Good morning. My name is Ben and I am your conference facilitator today. I’d like to welcome everyone to Cliffs Natural Resources 2013 Fourth Quarter Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. At this time, I would like to introduce Jessica Moran, Director, Investor Relations. Ms. Moran?

Thanks, Ben. I'd like to welcome everyone to this morning's call. Before I turn the call over, let me remind you that certain comments made on today's call will include projected statements that are intended to be made as forward-looking within the Safe Harbor protections of the Private Securities Litigation Reform Act of 1995. Although the Company believes that its forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause results to differ materially are set forth in reports in Forms 10-K and 10-Q and news releases filed with the SEC, which are available on our website. Today's conference call is also available and being broadcast at cliffsnaturalresources.com. At the conclusion of the call, it will be archived on the website and available for replay. We will also discuss our results excluding certain special items, which is a non-GAAP financial measure. A reconciliation for Regulation G purposes can be found in our earnings release, which is posted on our website at cliffsnaturalresources.com. Joining me today are President and Chief Executive Officer Gary Halverson; Executive Vice President and Chief Financial Officer, Terry Paradie; and Executive Vice President External Affairs and President, Global Commercial Kelly Tompkins. At this time, it is my pleasure to introduce Gary, who will discuss the fourth quarter results.

Thank you, Jess, and thanks to everyone listening on today's call. I’m joining Cliffs at a time when strategic direction, financial discipline and strong decisive leadership needs to be implemented quickly. On my second day on the job, I made the decision to indefinitely suspend the Chromite project. And as a result, we are reducing our 2014 Chromite spending by $45 million. Also not only do we put the immediate brakes on capital spending in the last two months of the year, but we are cutting our 2014 spending, capital spending by over 50%. We've also idled underperforming assets, paid down debts, increased liquidity and set further cost reduction targets in our 2014 SG&A and exploration expenses. I know full well the issues that are of most concern to our investors and I’m fully committed to finding the most value enhancing solutions for shareholders quickly. My first three months have also given me a good perspective on the opportunities and challenges we faced in the near and longer-term. I visited all of our sites and had the chance to see the mines first-hand review the financial performance of each business unit and most importantly meet the talented people running our operations. I think it’s pretty important to point out that the vast majority of Cliffs operations are running quite well, the full year costs in both Asia-Pacific Iron Ore and North American Coal decreased significantly and our U.S. Iron Ore costs remain relatively flat year-over-year. Another area of cost cutting success clearly recognized in our results were lower SG&A and exploration expenses. All of this was a good start but it’s not enough, we must be more aggressive in cutting cost especially amidst of volatile pricing environment. So being new to this organization, I have identified two fundamental changes in…

Thanks Gary. I would like to start off highlighting a few impressive points from 2013, before I jump into the financial details. We achieved full year adjusted EBITDA of $1.5 billion, our full year cash from operations more than doubled to $1.1 billion, and we generated a $157 million and free cash flow after dividends, we also cut our year-over-year SG&A and exploration expenses by a $135 million or 32%. A very strong performance enabled us to repay all borrowings on our revolving credit facility at year end. Also we exited the year with $2.7 billion in net debt and a debt-to-EBITDA leverage ratio of less than two times. As many of you know our revolver covenant suspension period ends on March 31, 2014. At that time, we’ll resume formal measurement of our debt-to-EBITDA leverage ratio with a maximum level of 3.5 times. In the near-term we’re comfortable with this covenant given our current balance sheet position our significant lower 2014 capital spending expectation and additional costs cutting opportunities on the horizon, despite this we’ll not stop looking for areas improve our operational and financial performance. Moving forward, we will still instill a great discipline in our capital allocation process so that we are well positioned for the future. This starts with an over 15% cut to our 2014 capital spending budget to a range of $375 million to $425 million for the year. This range includes approximately $100 million in year-over-year carryover capital and $275 million to $325 million in new license to operate and sustaining capital. As we generate cash from operations throughout the year. We’ll look for ways to improve our financial position and deliver value to our shareholders. Moving onto our results for the quarter, consolidated revenues for the fourth quarter were $1.5 billion, slightly lower…

Dan, can you please prompt the callers for the Q&A.

