692.2501 Tm 0 g (\(5.7)Tj ET 0.934 g 504.69 702.09 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 692.2501 Tm 0 g (\))Tj /F12 1 Tf -40.5753 -1.2858 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD (Changes in operating assets and liabilities)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 2.405 0.0476 TD 0 Tc [(\(25.2)-12.6(\))]TJ /F12 1 Tf 3.286 -0.0476 TD 2.2502 Tc ( )Tj /F13 1 Tf 2.7622 0.0476 TD 0 Tc [(\(31.2)-12.6(\))]TJ /F12 1 Tf -38.4799 -1.1668 TD 29.7767 Tc [( )28574.2( )]TJ ET 0.5 g 420.93 671.85 22.56 -0.48 re f BT 10.079 0 0 10.079 443.73 668.0101 Tm 0 g 0.9406 Tc [( )-785.8( )]TJ ET 0.5 g 483.57 671.85 20.88 -0.48 re f BT 10.079 0 0 10.079 504.69 668.0101 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 665.85 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 655.53 Tm 0 g ( )Tj ET 0.934 g 110.37 665.85 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 655.53 Tm 0 g ( )Tj ET 0.934 g 125.01 665.85 14.4 -12.24 re f BT 10.079 0 0 10.079 125.01 655.53 Tm 0 g ( )Tj ET 0.934 g 139.65 665.85 258.48 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 139.65 656.0101 Tm 0 g (Net cash used by operating activities)Tj ET 0.934 g 398.37 665.85 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 655.53 Tm 0 g ( )Tj ET 0.934 g 413.01 665.85 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 655.53 Tm 0 g ( )Tj ET 0.934 g 420.93 665.85 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 422.61 656.0101 Tm 0 g (\(34.0)Tj ET 0.934 g 443.73 665.85 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 656.0101 Tm 0 g (\))Tj ET 0.934 g 455.73 665.85 19.68 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 455.73 655.53 Tm 0 g ( )Tj ET 0.934 g 475.65 665.85 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 655.53 Tm 0 g ( )Tj ET 0.934 g 483.57 665.85 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 483.57 656.0101 Tm 0 g (\(36.9)Tj ET 0.934 g 504.69 665.85 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 656.0101 Tm 0 g (\))Tj -40.5753 -1.2382 TD -0.0001 Tc 0.0001 Tw (INVESTING ACTIVITIES)Tj /F12 1 Tf 30.0267 -0.0476 TD 0.5358 Tc 0 Tw [( )-666.7( )-1476.3( )-404.8( )-1190.6( )-1309.6( )]TJ ET 0.934 g 95.73 640.89 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 630.5701 Tm 0 g 0 Tc ( )Tj ET 0.934 g 110.37 640.89 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 631.05 Tm 0 g (Purchase of property, plant and equipment:)Tj ET 0.934 g 398.37 640.89 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 630.5701 Tm 0 g ( )Tj ET 0.934 g 413.01 640.89 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 630.5701 Tm 0 g ( )Tj ET 0.934 g 420.93 640.89 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 630.5701 Tm 0 g ( )Tj ET 0.934 g 443.73 640.89 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 630.5701 Tm 0 g ( )Tj ET 0.934 g 455.73 640.89 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 630.5701 Tm 0 g ( )Tj ET 0.934 g 475.65 640.89 7.68 -12.24 re f BT 10.079 0 0 10.079 475.65 630.5701 Tm 0 g ( )Tj ET 0.934 g 483.57 640.89 20.88 -12.24 re f BT 10.079 0 0 10.079 483.57 630.5701 Tm 0 g ( )Tj ET 0.934 g 504.69 640.89 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 630.5701 Tm 0 g ( )Tj -40.5753 -1.2382 TD 1.2025 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc (Consolidated)Tj /F12 1 Tf 27.1216 -0.0476 TD 1.2025 Tc [( )666.7( )-809.6( )261.9( )-1047.7( )]TJ ET 0.934 g 95.73 615.93 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 605.61 Tm 0 g 0 Tc ( )Tj ET 0.934 g 110.37 615.93 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 605.61 Tm 0 g ( )Tj ET 0.934 g 125.01 615.93 14.4 -12.24 re f BT 10.079 0 0 10.079 125.01 605.61 Tm 0 g ( )Tj ET 0.934 g 139.65 615.93 258.48 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 139.65 606.0901 Tm 0 g (Cliffs and Associates Limited)Tj ET 0.934 g 398.37 615.93 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 605.61 Tm 0 g ( )Tj ET 0.934 g 413.01 615.93 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 605.61 Tm 0 g ( )Tj ET 0.934 g 420.93 615.93 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 605.61 Tm 0 g ( )Tj ET 0.934 g 443.73 615.93 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 605.61 Tm 0 g ( )Tj ET 0.934 g 455.73 615.93 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 605.61 Tm 0 g ( )Tj ET 0.934 g 475.65 615.93 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 605.61 Tm 0 g ( )Tj ET 0.934 g 483.57 615.93 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 488.61 606.0901 Tm 0 g (\(5.4)Tj ET 0.934 g 504.69 615.93 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 606.0901 Tm 0 g (\))Tj /F12 1 Tf -40.5753 -1.2858 TD 1.2025 Tc ( )Tj /F13 1 Tf 4.3576 0.0476 TD 0 Tc (Other)Tj /F12 1 Tf 25.6691 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc [(\(4.2)-12.5(\))]TJ /F12 1 Tf 2.786 -0.0476 TD 2.2502 Tc ( )Tj /F13 1 Tf 3.2622 0.0476 TD 0 Tc [(\(2.1)-12.5(\))]TJ ET 0.934 g 95.73 590.97 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 95.73 580.6501 Tm 0 g ( )Tj ET 0.934 g 110.37 590.97 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 580.6501 Tm 0 g ( )Tj ET 0.934 g 125.01 590.97 273.12 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 125.01 581.1301 Tm 0 g (Share of associated companies)Tj ET 0.934 g 398.37 590.97 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 580.6501 Tm 0 g ( )Tj ET 0.934 g 413.01 590.97 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 580.6501 Tm 0 g ( )Tj ET 0.934 g 420.93 590.97 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 432.69 581.1301 Tm 0 g (\(.6)Tj ET 0.934 g 443.73 590.97 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 581.1301 Tm 0 g (\))Tj ET 0.934 g 455.73 590.97 19.68 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 455.73 580.6501 Tm 0 g ( )Tj ET 0.934 g 475.65 590.97 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 580.6501 Tm 0 g ( )Tj ET 0.934 g 483.57 590.97 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 493.65 581.1301 Tm 0 g (\(.3)Tj ET 0.934 g 504.69 590.97 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 581.1301 Tm 0 g (\))Tj /F12 1 Tf -40.5753 -1.2858 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD (Investment in power related joint venture)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.7264 Tc ( )Tj /F13 1 Tf 2.905 0.0476 TD 0 Tc [(\(6.0)-12.5(\))]TJ /F12 1 Tf 2.786 -0.0476 TD 1.7264 Tc [( )1190.6( )-119( )]TJ ET 0.934 g 95.73 566.01 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 555.6901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 110.37 566.01 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 556.17 Tm 0 g (Proceeds from sale of assets)Tj ET 0.934 g 398.37 566.01 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 555.6901 Tm 0 g ( )Tj ET 0.934 g 413.01 566.01 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 555.6901 Tm 0 g ( )Tj ET 0.934 g 420.93 566.01 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 431.01 556.17 Tm 0 g (2.5)Tj ET 0.934 g 443.73 566.01 11.76 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 443.73 555.6901 Tm 0 g ( )Tj ET 0.934 g 455.73 566.01 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 555.6901 Tm 0 g ( )Tj ET 0.934 g 475.65 566.01 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 555.6901 Tm 0 g ( )Tj ET 0.934 g 483.57 566.01 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 491.97 556.17 Tm 0 g (1.5)Tj ET 0.934 g 504.69 566.01 11.76 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 504.69 555.6901 Tm 0 g ( )Tj -40.5753 -1.2382 TD ( )Tj /F13 1 Tf 1.4525 0.0476 TD -0.0001 Tc (Other)Tj /F12 1 Tf 28.5742 -0.0476 TD 1.2025 Tc [( )666.7( )-809.6( )261.9( )-1047.7( )]TJ /F13 1 Tf 8.9532 0.0476 TD 0 Tc [(\(0.4)-12.5(\))]TJ /F12 1 Tf -38.9799 -1.1668 TD 29.7767 Tc [( )28574.2( )]TJ ET 0.5 g 420.93 535.77 22.56 -0.48 re f BT 10.079 0 0 10.079 443.73 531.9301 Tm 0 g 0.9406 Tc [( )-785.8( )]TJ ET 0.5 g 483.57 535.77 20.88 -0.48 re f BT 10.079 0 0 10.079 504.69 531.9301 Tm 0 g 0 Tc ( )Tj ET 0.934 g 95.73 529.77 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 519.4501 Tm 0 g ( )Tj ET 0.934 g 110.37 529.77 14.4 -12.24 re f BT 10.079 0 0 10.079 110.37 519.4501 Tm 0 g ( )Tj ET 0.934 g 125.01 529.77 14.4 -12.24 re f BT 10.079 0 0 10.079 125.01 519.4501 Tm 0 g ( )Tj ET 0.934 g 139.65 529.77 258.48 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 139.65 519.9301 Tm 0 g (Net cash used by investing activities)Tj ET 0.934 g 398.37 529.77 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 519.4501 Tm 0 g ( )Tj ET 0.934 g 413.01 