CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Jan 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2011-01-01

Reporting Person: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-01	Stock Units	$	A	64.0943	Acquired		Common Shares (64.0943)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2308.2136	Direct

Footnotes

F1: The Board of Directors of Cliffs Natural Resources Inc. (the "Company") declared a dividend of $.14 per share, payable to all holders of record as of November 19, 2010 of common stock payable on December 1, 2010. The amount shown reflects 4.5853 shares credited to the Reporting Person pursuant to the Company's Dividend Reinvestment and Stock Purchase Plan.

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

F3: Reflects number of Common Shares of underlying deferred compensation credited to the account of the Reporting Person in payment of the Reporting Person's first quarter Required Retainer pursuant to the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan ("Plan").

F4: Reflects number of Common Shares of underlying deferred compensation credited to the account of the Reporting Person pursuant to the Plan. Each Stock Unit is generally distributable following termination of service as a Director.

F5: Balance shown reflects 28.0522 shares acquired December 31, 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 December 1, 2010.