(Operator Instructions) Our first question today comes from the line of Mitesh Thakkar of FBR Capital Markets. Your line is open. Please go ahead. Mitesh B. Thakkar – FBR Capital Markets & Co.: Good morning, everybody, and good job on the quarter.

Thanks, Mitesh.

Thanks. Mitesh B. Thakkar – FBR Capital Markets & Co.: Can you just talk a little bit about Bloom Lake Phase II and provide some incremental color in terms of how should we think about tailings CapEx this year and next year and like you said if Bloom Lake Phase I doesn’t work, how should we think about some of the other options which you might have?

Sure, Mitesh. Yes, Phase II, I think we made it pretty clear that we are not going ahead with Phase II on our own. We determined that the Phase I with reduced capital spend and focusing on operating cost performances, where we have to stay right at this point. I think the guys have further work to do in that in the short-term. But if I look at the longer-term, we’re not going to be running Phase I forever either this is a transition period to look at opportunities from a strategic partnering and up to and including of sale just to give the range. It's too early to say what that will turn into for us at this point, but we've had interest from financial partnering, from customer interest, and Kelly may add further through that. But overall, the focus here is to reduce and get better performance out of Phase I right now while we look at those strategic options. On the tailing side, the spend on tailings has been dropped about $65 million. The main driver for that is the structure in the tailings pond is really focused around a $12 million to $14 million ton annual capacity. I changed that to focus on what we have right in front of us on Phase I, which is $6 million to $7 million ton, because of not having as larger basin that's actually allowing us to run a more minimized capital spend in that. That doesn't mean that you wouldn’t have to spend more money on the capital with Phase II, but that’s too early right at this point. We’re looking just at Phase I and looking at how we can convert this asset into better value for our shareholders. Mitesh B. Thakkar – FBR Capital Markets & Co.: Great. And you already started cutting a lot of cost, what are some of the other buckets which we’re looking at right now? And is there any color you can provide on further reduction in the cost side?

Yes, as we’ve said, I think the guys have done a great job of obviously reducing SG&A exploration year-over-year from 2012 across 2013 and dropped to $135 million. I put on the table that we’re going to reduce another $90 million for 2014. But I’ve also, as I mentioned, I’m charging each of my leaders in the regions to look at how they can further reduce costs at each of the mine sites. And I’ll won’t get into each of those mine sites, but fair to say, we’re going to be looking at key performance indicators of cost reductions for those guys and look at ways that based on those volatile market we are in, we have to do better and I’m going to take that on to make that happen. The – just to talk about Bloom Lake, for example, one of the things I noticed going up there was, we have an opportunity to get better at blending of our ore, getting better on our overall throughput. We’re doing some differential analysis of our blast-hole data in our iron unit analysis, that’s going to help us differentiate and get the best ore product going into the mill and processing that. I think that’s been a result in us not only hitting markets, but also doing better than that. The guys are also doing some real good work on some new spiral testing and I think that will help us on the recovery side. And what sits below all this is looking at labor productivity and how we can improve that. So – and that kind of thought process really starts to transfer itself across APIO into the U.S. and there other operations. Mitesh B. Thakkar – FBR Capital Markets & Co.: Great. Thank you very much guys. And best of luck.

Thank you.

Thank you.

Thank you. Our next question comes from the line of Michael Gambardella of JPMorgan. Your line is open. Please go ahead. Michael F. Gambardella – JPMorgan Securities LLC: Yes, good morning.

Good morning, Michael.

Hi, Michael. Michael F. Gambardella – JPMorgan Securities LLC: Just two questions. First do you have any near-term goals for net debt?

Yes, from a net debt standpoint what we’re looking at is, we currently we’re at $2.7 billion from my standpoint I’m looking at increasing our cash balance from where we’re at today, I would like to essentially get to double where we’re at today, so that will take our net debt down to something like $2.4 billion, and I think that’s a decent goal for 2014. Michael F. Gambardella – JPMorgan Securities LLC: And then, I think I heard you made a comment about an unfavorable adjustment on prices, U.S. Iron Ore prices due to steel pricing and I’d like you explain that because steel pricing was up almost 25% in the second half of 2013.