529.77 7.68 -12.24 re f BT 10.079 0 0 10.079 418.29 519.4501 Tm 0 g ( )Tj ET 0.934 g 420.93 529.77 22.56 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 427.65 519.9301 Tm 0 g (\(8.3)Tj ET 0.934 g 443.73 529.77 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 519.9301 Tm 0 g (\))Tj ET 0.934 g 455.73 529.77 19.68 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 455.73 519.4501 Tm 0 g ( )Tj ET 0.934 g 475.65 529.77 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 519.4501 Tm 0 g ( )Tj ET 0.934 g 483.57 529.77 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 488.61 519.9301 Tm 0 g (\(6.7)Tj ET 0.934 g 504.69 529.77 11.76 -12.24 re f BT 10.079 0 0 10.079 504.69 519.9301 Tm 0 g (\))Tj -40.5753 -1.2382 TD -0.0001 Tc 0.0001 Tw (FINANCING ACTIVITIES)Tj /F12 1 Tf 30.0267 -0.0476 TD 0.5358 Tc 0 Tw [( )-666.7( )-1476.3( )-404.8( )-1190.6( )-1309.6( )]TJ ET 0.934 g 95.73 504.81 14.4 -12.24 re f BT 10.079 0 0 10.079 95.73 494.4901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 110.37 504.81 287.76 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 110.37 494.9701 Tm 0 g (Borrowings under revolving credit facility)Tj ET 0.934 g 398.37 504.81 14.4 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 398.37 494.4901 Tm 0 g ( )Tj ET 0.934 g 413.01 504.81 7.68 -12.24 re f BT 10.079 0 0 10.079 413.01 494.4901 Tm 0 g ( )Tj ET 0.934 g 420.93 504.81 22.56 -12.24 re f BT 10.079 0 0 10.079 420.93 494.4901 Tm 0 g ( )Tj ET 0.934 g 443.73 504.81 11.76 -12.24 re f BT 10.079 0 0 10.079 443.73 494.4901 Tm 0 g ( )Tj ET 0.934 g 455.73 504.81 19.68 -12.24 re f BT 10.079 0 0 10.079 455.73 494.4901 Tm 0 g ( )Tj ET 0.934 g 475.65 504.81 7.68 -12.24 re f BT 10.079 0 0 10.079 480.93 494.4901 Tm 0 g ( )Tj ET 0.934 g 483.57 504.81 20.88 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 486.93 494.9701 Tm 0 g (65.0)Tj ET 0.934 g 504.69 504.81 11.76 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 504.69 494.4901 Tm 0 g ( )Tj -40.5753 -2.4764 TD ( )Tj /F13 1 Tf 1.4525 1.2858 TD (Contributions by minority shareholder in Cliffs and Associates )Tj 0.7382 -1.2382 TD 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Iron Ore is t)Tj 49.9035 0 TD (he )Tj -49.9035 -1.1191 TD (Company)Tj /F2 1 Tf 3.8886 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s dominant segment. The Ferrous Metallics segment consists of the hot briquetted iron \()Tj /F2 1 Tf 35.1608 0 TD (�)Tj /F12 1 Tf 0.444 0 TD -0.0001 Tc (HBI)Tj /F2 1 Tf 1.7218 0 TD 0 Tc (�)Tj /F12 1 Tf 0.444 0 TD (\) project in Trinidad and Tobago )Tj -41.9922 -1.1192 TD (and other development activities. )Tj /F2 1 Tf 13.5248 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (Other)Tj /F2 1 Tf 2.2768 0 TD (�)Tj /F12 1 Tf 0.444 0 TD ( includes non-reportable segments, and unallocated corporate administrative expense and other )Tj -16.6895 -1.1192 TD (income and expense. )Tj 12 0 0 12 39.57 879.6901 Tm 0.17 Tc [( )-400( )-23040( )-400( )-1480( )-380( )-420( )-1480( )80( )-420( )-1480( )-380( )-420( )-1060( )80( )-420( )-740( )-1480( )]TJ 7.439 0 0 7.439 39.57 869.61 Tm 1.0728 Tc ( )Tj 39.1663 0 TD 0.4275 Tc [( )-645.3( )-2387.4( )-613( )-677.5( )-2387.4( )129( )]TJ /F13 1 Tf 15.6472 0.0323 TD 0 Tc (\(In Millions\))Tj /F12 1 Tf 7.7107 -0.0323 TD 1.105 Tc [( )-516.2( )-1709.9( )]TJ -62.5242 -1.1292 TD 1.0728 Tc ( )Tj 39.1663 0 TD 0 Tc ( )Tj ET 0.5 g 340.77 861.93 231.6 -0.48 re f BT 7.439 0 0 7.439 39.57 852.09 Tm 0 g 1.0728 Tc ( )Tj 39.1663 0 TD 0 Tc ( )Tj /F13 1 Tf 2.8713 0.0323 TD (Iron)Tj /F12 1 Tf 3.4843 -0.0323 TD ( )Tj /F13 1 Tf 1.7744 0.0323 TD (Ferrous)Tj /F12 1 Tf 3.8715 -0.0323 TD ( )Tj /F13 1 Tf 1.839 0.0323 TD (Segments)Tj /F12 1 Tf 4.549 -0.0323 TD 1.105 Tc [( )677.5( )-1032.4( )806.5( )]TJ /F13 1 Tf 7.388 0.0323 TD 0 Tc (Consolidated)Tj /F12 1 Tf -64.9439 -1.2582 TD 1.0728 Tc ( )Tj 39.1663 0 TD 0 Tc ( )Tj /F13 1 Tf 3.0004 0.0323 TD 0.0001 Tc (Ore)Tj /F12 1 Tf 3.3553 -0.0323 TD 0 Tc ( )Tj /F13 1 Tf 1.5163 0.0323 TD (Metallics)Tj /F12 1 Tf 4.1296 -0.0323 TD ( )Tj /F13 1 Tf 2.71 0.0323 TD (Total)Tj /F12 1 Tf 3.6779 -0.0323 TD ( )Tj /F13 1 Tf 1.8712 0.0323 TD (Other)Tj /F12 1 Tf 3.0972 -0.0323 TD ( )Tj /F13 1 Tf 4.065 0.0323 TD (Total)Tj /F12 1 Tf -66.5892 -1.1614 TD 1.0728 Tc ( )Tj 39.1663 0 TD 0 Tc ( )Tj ET 0.5 g 340.77 835.29 37.2 -0.48 re f BT 7.439 0 0 7.439 378.21 834.5701 Tm 0 g ( )Tj ET 0.5 g 388.29 835.29 31.68 -0.48 re f BT 7.439 0 0 7.439 420.21 834.5701 Tm 0 g ( )Tj ET 0.5 g 430.29 835.29 37.2 -0.48 re f BT 7.439 0 0 7.439 467.73 834.5701 Tm 0 g ( )Tj ET 0.5 g 477.81 835.29 26.64 -0.48 re f BT 7.439 0 0 7.439 504.69 834.5701 Tm 0 g ( )Tj ET 0.5 g 514.77 835.29 57.6 -0.48 re f 0.934 g 39.57 832.89 291.12 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 39.57 823.05 Tm 0 g (First Quarter 2002)Tj ET 0.934 g 330.93 832.89 9.6 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 330.93 822.5701 Tm 0 g ( )Tj ET 0.934 g 340.77 832.89 4.8 -12.24 re f BT 10.079 0 0 10.079 340.77 822.5701 Tm 0 g ( )Tj ET 0.934 g 345.81 832.89 22.56 -12.24 re f BT 10.079 0 0 10.079 345.81 822.5701 Tm 0 g ( )Tj ET 0.934 g 368.61 832.89 9.36 -12.24 re f BT 10.079 0 0 10.079 368.61 822.5701 Tm 0 g ( )Tj ET 0.934 g 378.21 832.89 9.84 -12.24 re f BT 10.079 0 0 10.079 378.21 822.5701 Tm 0 g ( )Tj ET 0.934 g 388.29 832.89 4.8 -12.24 re f BT 10.079 0 0 10.079 388.29 822.5701 Tm 0 g ( )Tj ET 0.934 g 393.33 832.89 22.56 -12.24 re f BT 10.079 0 0 10.079 393.33 822.5701 Tm 0 g ( )Tj ET 0.934 g 416.13 832.89 3.84 -12.24 re f BT 10.079 0 0 10.079 416.13 822.5701 Tm 0 g ( )Tj ET 0.934 g 420.21 832.89 9.84 -12.24 re f BT 10.079 0 0 10.079 420.21 822.5701 Tm 0 g ( )Tj ET 0.934 g 430.29 832.89 4.8 -12.24 re f BT 10.079 0 0 10.079 430.29 822.5701 Tm 0 g ( )Tj ET 0.934 g 435.33 832.89 22.56 -12.24 re f BT 10.079 0 0 10.079 435.33 822.5701 Tm 0 g ( )Tj ET 0.934 g 458.13 832.89 9.36 -12.24 re f BT 10.079 0 0 10.079 458.13 822.5701 Tm 0 g ( )Tj ET 0.934 g 467.73 832.89 9.84 -12.24 re f BT 10.079 0 0 10.079 467.73 822.5701 Tm 0 g ( )Tj ET 0.934 g 477.81 832.89 4.8 -12.24 re f BT 10.079 0 0 10.079 477.81 822.5701 Tm 0 g ( )Tj ET 0.934 g 482.85 832.89 17.52 -12.24 re f BT 10.079 0 0 10.079 482.85 822.5701 Tm 0 g ( )Tj ET 0.934 g 500.61 832.89 3.84 -12.24 re f BT 10.079 0 0 10.079 500.61 822.5701 Tm 0 g ( )Tj ET 0.934 g 504.69 832.89 9.84 -12.24 re f BT 10.079 0 0 10.079 504.69 822.5701 Tm 0 g ( )Tj ET 0.934 g 514.77 832.89 13.68 -12.24 re f BT 10.079 0 0 10.079 514.77 822.5701 Tm 0 g ( )Tj ET 0.934 g 528.69 832.89 22.56 -12.24 re f BT 10.079 0 0 10.079 528.6899 822.5701 Tm 0 g ( )Tj ET 0.934 g 551.49 832.89 20.88 -12.24 re f BT 10.079 0 0 10.079 551.4899 822.5701 Tm 0 g ( )Tj -50.7906 -1.1192 TD 0.7501 Tw [(Sales )750.1(and )750.1(services)-21632.1( )23.8($)-500.1(55.0)-12.2( )47.6( $ )-1262( )595.3( $)-500.1(55.0)-12.2( )47.6( $ )-762( )595.3( )-881($)-500.1(55.0)-12.2( )]TJ ET 0.934 g 39.57 809.13 291.12 -11.04 re f BT 10.079 0 0 10.079 39.57 800.01 Tm 0 g 0 Tw (Royalties and management fees)Tj ET 0.934 g 330.93 809.13 9.6 -11.04 re f BT 10.079 0 0 10.079 330.93 800.01 Tm 0 g ( )Tj ET 0.934 g 340.77 809.13 4.8 -11.04 re f BT 10.079 0 0 10.079 340.77 800.01 Tm 0 g ( )Tj ET 0.934 g 345.81 809.13 22.56 -11.04 re f BT 10.079 0 0 10.079 355.89 800.01 Tm 0 g (1.3)Tj ET 0.934 g 368.61 809.13 9.36 -11.04 re f BT 10.079 0 0 10.079 368.61 800.01 Tm 0 g ( )Tj ET 0.934 g 378.21 809.13 9.84 -11.04 re f BT 10.079 0 0 10.079 378.21 800.01 Tm 0 g ( )Tj ET 0.934 g 388.29 809.13 4.8 -11.04 re f BT 10.079 0 0 10.079 388.29 800.01 Tm 0 g ( )Tj ET 0.934 g 393.33 809.13 22.56 -11.04 re f BT 10.079 0 0 10.079 393.33 800.01 Tm 0 g ( )Tj ET 0.934 g 416.13 809.13 3.84 -11.04 re f BT 10.079 0 0 10.079 416.13 800.01 Tm 0 g ( )Tj ET 0.934 g 420.21 809.13 9.84 -11.04 re f BT 10.079 0 0 10.079 420.21 800.01 Tm 0 g ( )Tj ET 0.934 g 430.29 809.13 4.8 -11.04 re f BT 10.079 0 0 10.079 430.29 800.01 Tm 0 g ( )Tj ET 0.934 g 435.33 809.13 22.56 -11.04 re f BT 10.079 0 0 10.079 445.41 800.01 Tm 0 g (1.3)Tj ET 0.934 g 458.13 809.13 9.36 -11.04 re f BT 10.079 0 0 10.079 458.13 800.01 Tm 0 g ( )Tj ET 0.934 g 467.73 809.13 9.84 -11.04 re f BT 10.079 0 0 10.079 467.73 800.01 Tm 0 g ( )Tj ET 0.934 g 477.81 809.13 4.8 -11.04 re f BT 10.079 0 0 10.079 477.81 800.01 Tm 0 g ( )Tj ET 0.934 g 482.85 809.13 17.52 -11.04 re f BT 10.079 0 0 10.079 482.85 800.01 Tm 0 g ( )Tj ET 0.934 g 500.61 809.13 3.84 -11.04 re f BT 10.079 0 0 10.079 500.61 800.01 Tm 0 g ( )Tj ET 0.934 g 504.69 809.13 9.84 -11.04 re f BT 10.079 0 0 10.079 504.69 800.01 Tm 0 g ( )Tj ET 0.934 g 514.77 809.13 13.68 -11.04 re f BT 10.079 0 0 10.079 