CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Oct 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2011-10-03

Reporting Person: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-10-03	Stock Units	$	A	124.2236	Acquired		Common Shares (124.2236)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2323.1033	Direct

Footnotes

F1: The Board of Directors of Cliffs Natural Resources Inc. declared dividends of $0.28 per share, payable to all holders of record as of August 15, 2011. The amount shown reflects 7.8791 shares credited on September 1, 2011 to the Reporting Person pursuant to the 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 required quarterly retainer for the fourth quarter under the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan (the "Plan"). Each Stock Unit is generally distributable following termination of service as a Director.

F4: The total includes dividend reinvestment pursuant to the Plan. The number of deferred dividend reinvestment equivalent shares earned in the Plan is calculated using the clsoing market price at the end of each quarter for shares held in the Plan. The Reporting Person was credited with 92.9719 dividend reinvestment shares on September 30, 2011.