What we have is the – we have a sensitivity to our hot band pricing and that is based on an average over a period of time and so we just add some financial true-ups of that during the quarter, but there is nothing really do with steel pricing, it’s more of our arrangement with our customer. Michael F. Gambardella – JPMorgan Securities LLC: Well I thought you had a comment that on unfavorable steel pricing true-up?

The hot band steel price true-up on our contracted rate with one of our customers that impacted our revenue rates. Michael F. Gambardella – JPMorgan Securities LLC: Or is that just a change in the contract?

There was a change in estimate from our standpoint. Michael F. Gambardella – JPMorgan Securities LLC: Okay.

There is nothing to do with steel pricing. Michael F. Gambardella – JPMorgan Securities LLC: All right. Thank you.

No problem.

Thank you. Our next question comes from the line of Brian Yu of Citi. Your line is open. Please go ahead. Brian Hsien Yu – Citigroup Global Markets Inc.: Great, thanks and congrats on the quarter.

Thank you, Brian.

Hey, Brian. Brian Hsien Yu – Citigroup Global Markets Inc.: My question is going back to Bloom Lake I know you had touched on some of this, all right, but I want to get a better sense just on the cost side you carefully borrow term from your prior background, you could have fall-in sustaining costs at Bloom Lake that’s around 110 realized price at 128 benchmark, gets you to 100. So what do you see in terms of maybe lowering the over burn removal rate or do you see strip ratios improving anything along those lines that could maybe help the cost structure bit more besides the blending of ore and other operational stuff?

Thanks Brain. No our target of $85 to $90 of ton, we were if you look at our earlier comments on unit costs, they were down around the mid-70s on that, a lot of that was to do with the transhipper installation which never actually materialized in that and that was a big portion of it. In terms of – and the other thing that’s a slight increase in the operating cost is along with minimizing that capital, we do have some material placement that cause a bit more to on an operating cost basis to get that into the various tailings basin that we currently have. In the strip ratio side, as I’m talking about blending I guess that’s all encompassing fees, but I’m talking about it, it does take into account that opportunity of making sure that we’re pulling the ore from the right areas. We currently mining from three different pits and they have different characteristics that give us the right feed to the mill and that mixture needs to be optimized more, ultimately the plan that we have currently with the strip ratios is already baked into that plan, there could be some minor adjustments to that, but that’s going to be based on optimizing how we can get the maximum tonnage through that plant, which I think it’s the biggest unit value decrease we can see.

But Gary has challenged the team to do go further and look at other opportunities throughout the year, but hopefully be able to reduce costs further Brian, so yes, that will be a focus for 2014.

Does that answer the question. Brian.

Looks like Brian has disconnected his phone line. Our next question will come from the line of Timna Tanners of Bank of America Merrill Lynch. Your line is open, please go ahead. Timna Tanners – Bank of America Merrill Lynch: Yes, thanks, good morning.

Good morning.

Good morning, Timna. Timna Tanners – Bank of America Merrill Lynch: I said one of the most compelling arguments in Gary’s onto opening remarks it’s really about the strength of the Chinese market for pellets and exports. And then I was surprised about the comment that there was pure exports expected into 2014. So can you talk a little bit about the export market and what might change that or what’s going on there?

Yes, maybe I will turn it over to Kelly to answer.

Yes, Timna we had over 2 million tons of export of our USIO business last year as you will recall in our guidance this year, in closer in the range of 1 million tons and on those export tons, we’ll see some pick-up from the pellet premium. But it’s going to have relatively muted impact as you might imagine on the overall USIO portfolio, because of other contracts of arrangements we have with the balance of customers in that business. But we’ll continue to be opportunistic with those optional export tons. And we also look – continued to look very hard and expect at an appropriate time via player in the DR, great pellet market and so those export tons could also play into that equation as we look at our DR strategy going forward.