514.77 800.01 Tm 0 g ( )Tj ET 0.934 g 528.69 809.13 22.56 -11.04 re f BT 10.079 0 0 10.079 538.77 800.01 Tm 0 g (1.3)Tj ET 0.934 g 551.49 809.13 20.88 -11.04 re f BT 10.079 0 0 10.079 551.4899 800.01 Tm 0 g ( )Tj -50.7906 -1.1191 TD 28.6575 Tc [( )27931.2( )]TJ ET 0.5 g 345.81 792.57 22.56 -0.48 re f BT 10.079 0 0 10.079 368.61 788.73 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 792.57 22.56 -0.48 re f BT 10.079 0 0 10.079 416.13 788.73 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 792.57 22.56 -0.48 re f BT 10.079 0 0 10.079 458.13 788.73 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 792.57 17.52 -0.48 re f BT 10.079 0 0 10.079 500.61 788.73 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 792.57 22.56 -0.48 re f BT 10.079 0 0 10.079 551.4899 788.73 Tm 0 g 0 Tc ( )Tj -50.7906 -1.1191 TD 0.7501 Tw [( )23.8(Total )750.1(operating )750.1(revenues)-17990.1( )23.8( 56.3)-12.2( )47.6( )500.1( )-1262( )595.3( 56.3)-12.2( )47.6( )500.1( )-762( )595.3( )-881(56.3)-12.2( )]TJ T* 28.6575 Tc 0 Tw [( )27931.2( )]TJ ET 0.5 g 345.81 771.21 22.56 -2.88 re f BT 10.079 0 0 10.079 368.61 766.17 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 771.21 22.56 -2.88 re f BT 10.079 0 0 10.079 416.13 766.17 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 771.21 22.56 -2.88 re f BT 10.079 0 0 10.079 458.13 766.17 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 771.21 17.52 -2.88 re f BT 10.079 0 0 10.079 500.61 766.17 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 771.21 22.56 -2.88 re f BT 10.079 0 0 10.079 551.4899 766.17 Tm 0 g 0 Tc ( )Tj ET 0.934 g 39.57 764.01 291.12 -11.04 re f BT 10.079 0 0 10.079 39.57 754.89 Tm 0 g (Loss before income taxes and minority interest)Tj ET 0.934 g 330.93 764.01 9.6 -11.04 re f BT 10.079 0 0 10.079 330.93 754.89 Tm 0 g ( )Tj ET 0.934 g 340.77 764.01 4.8 -11.04 re f BT 10.079 0 0 10.079 343.17 754.89 Tm 0 g ( )Tj ET 0.934 g 345.81 764.01 22.56 -11.04 re f BT 10.079 0 0 10.079 347.49 754.89 Tm 0 g (\(11.8)Tj ET 0.934 g 368.61 764.01 9.36 -11.04 re f BT 10.079 0 0 10.079 368.61 754.89 Tm 0 g (\))Tj ET 0.934 g 378.21 764.01 9.84 -11.04 re f BT 10.079 0 0 10.079 378.21 754.89 Tm 0 g ( )Tj ET 0.934 g 388.29 764.01 4.8 -11.04 re f BT 10.079 0 0 10.079 390.69 754.89 Tm 0 g ( )Tj ET 0.934 g 393.33 764.01 22.56 -11.04 re f BT 10.079 0 0 10.079 400.05 754.89 Tm 0 g (\(4.1)Tj ET 0.934 g 416.13 764.01 3.84 -11.04 re f BT 10.079 0 0 10.079 416.13 754.89 Tm 0 g (\))Tj ET 0.934 g 420.21 764.01 9.84 -11.04 re f BT 10.079 0 0 10.079 420.21 754.89 Tm 0 g ( )Tj ET 0.934 g 430.29 764.01 4.8 -11.04 re f BT 10.079 0 0 10.079 432.69 754.89 Tm 0 g ( )Tj ET 0.934 g 435.33 764.01 22.56 -11.04 re f BT 10.079 0 0 10.079 437.01 754.89 Tm 0 g (\(15.9)Tj ET 0.934 g 458.13 764.01 9.36 -11.04 re f BT 10.079 0 0 10.079 458.13 754.89 Tm 0 g (\))Tj ET 0.934 g 467.73 764.01 9.84 -11.04 re f BT 10.079 0 0 10.079 467.73 754.89 Tm 0 g ( )Tj ET 0.934 g 477.81 764.01 4.8 -11.04 re f BT 10.079 0 0 10.079 480.21 754.89 Tm 0 g ( )Tj ET 0.934 g 482.85 764.01 17.52 -11.04 re f BT 10.079 0 0 10.079 484.53 754.89 Tm 0 g (\(4.3)Tj ET 0.934 g 500.61 764.01 3.84 -11.04 re f BT 10.079 0 0 10.079 500.61 754.89 Tm 0 g (\))Tj ET 0.934 g 504.69 764.01 9.84 -11.04 re f BT 10.079 0 0 10.079 504.69 754.89 Tm 0 g ( )Tj ET 0.934 g 514.77 764.01 13.68 -11.04 re f BT 10.079 0 0 10.079 526.0499 754.89 Tm 0 g ( )Tj ET 0.934 g 528.69 764.01 22.56 -11.04 re f BT 10.079 0 0 10.079 530.3699 754.89 Tm 0 g (\(20.2)Tj ET 0.934 g 551.49 764.01 20.88 -11.04 re f BT 10.079 0 0 10.079 551.4899 754.89 Tm 0 g (\))Tj -50.7906 -1.1191 TD 0.7501 Tw [(Investments )750.1(in )750.1(associated )750.1(companies)-14160.8( )23.8( 46.3)-12.2( )47.6( )500.1( )-1262( )595.3( 46.3)-12.2( )47.6( )500.1( )-762( )595.3( )-881(46.3)-12.2( )]TJ ET 0.934 g 39.57 741.45 291.12 -11.04 re f BT 10.079 0 0 10.079 39.57 732.3301 Tm 0 g 0 Tw (Other identifiable assets)Tj ET 0.934 g 330.93 741.45 9.6 -11.04 re f BT 10.079 0 0 10.079 330.93 732.3301 Tm 0 g ( )Tj ET 0.934 g 340.77 741.45 4.8 -11.04 re f BT 10.079 0 0 10.079 340.77 732.3301 Tm 0 g ( )Tj ET 0.934 g 345.81 741.45 22.56 -11.04 re f BT 10.079 0 0 10.079 345.81 732.3301 Tm 0 g (676.9)Tj ET 0.934 g 368.61 741.45 9.36 -11.04 re f BT 10.079 0 0 10.079 368.61 732.3301 Tm 0 g ( )Tj ET 0.934 g 378.21 741.45 9.84 -11.04 re f BT 10.079 0 0 10.079 378.21 732.3301 Tm 0 g ( )Tj ET 0.934 g 388.29 741.45 4.8 -11.04 re f BT 10.079 0 0 10.079 388.29 732.3301 Tm 0 g ( )Tj ET 0.934 g 393.33 741.45 22.56 -11.04 re f BT 10.079 0 0 10.079 393.33 732.3301 Tm 0 g (132.8)Tj ET 0.934 g 416.13 741.45 3.84 -11.04 re f BT 10.079 0 0 10.079 416.13 732.3301 Tm 0 g ( )Tj ET 0.934 g 420.21 741.45 9.84 -11.04 re f BT 10.079 0 0 10.079 420.21 732.3301 Tm 0 g ( )Tj ET 0.934 g 430.29 741.45 4.8 -11.04 re f BT 10.079 0 0 10.079 430.29 732.3301 Tm 0 g ( )Tj ET 0.934 g 435.33 741.45 22.56 -11.04 re f BT 10.079 0 0 10.079 435.33 732.3301 Tm 0 g (809.7)Tj ET 0.934 g 458.13 741.45 9.36 -11.04 re f BT 10.079 0 0 10.079 458.13 732.3301 Tm 0 g ( )Tj ET 0.934 g 467.73 741.45 9.84 -11.04 re f BT 10.079 0 0 10.079 467.73 732.3301 Tm 0 g ( )Tj ET 0.934 g 477.81 741.45 4.8 -11.04 re f BT 10.079 0 0 10.079 477.81 732.3301 Tm 0 g ( )Tj ET 0.934 g 482.85 741.45 17.52 -11.04 re f BT 10.079 0 0 10.079 482.85 732.3301 Tm 0 g (33.2)Tj ET 0.934 g 500.61 741.45 3.84 -11.04 re f BT 10.079 0 0 10.079 500.61 732.3301 Tm 0 g ( )Tj ET 0.934 g 504.69 741.45 9.84 -11.04 re f BT 10.079 0 0 10.079 504.69 732.3301 Tm 0 g ( )Tj ET 0.934 g 514.77 741.45 13.68 -11.04 re f BT 10.079 0 0 10.079 514.77 732.3301 Tm 0 g ( )Tj ET 0.934 g 528.69 741.45 22.56 -11.04 re f BT 10.079 0 0 10.079 528.6899 732.3301 Tm 0 g (842.9)Tj ET 0.934 g 551.49 741.45 20.88 -11.04 re f BT 10.079 0 0 10.079 551.4899 732.3301 Tm 0 g ( )Tj -50.7906 -1.1192 TD 28.6575 Tc [( )27931.2( )]TJ ET 0.5 g 345.81 724.89 22.56 -0.48 re f BT 10.079 0 0 10.079 368.61 721.05 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 724.89 22.56 -0.48 re f BT 10.079 0 0 10.079 416.13 721.05 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 724.89 22.56 -0.48 re f BT 10.079 0 0 10.079 458.13 721.05 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 724.89 17.52 -0.48 re f BT 10.079 0 0 10.079 500.61 721.05 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 724.89 22.56 -0.48 re f BT 10.079 0 0 10.079 551.4899 721.05 Tm 0 g 0 Tc ( )Tj -50.7906 -1.1191 TD 0.25 Tw [( )-476.3(Total )250(assets)-23237.6( )-476.3( 723.2)-12.3( )-452.5( )-500.1( 132.8)-12.3( )95.2( )-500.1( 856.0)-12.3( )-452.5( )-500.1( 33.2)-12.2( )95.2( )-500.1( )-881.1(889.2)-12.3( )]TJ T* 28.6575 Tc 0 Tw [( )27931.2( )]TJ ET 0.5 g 345.81 703.53 22.56 -2.88 re f BT 10.079 0 0 10.079 368.61 698.4901 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 703.53 22.56 -2.88 re f BT 10.079 0 0 10.079 416.13 698.4901 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 703.53 22.56 -2.88 re f BT 10.079 0 0 10.079 458.13 698.4901 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 703.53 17.52 -2.88 re f BT 10.079 0 0 10.079 500.61 698.4901 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 703.53 22.56 -2.88 re f BT 10.079 0 0 10.079 551.4899 698.4901 Tm 0 g 0 Tc ( )Tj ET 0.934 g 39.57 696.33 291.12 -12.24 re f BT /F13 1 Tf 10.079 0 0 10.079 39.57 686.4901 Tm 0 g (First Quarter 2001)Tj ET 0.934 g 330.93 696.33 9.6 -12.24 re f BT /F12 1 Tf 10.079 0 0 10.079 330.93 686.0101 Tm 0 g ( )Tj ET 0.934 g 340.77 696.33 4.8 -12.24 re f BT 10.079 0 0 10.079 340.77 686.0101 Tm 0 g ( )Tj ET 0.934 g 345.81 696.33 22.56 -12.24 re f BT 10.079 0 0 10.079 345.81 686.0101 Tm 0 g ( )Tj ET 0.934 g 368.61 696.33 9.36 -12.24 re f BT 10.079 0 0 10.079 368.61 686.0101 Tm 0 g ( )Tj ET 0.934 g 378.21 696.33 9.84 -12.24 re f BT 10.079 0 0 10.079 378.21 686.0101 Tm 0 g ( )Tj ET 0.934 g 388.29 696.33 4.8 -12.24 re f BT 10.079 0 0 10.079 388.29 686.0101 Tm 0 g ( )Tj ET 0.934 g 393.33 696.33 22.56 -12.24 re f BT 10.079 0 0 10.079 393.33 686.0101 Tm 0 g ( )Tj ET 0.934 g 416.13 696.33 3.84 -12.24 re f BT 10.079 0 0 10.079 416.13 686.0101 Tm 0 g ( )Tj ET 0.934 g 420.21 696.33 9.84 -12.24 re f BT 10.079 0 0 10.079 420.21 686.0101 Tm 0 g ( )Tj ET 0.934 g 430.29 696.33 4.8 -12.24 re f BT 10.079 0 0 10.079 430.29 686.0101 Tm 0 g ( )Tj ET 0.934 g 435.33 696.33 22.56 -12.24 re f BT 10.079 0 0 10.079 435.33 686.0101 Tm 0 g ( )Tj ET 0.934 g 458.13 696.33 9.36 -12.24 re f BT 10.079 0 0 10.079 458.13 686.0101 Tm 0 g ( )Tj ET 0.934 g 467.73 696.33 9.84 -12.24 re f BT 10.079 0 0 10.079 467.73 686.0101 Tm 0 g ( )Tj ET 0.934 g 477.81 696.33 4.8 -12.24 re f BT 