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

Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2012

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

The following table indicates the value of each of the major classes of our consolidated depreciable assets as of June 30, 2012 and December 31, 2011:


	(In Millions)
	June 30, 2012		December 31, 2011
Land rights and mineral rights	$	7,964.1	$	7,918.9
Office and information technology		63.9		67.0
Buildings		144.7		132.2
Mining equipment		1,123.2		1,323.8
Processing equipment		1,998.3		1,441.8
Railroad equipment		241.5		164.3
Electric power facilities		58.2		57.9
Port facilities		125.0		64.1
Interest capitalized during construction		27.6		22.5
Land improvements		31.8		30.4
Other		32.5		43.2
Construction in progress		667.0		615.4

		12,477.8		11,881.5
Allowance for depreciation and depletion		(1,595.7)		(1,356.9)

	$	10,882.1	$	10,524.6

We recorded depreciation and depletion expense of $125.8 million and $237.2 million in the Statements of Unaudited Condensed Consolidated Operations for the three and six months ended June 30, 2012, respectively. This compares with depreciation and depletion expense of $98.4 million and $170.1 million for the three and six months ended June 30, 2011.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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