2015 Iron Ore Price Report December

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IRON ORE PRICE REPORT NORTH AMERICAN MARKET (LTU) Company Ore Type Cliffs Natural Resources Inc. Cliffs Natural Resources Inc.

Pellets, FOB Michigan Mines Pellets, FOB Minnesota Upper Lakes Port Source: CLIFFS NATURAL RESOURCES INC.

Per Iron Unit $1.49

Per Gross Ton at 64% $95.36

Per Ton at 64% Reporting Date 12/31/15

$1.08

$69.12

12/31/15


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