10.079 0 0 10.079 477.81 686.0101 Tm 0 g ( )Tj ET 0.934 g 482.85 696.33 17.52 -12.24 re f BT 10.079 0 0 10.079 482.85 686.0101 Tm 0 g ( )Tj ET 0.934 g 500.61 696.33 3.84 -12.24 re f BT 10.079 0 0 10.079 500.61 686.0101 Tm 0 g ( )Tj ET 0.934 g 504.69 696.33 9.84 -12.24 re f BT 10.079 0 0 10.079 504.69 686.0101 Tm 0 g ( )Tj ET 0.934 g 514.77 696.33 13.68 -12.24 re f BT 10.079 0 0 10.079 514.77 686.0101 Tm 0 g ( )Tj ET 0.934 g 528.69 696.33 22.56 -12.24 re f BT 10.079 0 0 10.079 528.6899 686.0101 Tm 0 g ( )Tj ET 0.934 g 551.49 696.33 20.88 -12.24 re f BT 10.079 0 0 10.079 551.4899 686.0101 Tm 0 g ( )Tj -50.7906 -1.1192 TD 0.7501 Tw [(Sales )750.1(and )750.1(services)-21632.1( )23.8($)-500.1(20.9)-12.2( )47.6( $ )-1262( )595.3( $)-500.1(20.9)-12.2( )47.6( $ )-762( )595.3( )-881($)-500.1(20.9)-12.2( )]TJ ET 0.934 g 39.57 672.57 291.12 -11.04 re f BT 10.079 0 0 10.079 39.57 663.4501 Tm 0 g 0 Tw (Royalties and management fees)Tj ET 0.934 g 330.93 672.57 9.6 -11.04 re f BT 10.079 0 0 10.079 330.93 663.4501 Tm 0 g ( )Tj ET 0.934 g 340.77 672.57 4.8 -11.04 re f BT 10.079 0 0 10.079 340.77 663.4501 Tm 0 g ( )Tj ET 0.934 g 345.81 672.57 22.56 -11.04 re f BT 10.079 0 0 10.079 355.89 663.4501 Tm 0 g (7.9)Tj ET 0.934 g 368.61 672.57 9.36 -11.04 re f BT 10.079 0 0 10.079 368.61 663.4501 Tm 0 g ( )Tj ET 0.934 g 378.21 672.57 9.84 -11.04 re f BT 10.079 0 0 10.079 378.21 663.4501 Tm 0 g ( )Tj ET 0.934 g 388.29 672.57 4.8 -11.04 re f BT 10.079 0 0 10.079 388.29 663.4501 Tm 0 g ( )Tj ET 0.934 g 393.33 672.57 22.56 -11.04 re f BT 10.079 0 0 10.079 393.33 663.4501 Tm 0 g ( )Tj ET 0.934 g 416.13 672.57 3.84 -11.04 re f BT 10.079 0 0 10.079 416.13 663.4501 Tm 0 g ( )Tj ET 0.934 g 420.21 672.57 9.84 -11.04 re f BT 10.079 0 0 10.079 420.21 663.4501 Tm 0 g ( )Tj ET 0.934 g 430.29 672.57 4.8 -11.04 re f BT 10.079 0 0 10.079 430.29 663.4501 Tm 0 g ( )Tj ET 0.934 g 435.33 672.57 22.56 -11.04 re f BT 10.079 0 0 10.079 445.41 663.4501 Tm 0 g (7.9)Tj ET 0.934 g 458.13 672.57 9.36 -11.04 re f BT 10.079 0 0 10.079 458.13 663.4501 Tm 0 g ( )Tj ET 0.934 g 467.73 672.57 9.84 -11.04 re f BT 10.079 0 0 10.079 467.73 663.4501 Tm 0 g ( )Tj ET 0.934 g 477.81 672.57 4.8 -11.04 re f BT 10.079 0 0 10.079 477.81 663.4501 Tm 0 g ( )Tj ET 0.934 g 482.85 672.57 17.52 -11.04 re f BT 10.079 0 0 10.079 482.85 663.4501 Tm 0 g ( )Tj ET 0.934 g 500.61 672.57 3.84 -11.04 re f BT 10.079 0 0 10.079 500.61 663.4501 Tm 0 g ( )Tj ET 0.934 g 504.69 672.57 9.84 -11.04 re f BT 10.079 0 0 10.079 504.69 663.4501 Tm 0 g ( )Tj ET 0.934 g 514.77 672.57 13.68 -11.04 re f BT 10.079 0 0 10.079 514.77 663.4501 Tm 0 g ( )Tj ET 0.934 g 528.69 672.57 22.56 -11.04 re f BT 10.079 0 0 10.079 538.77 663.4501 Tm 0 g (7.9)Tj ET 0.934 g 551.49 672.57 20.88 -11.04 re f BT 10.079 0 0 10.079 551.4899 663.4501 Tm 0 g ( )Tj -50.7906 -1.1192 TD 28.6575 Tc [( )27931.2( )]TJ ET 0.5 g 345.81 656.01 22.56 -0.48 re f BT 10.079 0 0 10.079 368.61 652.17 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 656.01 22.56 -0.48 re f BT 10.079 0 0 10.079 416.13 652.17 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 656.01 22.56 -0.48 re f BT 10.079 0 0 10.079 458.13 652.17 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 656.01 17.52 -0.48 re f BT 10.079 0 0 10.079 500.61 652.17 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 656.01 22.56 -0.48 re f BT 10.079 0 0 10.079 551.4899 652.17 Tm 0 g 0 Tc ( )Tj -50.7906 -1.1191 TD 0.7501 Tw [( )23.8(Total )750.1(operating )750.1(revenues)-17990.1( )23.8( 28.8)-12.2( )47.6( )500.1( )-1262( )595.3( 28.8)-12.2( )47.6( )500.1( )-762( )595.3( )-881(28.8)-12.2( )]TJ T* 28.6575 Tc 0 Tw [( )27931.2( )]TJ ET 0.5 g 345.81 634.65 22.56 -2.88 re f BT 10.079 0 0 10.079 368.61 629.61 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 634.65 22.56 -2.88 re f BT 10.079 0 0 10.079 416.13 629.61 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 634.65 22.56 -2.88 re f BT 10.079 0 0 10.079 458.13 629.61 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 634.65 17.52 -2.88 re f BT 10.079 0 0 10.079 500.61 629.61 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 634.65 22.56 -2.88 re f BT 10.079 0 0 10.079 551.4899 629.61 Tm 0 g 0 Tc ( )Tj ET 0.934 g 39.57 627.45 291.12 -22.32 re f BT 10.079 0 0 10.079 39.57 618.3301 Tm 0 g (Loss before income taxes, minority interest and cumulative effect )Tj 0.7382 -1.1192 TD (adjustment)Tj ET 0.934 g 330.93 627.45 9.6 -22.32 re f BT 10.079 0 0 10.079 330.93 607.05 Tm 0 g ( )Tj ET 0.934 g 340.77 627.45 4.8 -22.32 re f BT 10.079 0 0 10.079 343.17 607.05 Tm 0 g ( )Tj ET 0.934 g 345.81 627.45 22.56 -22.32 re f BT 10.079 0 0 10.079 352.53 607.05 Tm 0 g (\(5.4)Tj ET 0.934 g 368.61 627.45 9.36 -22.32 re f BT 10.079 0 0 10.079 368.61 607.05 Tm 0 g (\))Tj ET 0.934 g 378.21 627.45 9.84 -22.32 re f BT 10.079 0 0 10.079 378.21 607.05 Tm 0 g ( )Tj ET 0.934 g 388.29 627.45 4.8 -22.32 re f BT 10.079 0 0 10.079 390.69 607.05 Tm 0 g ( )Tj ET 0.934 g 393.33 627.45 22.56 -22.32 re f BT 10.079 0 0 10.079 400.05 607.05 Tm 0 g (\(6.0)Tj ET 0.934 g 416.13 627.45 3.84 -22.32 re f BT 10.079 0 0 10.079 416.13 607.05 Tm 0 g (\))Tj ET 0.934 g 420.21 627.45 9.84 -22.32 re f BT 10.079 0 0 10.079 420.21 607.05 Tm 0 g ( )Tj ET 0.934 g 430.29 627.45 4.8 -22.32 re f BT 10.079 0 0 10.079 432.69 607.05 Tm 0 g ( )Tj ET 0.934 g 435.33 627.45 22.56 -22.32 re f BT 10.079 0 0 10.079 437.01 607.05 Tm 0 g (\(11.4)Tj ET 0.934 g 458.13 627.45 9.36 -22.32 re f BT 10.079 0 0 10.079 458.13 607.05 Tm 0 g (\))Tj ET 0.934 g 467.73 627.45 9.84 -22.32 re f BT 10.079 0 0 10.079 467.73 607.05 Tm 0 g ( )Tj ET 0.934 g 477.81 627.45 4.8 -22.32 re f BT 10.079 0 0 10.079 480.21 607.05 Tm 0 g ( )Tj ET 0.934 g 482.85 627.45 17.52 -22.32 re f BT 10.079 0 0 10.079 484.53 607.05 Tm 0 g (\(4.6)Tj ET 0.934 g 500.61 627.45 3.84 -22.32 re f BT 10.079 0 0 10.079 500.61 607.05 Tm 0 g (\))Tj ET 0.934 g 504.69 627.45 9.84 -22.32 re f BT 10.079 0 0 10.079 504.69 607.05 Tm 0 g ( )Tj ET 0.934 g 514.77 627.45 13.68 -22.32 re f BT 10.079 0 0 10.079 526.0499 607.05 Tm 0 g ( )Tj ET 0.934 g 528.69 627.45 22.56 -22.32 re f BT 10.079 0 0 10.079 530.3699 607.05 Tm 0 g (\(16.0)Tj ET 0.934 g 551.49 627.45 20.88 -22.32 re f BT 10.079 0 0 10.079 551.4899 607.05 Tm 0 g (\))Tj -50.7906 -1.1191 TD 0.25 Tw [(Investments )250(in )250(associated )250(companies)-14160.8( )-476.3( 135.2)-12.3( )-452.5( )-500.1( )-1762.1( )95.2( )-500.1( 135.2)-12.3( )-452.5( )-500.1( )-1262.1( )95.2( )-500.1( )-881.1(135.2)-12.3( )]TJ ET 0.934 g 39.57 593.61 291.12 -11.04 re f BT 10.079 0 0 10.079 39.57 584.4901 Tm 0 g 0 Tw (Other identifiable assets)Tj ET 0.934 g 330.93 593.61 9.6 -11.04 re f BT 10.079 0 0 10.079 330.93 584.4901 Tm 0 g ( )Tj ET 0.934 g 340.77 593.61 4.8 -11.04 re f BT 10.079 0 0 10.079 340.77 584.4901 Tm 0 g ( )Tj ET 0.934 g 345.81 593.61 22.56 -11.04 re f BT 10.079 0 0 10.079 345.81 584.4901 Tm 0 g (470.5)Tj ET 0.934 g 368.61 593.61 9.36 -11.04 re f BT 10.079 0 0 10.079 368.61 584.4901 Tm 0 g ( )Tj ET 0.934 g 378.21 593.61 9.84 -11.04 re f BT 10.079 0 0 10.079 378.21 584.4901 Tm 0 g ( )Tj ET 0.934 g 388.29 593.61 4.8 -11.04 re f BT 10.079 0 0 10.079 388.29 584.4901 Tm 0 g ( )Tj ET 0.934 g 393.33 593.61 22.56 -11.04 re f BT 10.079 0 0 10.079 393.33 584.4901 Tm 0 g (136.6)Tj ET 0.934 g 416.13 593.61 3.84 -11.04 re f BT 10.079 0 0 10.079 416.13 584.4901 Tm 0 g ( )Tj ET 0.934 g 420.21 593.61 9.84 -11.04 re f BT 10.079 0 0 10.079 420.21 584.4901 Tm 0 g ( )Tj ET 0.934 g 430.29 593.61 4.8 -11.04 re f BT 10.079 0 0 10.079 430.29 584.4901 Tm 0 g ( )Tj ET 0.934 g 435.33 593.61 22.56 -11.04 re f BT 10.079 0 0 10.079 435.33 584.4901 Tm 0 g (607.1)Tj ET 0.934 g 458.13 593.61 9.36 -11.04 re f BT 10.079 0 0 10.079 458.13 584.4901 Tm 0 g ( )Tj ET 0.934 g 467.73 593.61 9.84 -11.04 re f BT 10.079 0 0 10.079 467.73 584.4901 Tm 0 g ( )Tj ET 0.934 g 477.81 593.61 4.8 -11.04 re f BT 10.079 0 0 10.079 477.81 584.4901 Tm 0 g ( )Tj ET 0.934 g 482.85 593.61 17.52 -11.04 re f BT 10.079 0 0 10.079 482.85 584.4901 Tm 0 g (23.6)Tj ET 0.934 g 500.61 593.61 3.84 -11.04 re f BT 10.079 0 0 10.079 500.61 584.4901 Tm 0 g ( )Tj ET 0.934 g 504.69 593.61 9.84 -11.04 re f BT 10.079 0 0 10.079 504.69 584.4901 Tm 0 g ( )Tj ET 0.934 g 514.77 593.61 13.68 -11.04 re f BT 10.079 0 0 10.079 514.77 584.4901 Tm 0 g ( )Tj ET 0.934 g 528.69 593.61 22.56 -11.04 re f BT 10.079 0 0 10.079 528.6899 584.4901 Tm 0 g (630.7)Tj ET 0.934 g 551.49 593.61 20.88 -11.04 re f BT 10.079 0 0 10.079 551.4899 584.4901 Tm 0 g ( )Tj -50.7906 -1.1191 TD 28.6575 Tc [( )27931.2( )]TJ ET 0.5 g 345.81 577.05 22.56 -0.48 re f BT 10.079 0 0 10.079 368.61 573.2101 