Yes, Timna I’d like to add to that. I think you know overall it’s really good things happening here in U.S. we’ve seen with the two contracts we’ve extended this summer we are having additional incremental tons here international business unit in USIO. Therefore we are saving on the freight costs from the export tons moving to China. So net-net this is because of better ton movement in our domestic market here in the United States. Timna Tanners – Bank of America Merrill Lynch: Okay that makes sense, thanks. And I guess the other question if I could, can you characterize the opportunity as you might be looking at in the coal market and talked us a little bit more, I know it’s a small segment but the outlook there was kind of muted with that cost in the revenue is looking fairly similar. How are you looking at that business and what’s the environment like for the potential options you will be looking at?

Yes, as I said Timna the, that the coal side of the sector on the positive side over the last two years, these guys have done a wonderful job of reducing our costs by over 40% in fact 19% for 2013. And then we have been chased down on the pricing side, swallowing up that differential. That being said though we are actually in a, I think in a fairly good position not generating the revenue side, but there is in a domestic marketplace we’re into that lower quartile and as I said this is bit of an attrition award going on of seeing what’s going to happen on and I think there is tremendous upside the potential on this. So I am challenging the guys with continuing to push more we are getting good return on the thermal side and that’s increase somewhat we are trying to balance that, but its fair to say from a economic standpoint we are going to continue to look at that sector quarter-over-quarter look at where the pricing is go and react accordingly into the market to make sure that we don’t lose money on this proposition.

Timna just from the, the commercial side we are gaining some very good traction with a much more diverse customer base that we see this year versus last year and also saying some a little bit diversification from a geographic standpoint you know times to Asia relatively flat year-over-year as a percentage of placing the tons by region but we’ve seen and expect a pretty nice uptick in our mix in our European market and we are making some inroads in South America. So as Gary said this is really a bit of a tail of two cities if we can get a tailwind on pricing with some good customer traction and we have already have coupled with very outstanding cost position. We are feeling very good overall about the met coal business. Timna Tanners – Bank of America Merrill Lynch: Okay. Thank you.

Thank you. Our next question comes from the line of Tony Rizzuto of Cowen and Company. Your line is open. Please go ahead. Tony B. Rizzuto – Cowen & Co.: Thank you very much. It’s good to see some steps in the right direction.

Thank you, Tony. Tony B. Rizzuto – Cowen & Co.: Several questions here, one is with regard to Bloom Lake, what level of interest have you guys been receiving as you engage with WISCO and other Chinese parties?

Tony, this is Kelly. We continued a very good relationship with WISCO. We have as I think you know a long-term commercial relationship with WISCO and they are also still a partner in the mine. Late this year, WISCO did the term and contribute a portion of their equity back into the partnership, so their percentage ownership interest is down from 25% to about 17%. But we are in active dialogue with them about our strategic options for this asset. And we’ve also just with the inroads we’ve made in other Asian markets who have a very strong appetite to this Bloom Lake product. Some of these current and prospective customers could be potential partners down the road. But again, we’ve got a range of things we’ll look at and, again, there is a real validation of the quality of this orebody in the marketplace. And we’re seeing, as you’re seeing I’m sure in the market this growing spread in terms of hefty quality premium that Bloom Lake plays in there as well. Tony B. Rizzuto – Cowen & Co.: Absolutely, thanks Kelly for that. Question on Australia if I may, can you elaborate, I think, Gary mentioned efficiency gains in Australia, and it sounded as if they’ve been enough to offset inflation. But I was wondering if you could elaborate on that a little bit more and also is it possible to increase the mine life in Australia beyond 2020?

