CLEVELAND-CLIFFS INC. — Director's Dealing 2010

Oct 4, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2010-10-01

Reporting Person: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-01	Stock Units	$	A	75.0976	Acquired		Common Shares (75.0976)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2303.6283	Direct

Footnotes

F1: On July 13, 2010, Cliffs Natural Resources Inc. (the "Company") declared a dividend of $0.14 per share, payable to all holders of record as of August 13, 2010 of common stock payable on September 1, 2010. The amount shown reflects 4.9821 common shares acquired pursuant to a Dividend Reinvestment and Stock Purchase Plan for the Company's Common Stock.

F2: Convertible into Common Shares on a 1-for-1 basis.

F3: Reflects number of Common Shares of underlying deferred compensation for the Required Retainer payable for the 4th quarter credited to the account of the Reporting Person pursuant to the Company's Nonemployee Directors' Compensation Plan ("Plan"). Each Stock Unit is generally distributable following termination of service as a Director.

F4: Balance shown reflects 34.1608 shares credited September 30, 2010 pursuant to the dividend reinvestment feature of the Plan. The number of deferred dividend reinvestment equivalent shares earned in the Plan is calculated using the closing market price at the end of each quarter for shares held in the Plan as of the record date with dividends earned as of September 1, 2010.