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 577.05 22.56 -0.48 re f BT 10.079 0 0 10.079 416.13 573.2101 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 577.05 22.56 -0.48 re f BT 10.079 0 0 10.079 458.13 573.2101 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 577.05 17.52 -0.48 re f BT 10.079 0 0 10.079 500.61 573.2101 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 577.05 22.56 -0.48 re f BT 10.079 0 0 10.079 551.4899 573.2101 Tm 0 g 0 Tc ( )Tj -50.7906 -1.1192 TD 0.25 Tw [( )-476.3(Total )250(assets)-23237.6( )-476.3( 605.7)-12.3( )-452.5( )-500.1( 136.6)-12.3( )95.2( )-500.1( 742.3)-12.3( )-452.5( )-500.1( 23.6)-12.2( )95.2( )-500.1( )-881.1(765.9)-12.3( )]TJ T* 28.6575 Tc 0 Tw [( )27931.2( )]TJ ET 0.5 g 345.81 555.69 22.56 -2.88 re f BT 10.079 0 0 10.079 368.61 550.6501 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 393.33 555.69 22.56 -2.88 re f BT 10.079 0 0 10.079 416.13 550.6501 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 435.33 555.69 22.56 -2.88 re f BT 10.079 0 0 10.079 458.13 550.6501 Tm 0 g 0.7025 Tc [( )-47.6( )]TJ ET 0.5 g 482.85 555.69 17.52 -2.88 re f BT 10.079 0 0 10.079 500.61 550.6501 Tm 0 g 0.1548 Tc [( )-595.3( )]TJ ET 0.5 g 528.69 555.69 22.56 -2.88 re f BT 10.079 0 0 10.079 551.4899 550.6501 Tm 0 g 0 Tc ( )Tj /F13 1 Tf -52.1716 -2.5955 TD -0.0001 Tc 0.0001 Tw (NOTE F )Tj /F6 1 Tf 3.9446 0 TD 0 Tc 0 Tw (�)Tj /F13 1 Tf 0.9999 0 TD -0.0001 Tc 0.0001 Tw ( INCOME TAXES)Tj /F12 1 Tf -4.9446 -2.5717 TD 0 Tc 0 Tw ( In March 2002, the )Tj /F2 1 Tf 9.1642 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (Job Creation and Worker Assistance Act of 2002)Tj /F2 1 Tf 19.6332 0 TD (�)Tj /F12 1 Tf 0.444 0 TD ( \()Tj /F2 1 Tf 0.5829 0 TD (�)Tj /F12 1 Tf 0.444 0 TD -0.0001 Tc (Act)Tj /F2 1 Tf 1.4439 0 TD 0 Tc (�)Tj /F12 1 Tf 0.444 0 TD (\) was enacted by Congress. Provisions of the Act )Tj -32.6 -1.1192 TD (provide for the carryback of net operating losses for tax years 2002 and 2001 for up to five years. Previously, the limitation )Tj 49.5425 0 TD (was two )Tj -49.5425 -1.1192 TD (years. As a result, the Company was able to utilize its tax loss generated in 2001 and reduce loss carryforwards to approximate)Tj 50.6804 0 TD (ly $50 )Tj -50.6804 -1.1192 TD (million \($95 million at December 31, 2001\) and associated deferred tax assets to about $18 million \($33 million at December 31,)Tj 51.6563 0 TD ( 2001\). )Tj -51.6563 -1.1192 TD (Partially offsetting was an increase in alternative minimum tax credit carryforwards to approximately $10 million \($2 million a)Tj 50.8504 0 TD (t )Tj -50.8504 -1.1192 TD (December 31, 2001\). The Company received a cash refund in the second quarter of 2002 of $11.6 million, an increase of $7.7 mill)Tj 52.1793 0 TD (ion )Tj -52.1793 -1.1192 TD (compared to the year-end expectation. There was no impact on earnings as a result of this change. )Tj 27.5741 -2.6907 TD (7)Tj ET endstream endobj 22 0 obj << /Type /Page /Parent 54 0 R /Resources 23 0 R /Contents 24 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj 23 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 73 0 R /F6 72 0 R /F12 52 0 R /F13 53 0 R >> /ExtGState << /GS1 77 0 R >> >> endobj 24 0 obj << /Length 14352 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -572.16 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj /F13 1 Tf 10.079 0 0 10.079 193.17 952.41 Tm -0.0001 Tc (MANAGEMENT)Tj /F6 1 Tf 7.5543 0 TD 0 Tc (�)Tj /F13 1 Tf 0.333 0 TD -0.0001 Tc 0.0001 Tw (S DISCUSSION AND ANALYSIS)Tj -4.5774 -1.2382 TD (OF FINANCIAL CONDITION AND)Tj 1.3811 -1.2382 TD (RESULTS OF OPERATIONS)Tj -21.3116 -2.6431 TD (COMPARISON OF FIRST QUARTER )Tj /F6 1 Tf 17.2764 0 TD 0 Tc 0 Tw (�)Tj /F13 1 Tf 0.9999 0 TD ( 2002 AND 2001)Tj /F12 1 Tf -18.2763 -2.5717 TD ( The net loss for the first quarter of 2002 was $12.8 million, or $1.27 per share \(all per share earnings are )Tj /F2 1 Tf 43.2371 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (diluted earnings per share)Tj /F2 1 Tf 10.3021 0 TD (�)Tj /F12 1 Tf 0.444 0 TD ( )Tj -54.4271 -1.1191 TD (unless stated otherwise\). In the first quarter of 2001, the Company had a loss of $9.6 million, or $.95 per share, before recog)Tj 49.6535 0 TD (nizing a )Tj -49.6535 -1.1192 TD ($9.3 million after-tax credit relating to the cumulative effect of an accounting change. The net loss in the first quarter of 2)Tj 48.6806 0 TD (001 was )Tj -48.6806 -1.1192 TD ($.3 million, or $.03 per share. Following is a summary of results: )Tj 12 0 0 12 67.65 828.09 Tm 1.85 Tc [( )420( )-22260( )400( )340( )400( )800( )760( )]TJ 7.439 0 0 7.439 67.65 818.01 Tm 2.46 Tc ( )Tj 42.0054 0 TD 0 Tc ( )Tj /F13 1 Tf 5.7104 0.0323 TD (\(In Millions, Except Per Share\))Tj /F12 1 Tf -47.7158 -1.1614 TD 2.46 Tc ( )Tj 42.0054 0 TD 0 Tc ( )Tj ET 0.5 g 400.53 810.33 143.76 -0.48 re f BT 7.439 0 0 7.439 67.65 800.4901 Tm 0 g 2.46 Tc ( )Tj 42.0054 0 TD 0 Tc ( )Tj /F13 1 Tf 6.517 0.0323 TD (2002)Tj /F12 1 Tf 5.8395 -0.0323 TD ( )Tj /F13 1 Tf 5.1942 0.0323 TD (2001)Tj /F12 1 Tf -59.5561 -1.1614 TD 2.46 Tc ( )Tj 42.0054 0 TD 0 Tc ( )Tj ET 0.5 g 400.53 792.81 71.28 -0.48 re f BT 7.439 0 0 7.439 472.05 792.09 Tm 0 g ( )Tj ET 0.5 g 492.45 792.81 51.84 -0.48 re f 0.934 g 67.65 790.41 312.24 -11.04 re f BT 10.079 0 0 10.079 67.65 781.29 Tm 0 g (Loss before cumulative effect of accounting change:)Tj ET 0.934 g 380.13 790.41 20.16 -11.04 re f BT 10.079 0 0 10.079 380.13 781.29 Tm 0 g ( )Tj ET 0.934 g 400.53 790.41 24.96 -11.04 re f BT 10.079 0 0 10.079 400.53 781.29 Tm 0 g ( )Tj ET 0.934 g 425.73 790.41 20.88 -11.04 re f BT 10.079 0 0 10.079 425.73 781.29 Tm 0 g ( )Tj ET 0.934 g 446.85 790.41 24.96 -11.04 re f BT 10.079 0 0 10.079 446.85 781.29 Tm 0 g ( )Tj ET 0.934 g 472.05 790.41 20.16 -11.04 re f BT 10.079 0 0 10.079 472.05 781.29 Tm 0 g ( )Tj ET 0.934 g 492.45 790.41 15.36 -11.04 re f BT 10.079 0 0 10.079 492.45 781.29 Tm 0 g ( )Tj ET 0.934 g 508.05 790.41 15.84 -11.04 re f BT 10.079 0 0 10.079 508.0499 781.29 Tm 0 g ( )Tj ET 0.934 g 524.13 790.41 20.16 -11.04 re f BT 10.079 0 0 10.079 524.1299 781.29 Tm 0 g ( )Tj -45.29 -1.1192 TD 1.7502 Tw [( Amount)-25725( )-2024($\(12.8)-12.6(\))-2167.2( )-1071.5($\(9.6)-12.5(\))]TJ ET 0.934 g 67.65 767.85 19.92 -11.04 re f BT 10.079 0 0 10.079 67.65 758.73 Tm 0 g 0 Tw ( )Tj ET 0.934 g 87.81 767.85 292.08 -11.04 re f BT 10.079 0 0 10.079 87.81 758.73 Tm 0 g (Per share)Tj ET 0.934 g 380.13 767.85 20.16 -11.04 re f BT 10.079 0 0 10.079 380.13 758.73 Tm 0 g ( )Tj ET 0.934 g 400.53 767.85 24.96 -11.04 re f BT 10.079 0 0 10.079 423.09 758.73 Tm 0 g ( )Tj ET 0.934 g 425.73 767.85 20.88 -11.04 re f BT 10.079 0 0 10.079 425.73 758.73 Tm 0 g (\(1.27)Tj ET 0.934 g 446.85 767.85 24.96 -11.04 re f BT 10.079 0 0 10.079 446.85 758.73 Tm 0 g (\))Tj ET 0.934 g 472.05 767.85 20.16 -11.04 re f BT 10.079 0 0 10.079 472.05 758.73 Tm 0 g ( )Tj ET 0.934 g 492.45 767.85 15.36 -11.04 re f BT 10.079 0 0 10.079 505.41 758.73 Tm 0 g ( )Tj ET 0.934 g 508.05 767.85 15.84 -11.04 re f BT 10.079 0 0 10.079 508.0499 758.73 Tm 0 g (\(.95)Tj ET 0.934 g 524.13 767.85 20.16 -11.04 re f BT 10.079 0 0 10.079 524.1299 758.73 Tm 0 g (\))Tj -45.29 -1.1192 TD [(Cumulative effect of accounting change:)-14730.4( )-1774( )-2250.2( )-1845.4( )-2250.2( )-1774( )-1297.8( )-1345.4( )]TJ ET 0.934 g 67.65 745.29 19.92 -11.04 re f BT 10.079 0 0 10.079 67.65 736.17 Tm 0 g ( )Tj ET 0.934 g 87.81 745.29 292.08 -11.04 re f BT 10.079 0 0 10.079 87.81 736.17 Tm 0 g (Amount)Tj ET 0.934 g 380.13 745.29 20.16 -11.04 re f BT 10.079 0 0 10.079 380.13 736.17 Tm 0 g ( )Tj ET 0.934 g 400.53 745.29 24.96 -11.04 re f BT 10.079 0 0 10.079 400.53 736.17 Tm 0 g ( )Tj ET 0.934 g 425.73 745.29 20.88 -11.04 re f BT /F2 1 Tf 10.079 0 0 10.079 436.77 736.17 Tm 0 g (�)Tj ET 0.934 g 446.85 745.29 24.96 -11.04 re f BT /F12 1 Tf 10.079 0 0 10.079 446.85 736.17 Tm 0 g ( )Tj ET 0.934 g 472.05 745.29 20.16 -11.04 re f BT 10.079 0 0 10.079 472.05 736.17 Tm 0 g ( )Tj ET 0.934 g 492.45 745.29 15.36 -11.04 re f BT 10.079 0 0 10.079 492.45 736.17 Tm 0 g ( )Tj ET 0.934 g 508.05 745.29 15.84 -11.04 re f BT 10.079 0 0 10.079 511.4099 736.17 Tm 0 g (9.3)Tj ET 0.934 g 524.13 745.29 20.16 -11.04 re f BT 10.079 0 0 10.079 524.1299 736.17 Tm 0 g ( )Tj -45.29 -1.1191 TD 1.7502 Tw [( Per )1750.2(share)-25310.1( )-23.8( )]TJ /F2 1 Tf 36.6225 0 TD 0 Tw (�)Tj /F12 1 Tf 1.0001 0 TD 2.2502 Tw [( )476.2( )619.1(.92)-12.1( )]TJ -37.6226 -1.1192 TD 30.753 Tc 0 Tw [( )28979( )]TJ ET 0.5 g 425.73 717.45 20.88 -0.48 re f BT 10.079 0 0 10.079 446.85 713.61 Tm 0 g 2.2502 Tc [( )476.2( )]TJ ET 0.5 g 508.05 717.45 15.84 -0.48 