-----------------------------
OMB APPROVAL
-----------------------------
OMB Number: 3235-0145
Expires: January 31, 2006
Estimated average burden
hours per response........11
-----------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1 - FINAL AMENDMENT)
Cleveland-Cliffs Inc
--------------------------------------------------------------------------------
(Name of Issuer)
Common Shares, par value $.50 per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
185896107
-----------------------------------
(CUSIP Number)
December 31, 2005
-----------------------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
|_| Rule 13d-1(b)
|X| Rule 13d-1(c)
|_| Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the
Act (however, see the Notes).
----------------------------- -----------------------
CUSIP NO. 185896107 13G PAGE 2 of 9 PAGES
----------------------------- -----------------------
--------- ---------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ziff Asset Management, L.P.
--------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
--------- ---------------------------------------------------------------------
3 SEC USE ONLY
--------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ---------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES
------ ------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
864,750
OWNED BY
------ ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
0
REPORTING
------ ------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH
864,750
--------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
864,750
--------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
--------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.9%
--------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
--------- ---------------------------------------------------------------------
----------------------------- -----------------------
CUSIP NO. 185896107 13G PAGE 3 of 9 PAGES
----------------------------- -----------------------
--------- ---------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PBK Holdings, Inc.
--------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
--------- ---------------------------------------------------------------------
3 SEC USE ONLY
--------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------- ---------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES
------ ------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
864,750
OWNED BY
------ ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
0
REPORTING
------ ------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH
864,750
--------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
864,750
--------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
--------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.9%
--------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
--------- ---------------------------------------------------------------------
----------------------------- -----------------------
CUSIP NO. 185896107 13G PAGE 4 of 9 PAGES
----------------------------- -----------------------
--------- ---------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Philip B. Korsant
--------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(A) |_|
(B) |_|
--------- ---------------------------------------------------------------------
3 SEC USE ONLY
--------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
--------- ---------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 0
SHARES
------ ------------------------------------------------
6 SHARED VOTING POWER
BENEFICIALLY
864,750
OWNED BY
------ ------------------------------------------------
EACH 7 SOLE DISPOSITIVE POWER
0
REPORTING
------ ------------------------------------------------
PERSON 8 SHARED DISPOSITIVE POWER
WITH
864,750
--------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
864,750
--------- ---------------------------------------------------------------------
10 CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS) |_|
--------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.9%
--------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
--------- ---------------------------------------------------------------------
ITEM 1. (A) NAME OF ISSUER
Cleveland-Cliffs Inc
ITEM 1. (B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES
1100 Superior Ave.
18th Floor
Cleveland, OH 44114
ITEM 2. (A) NAME OF PERSON FILING
This Schedule 13G is being filed on behalf of the following persons (the
"Reporting Persons")*:
(i) Ziff Asset Management, L.P. ("ZAM");
(ii) PBK Holdings, Inc. ("PBK"); and
(iii) Philip B. Korsant.
* Attached as Exhibit A is a copy of an agreement among the Reporting
Persons that this Schedule 13G is being filed on behalf of each of them.
ITEM 2. (B) ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE
Ziff Asset Management, L.P.
283 Greenwich Avenue
Greenwich, CT 06830
PBK Holdings, Inc.
283 Greenwich Avenue
Greenwich, CT 06830
Philip B. Korsant
283 Greenwich Avenue
Greenwich, CT 06830
ITEM 2. (C) CITIZENSHIP
See Item 4 of the attached cover pages.
ITEM 2. (D) TITLE OF CLASS OF SECURITIES
Common Shares, par value $.50 per share
ITEM 2. (E) CUSIP NUMBER
185896107
ITEM 3.
Not applicable as this Schedule 13G is filed pursuant to Rule 13d-1(c).
ITEM 4. OWNERSHIP
(a) Amount beneficially owned:
See Item 9 of the attached cover pages.
(b) Percent of class:
See Item 11 of the attached cover pages.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote:
See Item 5 of the attached cover pages.
(ii) Shared power to vote or to direct the vote:
See Item 6 of the attached cover pages.
(iii) Sole power to dispose or to direct the disposition:
See Item 7 of the attached cover pages.
(iv) Shared power to dispose or to direct the disposition:
See Item 8 of the attached cover pages.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Item 5 is hereby amended and restated in its entirety as follows:
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than five percent of the class of securities, check the following [X].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON
Item 6 is hereby amended and restated in its entirety as follows:
Not Applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT
HOLDING COMPANY
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP
Not Applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP
Not Applicable.
ITEM 10. CERTIFICATION
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete
and correct.
Dated: February 13, 2006
ZIFF ASSET MANAGEMENT, L.P.
By:PBK Holdings, Inc., its general partner
By:/s/ DAVID GRAY
-----------------------------
Name: David Gray
Title: Vice President
PBK HOLDINGS, INC.
By:/s/ DAVID GRAY
------------------------------
Name: David Gray
Title: Vice President
/s/ PHILIP B. KORSANT
------------------------------
Philip B. Korsant
EXHIBIT A
The undersigned, Ziff Asset Management, L.P., a Delaware limited
partnership, PBK Holdings, Inc., a Delaware corporation, and Philip B.
Korsant hereby agree and acknowledge that the information required by this
Schedule 13G, to which this Agreement is attached as an exhibit, is filed
on behalf of each of them. The undersigned further agree that any further
amendments or supplements thereto shall also be filed on behalf of each of
them.
Dated: February 13, 2006
ZIFF ASSET MANAGEMENT, L.P.
By:PBK Holdings, Inc., its general partner
By:/s/ DAVID GRAY
-----------------------------
Name: David Gray
Title: Vice President
PBK HOLDINGS, INC.
By:/s/ DAVID GRAY
------------------------------
Name: David Gray
Title: Vice President
/s/ PHILIP B. KORSANT
------------------------------
Philip B. Korsant