Thanks, Tony. Yes just to talk about some of the improvements that the guys have done there, again it’s, I said this before again, it’s blending of ore. One of the things that we need to do and we initiated now was getting a better stockpile mix. We mined from number of different pits across a 25-mile length, and it’s important for us to get that proper blend to the customers. And so we’ve initiated a much more rigid stockpile mix blending campaign. And then our ability to move that material and you’ve seen some of the increase in tonnage that we’ve seen, which has really driven behind the ability to meet a limited line availability down the rail line to the port. And so we’ve actually got that measured down into hours of efficiency to get that loaded up and on its way. One of the other things that the guys have put in place, some of these pits are getting in for lower levels below the water table. And we have a washing system we put in that's working well to actually lower chloride and contaminate levels and impurities. And I guess the other big one I keep mentioning is, there is labor productivity. When I went over there, I looked at this as a large mine site, but when we took over the Portman assets, we had an infrastructure which was larger and we’re dealing with the single mine. So we’re going to continue to make some labor productivity improvements at that site, and stay tuned, there is more to come. In terms of long-term production, we have identified within that 20-20 plan about a years expansion already with our current blending facilities that we have. And we’re looking at adjacent properties in the neighborhood that we can we can add to that as well. They’re not going to fundamentally double it, but I think there is more to be added there Tony. Tony B. Rizzuto – Cowen & Co.: It sounds positive. And my final question is, how are you guys dealing with the severe weather at your U.S. and Eastern Canadian operations, I know you’ve been a master in iron ore industries in general – in weather. But can you give us an update on how severe it’s been and the kind of defects we should be thinking about?

Yes, it’s been fairly nasty. If I just look at Minnesota, Michigan and they’re used to minus 40, but they’ve been dealing with some minus 40 weather for a number of weeks. They can handle it, but it does affect the efficiencies of how we operate and a lot of it with the moving of materials. So we’ve seen the worst of it. It’s already over now. And as I’ve said, we’ve still got the materials moving through. We run into a couple of problems of some of the concentrate freezing mainly seen up in Wabush concentrate for example. So that does get unlocked as we get into the warmer months to make it more efficient. So the guys are used to but not this extension of it. So it’s put a bit of a pressure point on Q1, but since we’ve got the material off the back door, it’s just a matter of getting it through in subsequent quarters. So we’ve got the capability for it.

And Al as you know that our Q1 U.S. Iron Ore sales are typically seasonally like when you compare in to the other quarters. So they’ll probably be another little impact there from the weather, but we expect to make it back in the second half of the year. Tony B. Rizzuto – Cowen & Co.: Thank you very much.

Thanks, Tony.

Thank you. Our next question comes from the line of Curt Woodworth of Nomura. Your line is open, please go ahead. Curt Woodworth – Nomura Securities International, Inc.: Hi, good morning.

Good morning, Curt. Curt Woodworth – Nomura Securities International, Inc.: First question is just on capital expenditures, going forward and I know you had some deferral CapEx it’s going to hit this year. So I’m wondering where do you see CapEx trending in the 2015, then also on the take or pay I think, you got $30 million of Wabush and $60 million to $70 million at Bloom Lake, do you see any opportunity to minimize those penalties going forward?

Yes, I’ll start just with the bigger picture of where we are at on capital spend, it’s too early to say into 2015, but we’re focused in – on return the value to shareholders. And our focus right now other than sustainability expenditure and what we need for license-to-operate, that’s really ruling the day for where we’re at in today’s market. We are in pretty good shape from, how we’ve looked at equipment purchases in the past in capital allocation. So we’re in a good shape there as we go forward. But with that, I think it’s too early to predict too much beyond 2014 and what we’re doing. Terry, you probably got more to add there?

Yes, I think it’s just important for us from a capital disciplined standpoint. I think for a first priority as we’ve mentioned earlier is to increase our cash balances. And we would like to get especially by double where we’re at today. And then going forward we got to look at the returns on these projects, and we got to compare them through our cost of equity. And if we don't have a substantial improvement from a cost of equity standpoint on these projects, and we got to look at other options, and I think those are other options of returning cash back to the hands of the shareholders. So that’s the focus on priority going forward.

Thanks. And maybe Kelly you can comment on QNS&L.

Yes, I think you and everyone on the call is well aware of our – the challenges for the QNS&L to take a play of it, Bloom Lake. That will be one of the key elements as we continue to evaluate the strategic alternatives for that – for that asset. But right now the best thing we can do is put tons across in Phase I and that will have some mitigating effect on that penalty. But clearly, it's going to be a big factor in terms of our longer-term options for Bloom Lake. Curt Woodworth – Nomura Securities International, Inc.: Okay. And then just last question if I may. One of the strategic options being discussed is the MLP opportunity. And I know you guys said that last several months you've been evaluating that. So I just wondering if you could provide some details or highlights in the outcome of what you've been looking out there?

