Cleveland-Cliffs Inc. Quarterly report pursuant to Section 13 or 15(d)

Derivative Instruments And Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2011


	(In Millions)
	Derivative Assets						Derivative Liabilities
	September 30, 2011			December 31, 2010			September 30, 2011			December 31, 2010
Derivative Instrument	Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value		Balance Sheet Location	Fair Value
Derivatives designated as hedging instruments under ASC 815:
Foreign Exchange Contracts	Derivative assets (current)	$	1.2	Derivative assets (current)	$	2.8	Other current liabilities	$	15.9		$	-

Total derivatives designated as hedging instruments under ASC 815		$	1.2		$	2.8		$	15.9		$	-

Derivatives not designated as hedging instruments under ASC 815:
Foreign Exchange Contracts	Derivative assets (current)	$	4.6	Derivative assets (current)	$	34.2		$	-		$	-
	Deposits and miscellaneous		-	Deposits and miscellaneous		2.0			-			-
Customer Supply Agreements	Derivative assets (current)		67.8	Derivative assets (current)		45.6			-			-
Provisional Pricing Arrangements	Accounts Receivable		49.0			-			-			-

Total derivatives not designated as hedging instruments under ASC 815		$	121.4		$	81.8		$	-		$	-

Total derivatives		$	122.6		$	84.6		$	15.9		$	-


	(In Millions)
Derivatives in Cash Flow Hedging Relationships	Amount of Gain/(Loss) Recognized in OCI on Derivative (Effective Portion)				Location of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain/(Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
	Three months ended September 30,					Three months ended September 30,
	2011		2010			2011		2010
Australian Dollar Foreign Exchange Contracts (hedge designation)	$	(15.2)	$	-	Product Revenue	$	1.5	$	-

Total	$	(15.2)	$	-		$	1.5	$	-


	Nine months ended September 30,					Nine months ended September 30,
	2011		2010			2011		2010
Australian Dollar Foreign Exchange Contracts (hedge designation)	$	(10.3)	$	-	Product Revenue	$	2.5	$	-
Australian Dollar Foreign Exchange Contracts (prior to de-designation)		-		-	Product Revenue		0.7		3.2

Total	$	(10.3)	$	-		$	3.2	$	3.2


(In Millions)
Derivative Not Designated as Hedging Instruments	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative
		Three Months Ended September 30,				Nine Months Ended September 30,
		2011		2010		2011		2010
Foreign Exchange Contracts	Product Revenues	$	-	$	3.3	$	1.0	$	8.8
Foreign Exchange Contracts	Other Income (Expense)		(6.2)		32.5		100.5		24.8
Customer Supply Agreements	Product Revenues		53.8		25.1		124.9		93.4
Provisional Pricing Arrangements	Product Revenues		193.0		229.2		623.5		960.7

Total		$	240.6	$	290.1	$	849.9	$	1,087.7