CLEVELAND-CLIFFS INC. — Director's Dealing 2011

May 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2011-05-17

Reporting Person: MCALLISTER FRANCIS R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-17	Common Stock	A	925	$0.00	Acquired	10819.6795	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Units	$		Common Shares (11011.0024)	11011.0024	Direct

Footnotes

F1: Reflects the number of restricted shares granted to the Reporting Person as the Annual Equity Grant on May 17, 2011, the date of the Annual Meeting of Shareholders pursuant to the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan (the "Plan").

F2: The Board of Directors of Cliffs Natural Resources Inc. declared a dividend of $0.14 per share, payable to all holders of record as of February 15, 2011 of common stock payable on March 1, 2011. The amount shown reflects 7.3998 shares credited to the Reporting Person pursuant to the Dividend Reinvestment and Stock Purchase Plan. The amount also reflects 6.9508 deferred dividend reinvestment shares acquired from a dividend payment received from restricted shares pursuant to the Plan.

F3: Convertible into Common Shares on a 1-for-1 basis.

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: 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 15.6629 dividend reinvestment shares on March 31, 2011.