CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Feb 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2011-02-23

Reporting Person: BRLAS LAURIE (Executive VP and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	F	1171	$92.67	Disposed	43985	Direct
2011-02-23	Common Stock	A	16200	$0.00	Acquired	16200	Indirect
2011-02-23	Common Stock	F	558	$92.67	Disposed	15642	Indirect

Footnotes

F1: Reflects the surrender of 1,171 restricted share units from the 2008-2010 performance period in payment of the related tax liability incurred by the Reporting Person as a result of the award.

F2: Reflects payout in Common Stock of performance shares earned under the Issuer's 2007 Incentive Equity Plan and deferred under the Voluntary Nonqualified Deferred Compensation Plan (the VNQDC Plan).