Harbinger Capital Partners Master Fund I Limited and Harbinger Capital Partners Special Situations Fund LP have announced that they have filed a definitive proxy statement regarding the special meeting of Cleveland Cliffs Inc.

Harbinger is soliciting shareholders' proxies to authorize, in accordance with Ohio law, the acquisition by Harbinger of additional shares of common stock that would increase its stake to between one fifth and one third of Cleveland Cliffs. Harbinger believes it is the largest shareholder in Cleveland Cliffs, with 16,616,472 common shares, or approximately 15.57% of the issued and outstanding stock, based on figures released by Cleveland Cliffs.

Harbinger believes that Cleveland Cliffs is a terrifically well positioned company, but the recently announced transaction with Alpha Natural Resources Inc has convinced Harbinger that the company needs a strong, independent voice advocating the cause of maximizing shareholder value.

Harbinger is not seeking to control Cleveland Cliffs. Rather, Harbinger intends to be an advocate for the interests of shareholders, working with management, the board of directors, shareholders and all other interested parties to ensure that the company explores all available alternatives for enhancing the value of its equity.

The special meeting is scheduled for October 3rd 2008 at The Mayfield Sand Ridge Club, 1545 Sheridan Road, South Euclid, Ohio 44121. The company has adopted extraordinary procedures at the special meeting which require shareholders to complete a form of certification included with their proxy card, in addition to the proxy card itself, in order for their votes to be counted fully in connection with the Harbinger share acquisition proposal.