re f BT 10.079 0 0 10.079 524.1299 713.61 Tm 0 g 0 Tc ( )Tj ET 0.934 g 67.65 711.45 312.24 -11.04 re f BT 10.079 0 0 10.079 67.65 702.3301 Tm 0 g (Net loss:)Tj ET 0.934 g 380.13 711.45 20.16 -11.04 re f BT 10.079 0 0 10.079 380.13 702.3301 Tm 0 g ( )Tj ET 0.934 g 400.53 711.45 24.96 -11.04 re f BT 10.079 0 0 10.079 400.53 702.3301 Tm 0 g ( )Tj ET 0.934 g 425.73 711.45 20.88 -11.04 re f BT 10.079 0 0 10.079 425.73 702.3301 Tm 0 g ( )Tj ET 0.934 g 446.85 711.45 24.96 -11.04 re f BT 10.079 0 0 10.079 446.85 702.3301 Tm 0 g ( )Tj ET 0.934 g 472.05 711.45 20.16 -11.04 re f BT 10.079 0 0 10.079 472.05 702.3301 Tm 0 g ( )Tj ET 0.934 g 492.45 711.45 15.36 -11.04 re f BT 10.079 0 0 10.079 492.45 702.3301 Tm 0 g ( )Tj ET 0.934 g 508.05 711.45 15.84 -11.04 re f BT 10.079 0 0 10.079 508.0499 702.3301 Tm 0 g ( )Tj ET 0.934 g 524.13 711.45 20.16 -11.04 re f BT 10.079 0 0 10.079 524.1299 702.3301 Tm 0 g ( )Tj -45.29 -1.1192 TD 1.7502 Tw [( Amount)-25725( )-2262.1( )1738.3(\(12.8)-12.6(\))-2167.2( )-1309.6( )1238.2(\(.3)-12.4(\))]TJ ET 0.934 g 67.65 688.89 19.92 -11.04 re f BT 10.079 0 0 10.079 67.65 679.7701 Tm 0 g 0 Tw ( )Tj ET 0.934 g 87.81 688.89 292.08 -11.04 re f BT 10.079 0 0 10.079 87.81 679.7701 Tm 0 g (Per share)Tj ET 0.934 g 380.13 688.89 20.16 -11.04 re f BT 10.079 0 0 10.079 380.13 679.7701 Tm 0 g ( )Tj ET 0.934 g 400.53 688.89 24.96 -11.04 re f BT 10.079 0 0 10.079 423.09 679.7701 Tm 0 g ( )Tj ET 0.934 g 425.73 688.89 20.88 -11.04 re f BT 10.079 0 0 10.079 425.73 679.7701 Tm 0 g (\(1.27)Tj ET 0.934 g 446.85 688.89 24.96 -11.04 re f BT 10.079 0 0 10.079 446.85 679.7701 Tm 0 g (\))Tj ET 0.934 g 472.05 688.89 20.16 -11.04 re f BT 10.079 0 0 10.079 472.05 679.7701 Tm 0 g ( )Tj ET 0.934 g 492.45 688.89 15.36 -11.04 re f BT 10.079 0 0 10.079 505.41 679.7701 Tm 0 g ( )Tj ET 0.934 g 508.05 688.89 15.84 -11.04 re f BT 10.079 0 0 10.079 508.0499 679.7701 Tm 0 g (\(.03)Tj ET 0.934 g 524.13 688.89 20.16 -11.04 re f BT 10.079 0 0 10.079 524.1299 679.7701 Tm 0 g (\))Tj -49.4571 -2.5241 TD ( The pre-tax loss for the first quarter 2002 was $20.2 million, an earnings decrease of $4.2 million from first quarter 200)Tj 49.0985 0 TD (1. The )Tj -49.0985 -1.1192 TD (decrease in earnings was primarily due to: )Tj 0 -2.524 TD ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Pellet sales margin was a loss of $15.4 million in 2002 compared to a loss of $14.2 million in 2001, summarized as follows:)]TJ 12 0 0 12 67.65 604.6501 Tm 1.33 Tc [( )-13120( )-180( )-400( )-180( )-400( )-20( )380( )100( )380( )-20( )1280( )]TJ 7.439 0 0 7.439 67.65 594.5701 Tm 2.2987 Tc [( )-21164( )]TJ /F13 1 Tf 40.3923 0.0323 TD 0 Tc (\(In Millions\))Tj /F12 1 Tf 16.9699 -0.0323 TD 2.331 Tc [( )2097.1( )32.3( )]TJ -57.3622 -1.1292 TD 2.2987 Tc [( )-21164( )]TJ ET 0.5 g 281.97 586.89 212.16 -0.48 re f BT 7.439 0 0 7.439 494.37 586.17 Tm 0 g 2.331 Tc [( )2097.1( )32.3( )]TJ -57.3622 -1.226 TD 2.2987 Tc [( )-21164( )-290.4( )-645.3( )-290.4( )-645.3( )]TJ /F13 1 Tf 53.394 0.0323 TD 0 Tc (Increase \(Decrease\))Tj /F12 1 Tf -53.394 -1.1614 TD 2.2987 Tc [( )-21164( )-290.4( )-645.3( )-290.4( )-645.3( )]TJ ET 0.5 g 447.81 569.37 96.48 -0.48 re f BT 7.439 0 0 7.439 67.65 559.53 Tm 0 g [( )-21164( )]TJ /F13 1 Tf 32.0686 0.0323 TD 0 Tc (2002)Tj /F12 1 Tf 5.3233 -0.0323 TD ( )Tj /F13 1 Tf 5.8072 0.0323 TD (2001)Tj /F12 1 Tf 5.3233 -0.0323 TD ( )Tj /F13 1 Tf 3.9683 0.0323 TD (Amount)Tj /F12 1 Tf 4.8716 -0.0323 TD ( )Tj /F13 1 Tf 3.0004 0.0323 TD (Percent)Tj /F12 1 Tf -60.3626 -1.1614 TD 2.2987 Tc [( )-21164( )]TJ ET 0.5 g 281.97 551.85 63.6 -0.48 re f BT 7.439 0 0 7.439 345.81 551.1301 Tm 0 g 0 Tc ( )Tj ET 0.5 g 364.77 551.85 63.6 -0.48 re f BT 7.439 0 0 7.439 428.61 551.1301 Tm 0 g ( )Tj ET 0.5 g 447.81 551.85 46.32 -0.48 re f BT 7.439 0 0 7.439 494.37 551.1301 Tm 0 g ( )Tj ET 0.5 g 513.57 551.85 30.72 -0.48 re f 0.934 g 67.65 549.45 195.12 -11.04 re f BT 10.079 0 0 10.079 67.65 540.3301 Tm 0 g (Sales \(tons\))Tj ET 0.934 g 263.01 549.45 18.72 -11.04 re f BT 10.079 0 0 10.079 263.01 540.3301 Tm 0 g ( )Tj ET 0.934 g 281.97 549.45 18.72 -11.04 re f BT 10.079 0 0 10.079 281.97 540.3301 Tm 0 g ( )Tj ET 0.934 g 300.93 549.45 20.88 -11.04 re f BT 10.079 0 0 10.079 309.33 540.3301 Tm 0 g (1.3)Tj ET 0.934 g 322.05 549.45 23.52 -11.04 re f BT 10.079 0 0 10.079 322.05 540.3301 Tm 0 g ( )Tj ET 0.934 g 345.81 549.45 18.72 -11.04 re f BT 10.079 0 0 10.079 345.81 540.3301 Tm 0 g ( )Tj ET 0.934 g 364.77 549.45 18.72 -11.04 re f BT 10.079 0 0 10.079 364.77 540.3301 Tm 0 g ( )Tj ET 0.934 g 383.73 549.45 20.88 -11.04 re f BT 10.079 0 0 10.079 397.17 540.3301 Tm 0 g (.5)Tj ET 0.934 g 404.85 549.45 23.52 -11.04 re f BT 10.079 0 0 10.079 404.85 540.3301 Tm 0 g ( )Tj ET 0.934 g 428.61 549.45 18.96 -11.04 re f BT 10.079 0 0 10.079 428.61 540.3301 Tm 0 g ( )Tj ET 0.934 g 447.81 549.45 14.16 -11.04 re f BT 10.079 0 0 10.079 447.81 540.3301 Tm 0 g ( )Tj ET 0.934 g 462.21 549.45 17.52 -11.04 re f BT 10.079 0 0 10.079 472.29 540.3301 Tm 0 g (.8)Tj ET 0.934 g 479.97 549.45 14.16 -11.04 re f BT 10.079 0 0 10.079 479.97 540.3301 Tm 0 g ( )Tj ET 0.934 g 494.37 549.45 18.96 -11.04 re f BT 10.079 0 0 10.079 494.37 540.3301 Tm 0 g ( )Tj ET 0.934 g 513.57 549.45 3.36 -11.04 re f BT 10.079 0 0 10.079 514.53 540.3301 Tm 0 g ( )Tj ET 0.934 g 517.17 549.45 18.72 -11.04 re f BT 10.079 0 0 10.079 521.0099 540.3301 Tm 0 g (160)Tj ET 0.934 g 536.13 549.45 8.16 -11.04 re f BT 10.079 0 0 10.079 536.1299 540.3301 Tm 0 g (%)Tj -46.4806 -1.1192 TD 19.1328 Tc [( )17501.7( )]TJ ET 0.5 g 300.93 534.09 20.88 -2.88 re f BT 10.079 0 0 10.079 322.05 529.05 Tm 0 g 2.1074 Tc [( )476.3( )]TJ ET 0.5 g 383.73 534.09 20.88 -2.88 re f BT 10.079 0 0 10.079 404.85 529.05 Tm 0 g [( )452.5( )]TJ ET 0.5 g 462.21 534.09 17.52 -2.88 re f BT 10.079 0 0 10.079 479.97 529.05 Tm 0 g 1.1787 Tc [( )-476.2( )]TJ ET 0.5 g 517.17 534.09 18.72 -2.88 re f BT 10.079 0 0 10.079 536.1299 529.05 Tm 0 g 0 Tc ( )Tj -46.4806 -1.1192 TD [(Revenue from product sales and services*)-2527.3( )-3012.2($)-333.4(47.9)-12.2( )-2107.4( )-3012.2($)-333.4(20.9)-12.2( )-2107.4( )-2583.6($27.0)-12.2( )-1178.7( )-1750.2( )-392.9(129%)]TJ ET 0.934 g 67.65 515.61 195.12 -11.04 re f BT 10.079 0 0 10.079 67.65 506.4901 Tm 0 g (Cost of goods sold and operating expenses*)Tj ET 0.934 g 263.01 515.61 18.72 -11.04 re f BT 10.079 0 0 10.079 263.01 506.4901 Tm 0 g ( )Tj ET 0.934 g 281.97 515.61 18.72 -11.04 re f BT 10.079 0 0 10.079 281.97 506.4901 Tm 0 g ( )Tj ET 0.934 g 300.93 515.61 20.88 -11.04 re f BT 10.079 0 0 10.079 304.29 506.4901 Tm 0 g (63.3)Tj ET 0.934 g 322.05 515.61 23.52 -11.04 re f BT 10.079 0 0 10.079 322.05 506.4901 Tm 0 g ( )Tj ET 0.934 g 345.81 515.61 18.72 -11.04 re f BT 10.079 0 0 10.079 345.81 506.4901 Tm 0 g ( )Tj ET 0.934 g 364.77 515.61 18.72 -11.04 re f BT 10.079 0 0 10.079 364.77 506.4901 Tm 0 g ( )Tj ET 0.934 g 383.73 515.61 20.88 -11.04 re f BT 10.079 0 0 10.079 387.09 506.4901 Tm 0 g (35.1)Tj ET 0.934 g 404.85 515.61 23.52 -11.04 re f BT 10.079 0 0 10.079 404.85 506.4901 Tm 0 g ( )Tj ET 0.934 g 428.61 515.61 18.96 -11.04 re f BT 10.079 0 0 10.079 428.61 506.4901 Tm 0 g ( )Tj ET 0.934 g 447.81 515.61 14.16 -11.04 re f BT 10.079 0 0 10.079 447.81 506.4901 Tm 0 g ( )Tj ET 0.934 g 462.21 515.61 17.52 -11.04 re f BT 10.079 0 0 10.079 462.21 506.4901 Tm 0 g (28.2)Tj ET 0.934 g 479.97 515.61 14.16 -11.04 re f BT 10.079 0 0 10.079 479.97 506.4901 Tm 0 g ( )Tj ET 0.934 g 494.37 515.61 18.96 -11.04 re f BT 10.079 0 0 10.079 494.37 506.4901 Tm 0 g ( )Tj ET 0.934 g 513.57 515.61 3.36 -11.04 re f BT 10.079 0 0 10.079 514.53 506.4901 Tm 0 g ( )Tj ET 0.934 g 517.17 515.61 18.72 -11.04 re f BT 10.079 0 0 10.079 526.0499 506.4901 Tm 0 g (80)Tj ET 0.934 g 536.13 515.61 8.16 -11.04 re f BT 10.079 0 0 10.079 536.1299 506.4901 Tm 0 g (%)Tj -46.4806 -1.1192 TD 19.1328 Tc [( )17501.7( )]TJ ET 0.5 g 300.93 499.05 20.88 -0.48 re f BT 10.079 0 0 10.079 322.05 495.2101 Tm 0 g 2.1074 Tc [( )476.3( )]TJ ET 0.5 g 383.73 499.05 20.88 -0.48 re f BT 10.079 0 0 10.079 404.85 495.2101 Tm 0 g [( )452.5( )]TJ ET 0.5 g 462.21 499.05 17.52 -0.48 re f BT 10.079 0 0 10.079 479.97 495.2101 Tm 0 g 1.1787 Tc [( )-476.2( )1071.5( )-452.4( )]TJ -40.9087 -1.1192 TD 0 Tc [( )-1631.1(Sales margin \(loss\))-9836.3( )-3012.2($\(15.4)-12.6(\))-2024.4( )-3012.2($\(14.2)-12.6(\))-2024.4( )-2583.6($)-166.7(\(1.2)-12.5(\))-1095.7( )-1654.9( )-107.2(N/M)7.8( )]TJ T* 19.1328 Tc [( )17501.7( )]TJ ET 0.5 g 300.93 477.69 20.88 -2.88 re f BT 10.079 0 0 10.079 322.05 472.6501 Tm 0 g 2.1074 Tc [( )476.3( )]TJ ET 0.5 g 383.73 477.69 20.88 -2.88 re f BT 10.079 0 0 10.079 404.85 472.6501 