CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Jan 4, 2011

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2010-12-31

Reporting Person: MCALLISTER FRANCIS R (Director)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9880.3289	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Shares (0)	10995.3395	Direct

Footnotes

F1: The Board of Directors of Cliffs Natural Resources Inc. (the "Company") declared dividends of $.14 per share, payable to all holders of record as of May 21, August 13, and November 19, 2010 of common stock payable on June 1, September 1, and December 1, 2010, respectively. The amount shown reflects 10.7857, 10.9968, and 10.1208 shares credited to the Reporting Person pursuant to the Company's Dividend Reinvestment and Stock Purchase Plan on June 1, September 1 and December 1, 2010. The amount also reflects 15.0165, 10.2983 and 9.5066 deferred dividend reinvestment shares acquired from a dividend reinvestment feature derived from restricted shares pursuant to the Nonemployee Directors' Compensation Plan ("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 pursuant to 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 closing market price at the end of each quarter for shares held in the Plan. The reporting person was credited with 32.4150, 23.9867, and 19.6973 dividend reinvestment shares on June 30, September 30, and December 31, 2010, respectively.