Yes, thanks Curt. In the MLP we've been looking at for a little while now few months. And we’re looking at its structurability for our U.S. Oil business and its still got more work to do around it, we’re not in a position to really provide anything definitive at this point, as you know it certainly lends itself well to the energy industry, and there has been some forays into the pure mining side, but where we’re at in our volatility and there is complications on the tax side, we just got to look at all those aspects and make sure that we fully understand that before we would entertain going down that road.

Yes, I think in the meantime though we just need to stay focused in on capital allocation leading the organization out and lowering our cost overall. So that’s where we are focused today on. Curt Woodworth – Nomura Securities International, Inc.: Great. Thank you.

Thank you. Our next question comes from the line of Sal Tharani of Goldman Sachs. Your line is open. Please go ahead. Sal Tharani – Goldman Sachs & Co.: Thank you very much. Welcome to the board, Gary.

Thank you. Sal Tharani – Goldman Sachs & Co.: Looks like you have your work cut out for you. And I just wanted to reconcile something which we are hearing from some of your buyers of U.S. Iron Ore, one of them was this morning on earnings call is that they’re expecting a significant discount in iron ore prices based on the new contracts which you have signed recently. When I just do a clued math of what iron ore price IODEX was last year to the ratio of what you actually got or realized and I used the same sort of math in this year $128 and what you have said you’re going to be, the range you gave mid point, it doesn’t make, it is almost the same ratio, I was just wondering is that that number which they are throwing out $25 to $30 a ton of discount year-over-year per ton, does it I mean it wipes out half of the money you made last year in some cases and I’m just wondering what should we, how should we think about it?

Sal it’s Kelly. This seems to be a better way a replay from discussion we had in the third quarter, first of all our contract with this particular customer is part of our overall U.S. sales portfolio and that particular contract which again we value is a key long-term contract for the stability and overall fixed cost leverage opportunities that offers for our U.S. sales business. But that pricing on that contract is baked into our guidance overall. And I for us to try to comment on whatever Matt discussed and was doing wouldn’t make a whole lot of sense. We value the customer, it’s a good customer we like the contract and like what it brings to our portfolio and it’s baked into our guidance so. Sal Tharani – Goldman Sachs & Co.: Okay, the other thing is the WISCO contract of iron ore, how is that that setup, what portion of Phase I that they’re taking out, they are taking the whole Phase I and would that be are they also entitled for Phase II and of course that would be part of your study decision, if you want to sell it that contract will be rolled over to the new buyer?

Yes, so WISO has right around 3.5 million, 2.7 million ton commitment for the Phase I for Bloom Lake, they have no front commitment for Phase II volume, it certainly if we were to bring on Phase II at some point is part of its strategic alternatives. So WISCO would be a potential customer, but they have now locked on that volume. So there really it’s – there for 3.7 million tons as part of Phase I and we have a outstanding commercial relationship with WISCO and they’ve been a very key partner in terms of marketing and technical based opportunities with other Chinese central market customers as well.

Yes, and those contracts with WISCO, is a market based contract as well.

Yes, Sal Tharani – Goldman Sachs & Co.: Okay. Great. And one just quick housekeeping question, I look at the – I’m looking at your reconciliation, non-GAAP reconciliation that you have $1.22 and I see that you have adjusted for several things. I was wondering what would be the – because of tax that you saw, so different I don’t know exactly how to apply the tax rate that $50 million benefit you got from the miscellaneous items, if you were to adjust that what will be impact of that on EPS will be? Can you tell us?

Yeah, so I can help you to that offline. Sal Tharani – Goldman Sachs & Co.: Okay. Thank you.

Thank you. And ladies and gentleman, that does conclude our question-and-answer session for today. I would like to turn the conference back over to Mr. Gary Halverson for any closing remarks.

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