Tm 0 g [( )452.5( )]TJ ET 0.5 g 462.21 477.69 17.52 -2.88 re f BT 10.079 0 0 10.079 479.97 472.6501 Tm 0 g 1.1787 Tc [( )-476.2( )]TJ ET 0.5 g 517.17 477.69 18.72 -2.88 re f BT 10.079 0 0 10.079 536.1299 472.6501 Tm 0 g 0 Tc ( )Tj -50.6477 -2.5241 TD [( )-1440.6(*)-47.7( )-1416.8(Excludes revenues and cost of goods sold and operating expenses related to freight and minority interest.)]TJ 27.5741 -2.6907 TD (8)Tj ET endstream endobj 25 0 obj << /Type /Page /Parent 54 0 R /Resources 26 0 R /Contents 27 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj 26 0 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Included in 2002 cost of goods )]TJ 52.5567 0 TD (sold )Tj -48.6516 -1.1191 TD (and operating expenses was approximately $14 million of fixed costs related to production curtailments versus $4 million in )Tj T* (2001.)Tj -3.9051 -1.1192 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Royalties and management fees from partners decreased $6.6 million from last year mainly due to the suspension of operations )]TJ 1.6668 -1.1191 TD (at Empire Mine in 2002, and the Company)Tj /F2 1 Tf 17.1084 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s increased ownership in Tilden Mine in 2002. Also, royalties and fees paid by the )Tj -17.4414 -1.1192 TD (Company as a partner in the mines, which were previously reported in both revenues and cost of goods sold and operating )Tj T* (expenses, have been eliminated. As a result, first quarter 2001 revenues from royalties and management fees and cost of goods )Tj T* (sold have been restated by a $.9 million reduction. This had no effect on earnings.)Tj -3.9051 -1.1191 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(The loss from CAL of $3.3 million, or $2.6 million net of minorit)]TJ ET q 65.01 849.45 521.76 -11.28 re W* n BT 10.079 0 0 10.079 329.5709 840.3301 Tm (y)Tj ET Q BT 10.079 0 0 10.079 334.6099 840.3301 Tm ( interest, in the first three months of 2002 com)Tj ET q 65.01 849.45 521.76 -11.28 re W* n BT 10.079 0 0 10.079 521.5995 840.3301 Tm (p)Tj ET Q BT 10.079 0 0 10.079 526.6385 840.3301 Tm (ared to a loss )Tj -45.8008 -1.1192 TD (of $5.8 million, or $4.6 million net of minority interest, in the first three months of 2001. The $2.0 million improvement for )Tj T* (2002 reflects cost reduction efforts including an approximate 30 percent reduction in employees and fixed cost reductions from )Tj T* (critical suppliers.)Tj -3.9051 -1.1192 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Administrative, selling and general expense was $1.2 million higher in the first quarter of 2002 compared to the same period i)]TJ 52.0443 0 TD (n )Tj -50.3774 -1.1192 TD (2001 reflecting non-recurring reductions in certain executive compensation plans in 2001.)Tj -3.9051 -1.1192 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Other income was $.9 million higher in 2002 principally due to higher sales of non-strategic assets.)]TJ -2.2383 -1.1191 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Other expenses in 2002 were $1.2 million lower than 2001. Included in first quarter 2001 results was a $1.9 million pre-tax )]TJ 1.6668 -1.1192 TD (charge for restructuring activities.)Tj -3.9051 -1.1191 TD ( )Tj T* ( )Tj /F2 1 Tf 1.6906 0 TD ()Tj /F12 1 Tf 0.5477 0 TD [( )-1416.8(Interest income was unchanged from 2001, while interest expense was lower due to lower interest rates partially offset by )]TJ 1.6668 -1.1192 TD (increased borrowings under the revolving credit facility.)Tj /F13 1 Tf -3.9051 -2.5955 TD -0.0001 Tc 0.0001 Tw (CASH FLOW AND LIQUIDITY)Tj /F12 1 Tf 0 -2.5717 TD 0 Tc 0 Tw ( At March 31, 2002, the Company had total liquidity \(cash and bank credit availability\) of $142.1 million compared to $90.5)Tj 50.8804 0 TD ( million )Tj -50.8804 -1.1192 TD (at March 31, 2001. Since December 31, 2001, cash and cash equivalents decreased $41.7 million, primarily due to the seasonal in)Tj 51.8753 0 TD (crease )Tj -51.8753 -1.1191 TD (in product iron ore pellet inventories, $41.5 million, cash deficit from operations before changes in operating assets and liab)Tj 49.5715 0 TD (ilities, )Tj -49.5715 -1.1192 TD ($8.8 million, investment in a power-related joint venture, $6.0 million, and capital expenditures, $4.8 million, partially offs)Tj 49.2705 0 TD (et by lower )Tj -49.2705 -1.1192 TD (receivables, $8.6 million. )Tj 27.5741 -2.6907 TD (9)Tj ET endstream endobj 28 0 obj << /Type /Page /Parent 56 0 R /Resources 29 0 R /Contents 30 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj 29 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 73 0 R /F12 52 0 R /F13 53 0 R >> /ExtGState << /GS1 77 0 R >> >> endobj 30 0 obj << /Length 5323 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -454.08 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj 10.079 0 0 10.079 25.65 953.13 Tm ( At the end of March, there were 4.2 million tons of pellets in inventory at a cost of $126 million, an increase of 1.2 mil)Tj 48.7956 0 TD (lion tons, or )Tj -48.7956 -1.1191 TD ($42 million, from December 31, 2001, reflecting normal seasonal patterns. Pellet inventory at March 31, 2001 was 5.7 million to)Tj 51.5733 0 TD (ns, or )Tj -51.5733 -1.1192 TD ($161 million. )Tj /F13 1 Tf 0 -2.5955 TD -0.0001 Tc 0.0001 Tw (IRON ORE)Tj /F12 1 Tf 0 -2.5717 TD 0 Tc 0 Tw ( Iron ore pellet production at the Company)Tj /F2 1 Tf 18.0794 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s managed mines in the first quarter of 2002 was 4.6 million tons compared to 6.9 million )Tj -18.4123 -1.1191 TD (tons in 2001. The Company)Tj /F2 1 Tf 11.138 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s share of 2002 production of 2.5 million tons in the first quarter was .3 million tons lower than first quarter )Tj -11.471 -1.1192 TD (of 2001. The 2.3 million ton decrease in total production was principally due to production curtailment at the Empire Mine. The)Tj 51.1844 0 TD ( Empire )Tj -51.1844 -1.1192 TD (Mine, which was idled in the fourth quarter of 2001 and the entire first quarter of 2002, resumed production on April 8. The Hi)Tj 50.8204 0 TD (bbing )Tj -50.8204 -1.1192 TD (Mine was idle for four weeks in the first quarter 2002 and six weeks in the first quarter of 2001. The Northshore Mine curtaile)Tj 50.4854 0 TD (d )Tj -50.4854 -1.1192 TD (production in both years by only operating its two larger pelletizing lines. Current year production at the Wabush Mine is behi)Tj 50.5174 0 TD (nd last )Tj -50.5174 -1.1191 TD (year due to a lower planned operating rate and production problems attributable to severe weather conditions in January. Produc)Tj 51.2903 0 TD (tion for )Tj -51.2903 -1.1192 TD (the full year is expected to be about 27 million tons, with the Company)Tj /F2 1 Tf 28.4404 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s share to be about 14 million tons. Production schedules at all )Tj -28.7734 -1.1192 TD (mines remain subject to change. )Tj 0 -2.524 TD ( On January 31, 2002, the Company completed the previously announced acquisition of a 45 percent ownership interest in the )Tj 51.5993 0 TD (Tilden )Tj -51.5993 -1.1192 TD (Mine from Algoma AGƽ̨AG Inc. \()Tj /F2 1 Tf 12.3859 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (Algoma)Tj /F2 1 Tf 3.2217 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (\) for the assumption of Tilden liabilities of approximately $14 million. The acquisition )Tj -16.4955 -1.1192 TD (increased the Company)Tj /F2 1 Tf 9.3861 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s ownership in the mine to 85 percent, and annual production capacity by 3.5 million tons to 6.6 million tons. )Tj -9.7191 -1.1191 TD (Concurrently, the Company and Algoma have also agreed to terms for a pellet sales agreement that makes the Company the sole sup)Tj 53.0422 0 TD (plier )Tj -53.0422 -1.1192 TD (of iron ore pellets purchased by Algoma for a 15-year period. Sales to Algoma are expected to approach 3 million tons in 2002. )Tj 0 -2.5241 TD ( On March 5, 2002, a subsidiary of LTV Corporation \()Tj /F2 1 Tf 22.8279 0 TD (�)Tj /F12 1 Tf 0.444 0 TD -0.0001 Tc (LTV)Tj /F2 1 Tf 1.9438 0 TD 0 Tc (�)Tj /F12 1 Tf 0.444 0 TD (\) rejected its 25 percent interest in the Empire Mine. Previously, LTV )Tj -25.6597 -1.1191 TD (filed for protection under Chapter 11 of the U.S. Bankruptcy Code on December 29, 2000, and in November, 2001, discontinued mee)Tj 53.4312 0 TD (ting )Tj -53.4312 -1.1192 TD (its Empire obligations. As a result, Empire operations were idled in mid-November while the remaining partners \(Ispat Inland In)Tj 51.4323 0 TD (c., )Tj -51.4323 -1.1192 TD (40 percent, and the Company, 35 percent\) assessed their alternatives. On April 8, 2002, production was resumed on a reduced ope)Tj 52.0123 0 TD (rating )Tj -52.0123 -1.1192 TD (plan for the year 2002, with Ispat Inland Inc. and the Company funding fixed obligations in proportion to their ownership. )Tj 0 -2.524 TD ( On April 12, 2002, the Company announced that it had signed a long-term agreement to supply iron ore pellets to Internatio)Tj 50.7954 0 TD (nal AGƽ̨AG )Tj -50.7954 -1.1192 TD (Group Inc. \()Tj /F2 1 Tf 4.9146 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (ISG)Tj /F2 1 Tf 1.6109 0 TD (�)Tj /F12 1 Tf 0.444 0 TD (\), which had purchased the principal steel making and finishing assets of LTV. Under terms of the agreement, the )Tj -7.4133 -1.1192 TD (Company will be the sole supplier of pellets purchased by ISG for a 15-year period beginning in 2002. The Company also announce)Tj 52.9322 0 TD (d )Tj -52.9322 -1.1192 TD (that it has invested $13 million in ISG common stock, representing approximately 7 percent of ISG)Tj /F2 1 Tf 39.7154 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s equity. Pellet sales to ISG in 2002 )Tj -40.0484 -1.1192 TD (are expected to be between 1.5 and 2 million tons, dependent on ISG)Tj /F2 1 Tf 27.5485 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s actual production scale-up. Sales over the remainder of the )Tj -27.8815 -1.1192 TD (contract term will depend on ISG)Tj /F2 1 Tf 13.3578 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s pellet requirements. ISG has announced that it )Tj 13.6452 -2.6907 TD (10)Tj ET endstream endobj 31 0 obj << /Type /Page /Parent 56 0 R /Resources 32 0 R /Contents 33 0 R /MediaBox [ 0 0 612 1008 ] /CropBox [ 0 0 612 1008 ] /Rotate 0 >> endobj 32 0 obj << /ProcSet [ /PDF /Text ] /Font << /F2 73 0 R /F12 52 0 R /F13 53 0 R >> /ExtGState << /GS1 77 0 R >> >> endobj 33 0 obj << /Length 4570 >> stream 1 g /GS1 gs 1 i 18.21 989.85 575.76 -500.64 re f BT /F12 1 Tf 12 0 0 12 25.65 979.05 Tm 0 g 0 Tc 0 Tw ( )Tj 10.079 0 0 10.079 25.65 953.13 Tm (plans to produce over 4.5 million tons of flat rolled steel annually. At this production level, the annual pellet requirements )Tj 49.0186 0 TD (are expected )Tj -49.0186 -1.1191 TD (to be about 5 million tons. )Tj 0 -2.524 TD ( Pellet sales in the first quarter of 2002 were 1.3 million tons compared to .5 million tons in 2001. While there continues)Tj 49.0756 0 TD ( to be )Tj -49.0756 -1.1192 TD (uncertainty regarding the pellet requirements of customers, sales volume for 2002 is currently forecasted to be 13 million tons)Tj 50.4044 0 TD (. )Tj -50.4044 -2.524 TD ( The Company)Tj /F2 1 Tf 6.9434 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s share of capital expenditures at the five mining ventures and supporting operations is expected to approximate )Tj -7.2763 -1.1192 TD ($20 million in 2002, with $4.8 million having occurred through March 31, 2002. )Tj /F13 1 Tf 0 -2.5955 TD -0.0001 Tc 0.0001 Tw (FERROUS METALLICS)Tj /F12 1 Tf 0 -2.5717 TD 0 Tc 0 Tw ( CAL operations remained idle during the first quarter of 2002 due to weak market conditions. The Company)Tj /F2 1 Tf 44.7119 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s share of idle costs was )Tj -45.0449 -1.1192 TD ($2.6 million on a pre-tax basis. Holding costs have been reduced while protecting the assets and retaining a highly skilled cor)Tj 50.1555 0 TD (e )Tj -50.1555 -1.1192 TD (workforce. In the first quarter of 2001, the Company)Tj /F2 1 Tf 21.0491 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s share of CAL)Tj /F2 1 Tf 6.0814 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s pre-operating costs was $4.6 million on a pre-tax basis. )Tj -27.7965 -2.524 TD ( The market for ferrous metallics products continues to be weak, but demand and pricing are expected to improve as the glob)Tj 50.9854 0 TD (al steel )Tj -50.9854 -1.1192 TD (business improves. The Company intends to restart the HBI plant in Trinidad and Tobago when a sustained improvement in the mark)Tj 53.3512 0 TD (et is )Tj -53.3512 -1.1191 TD (evident. )Tj 0 -2.524 TD ( The primary business risk faced by the Company in ferrous metallics is the ability of the Trinidad facility to produce and)Tj 49.5725 0 TD ( sustain a )Tj -49.5725 -1.1192 TD (quantity of commercial grade HBI at a cost level necessary to achieve profitable operations given the adverse market for HBI. T)Tj 51.2883 0 TD (he )Tj -51.2883 -1.1191 TD (Company has determined its CAL investment at March 31, 2002 is not impaired based on expected resumption of operations and futu)Tj 53.5171 0 TD (re )Tj -53.5171 -1.1192 TD (cash flows. )Tj 0 -2.524 TD ( On April 4, the Company signed an agreement to participate in Phase II of the Mesabi Nugget Project. Other participants in)Tj 50.6824 0 TD (clude )Tj -50.6824 -1.1192 TD (Kobe AGƽ̨AG, Ltd., AGƽ̨AG Dynamics, Inc., Ferrometrics, Inc. and the State of Minnesota. A $24 million pilot plant will be constr)Tj 50.1305 0 TD (ucted at the )Tj -50.1305 -1.1192 TD (Company)Tj /F2 1 Tf 3.8886 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s Northshore Mine to test and develop Kobe AGƽ̨AG)Tj /F2 1 Tf 19.9402 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s technology for converting iron ore into nearly pure iron in nugget form. )Tj -24.4948 -1.1192 TD (The Company)Tj /F2 1 Tf 5.6935 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s contribution to the project through the pilot plant testing and development phase, will be $4.5 million. If the pilot plant )Tj -6.0265 -1.1192 TD (is successful, construction of a commercial size facility capable of producing 300,000 tons annually could start as early as 20)Tj 50.0145 0 TD (04. )Tj /F13 1 Tf -50.0145 -2.5955 TD -0.0001 Tc (CAPITALIZATION)Tj /F12 1 Tf 0 -2.5717 TD 0 Tc ( Long-term debt of the Company consists of $70.0 million of senior unsecured notes, which bear a fixed interest rate of 7.0)Tj 50.2104 0 TD ( percent )Tj -50.2104 -1.1192 TD (and are scheduled to be repaid on December 15, 2005. The Company has $100 million outstanding of its revolving credit agreement)Tj 52.8762 0 TD ( )Tj -52.8762 -1.1192 TD (which expires on May 31, 2003. The loan interest rate on the revolving credit agreement is based on the LIBOR rate plus a premi)Tj 51.7363 0 TD (um and )Tj -51.7363 -1.1192 TD (is fixed through the middle of June 2002 at an average rate of 2.4 percent. 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The Company is currently considering refinancing alternatives, which would)Tj 51.0984 0 TD ( address )Tj -51.0984 -1.1192 TD (restrictive covenants. )Tj 0 -2.524 TD ( The carrying amount and fair value of the Company)Tj /F2 1 Tf 22.077 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s long-term debt and revolving credit facility at March 31, 2002 are as follows: )Tj 12 0 0 12 95.73 869.61 Tm 1.13 Tc [( )-22780( )20( )360( )-520( )360( )-100( )]TJ 7.439 0 0 7.439 95.73 859.53 Tm 0 Tc ( )Tj 38.9728 0 TD ( )Tj /F13 1 Tf 7.1945 0.0323 TD (\(In Millions\))Tj /F12 1 Tf -46.1672 -1.1614 TD ( )Tj 38.9728 0 TD ( )Tj ET 0.5 g 401.97 851.85 114.48 -0.48 re f BT 7.439 0 0 7.439 95.73 842.01 Tm 0 g ( )Tj 38.9728 0 TD ( )Tj /F13 1 Tf 3.6456 0.0323 TD (Carrying)Tj /F12 1 Tf 5.4846 -0.0323 TD ( )Tj /F13 1 Tf 4.4199 0.0323 TD (Fair)Tj /F12 1 Tf -52.5229 -1.2582 TD ( )Tj 38.9728 0 TD ( )Tj /F13 1 Tf 3.9037 0.0323 TD (Amount)Tj /F12 1 Tf 5.2265 -0.0323 TD ( )Tj /F13 1 Tf 4.0973 0.0323 TD (Value)Tj /F12 1 Tf -52.2003 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industry)Tj 49.9925 0 TD (. In the )Tj -49.9925 -1.1192 TD (normal course of business, the Company examines opportunities to strengthen its position by evaluating various investment oppor)Tj 52.0203 0 TD (tunities )Tj -52.0203 -1.1192 TD (consistent with its strategy. In the event of any future acquisitions or joint venture opportunities, the Company may consider )Tj 49.9635 0 TD (using )Tj -49.9635 -1.1192 TD (available liquidity, incurring additional indebtedness, project financing, or other sources of funding to make investments. )Tj /F13 1 Tf 0 -2.5955 TD -0.0001 Tc 0.0001 Tw (FORWARD-LOOKING STATEMENTS)Tj /F12 1 Tf 0 -2.5717 TD 0 Tc 0 Tw ( The preceding discussion and analysis of the Company)Tj /F2 1 Tf 23.2729 0 TD (�)Tj /F12 1 Tf 0.333 0 TD (s operations, financial performance and results, as well as material included )Tj -23.6059 -1.1192 TD (elsewhere in this report, includes statements not limited to historical facts. 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