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: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-17	Stock Units	$	A	10.202	Acquired		Common Shares ()	Direct
2011-05-17	Stock Units	$	A	925	Acquired		Common Shares ()	Direct

Footnotes

F1: Convertible into Common Shares on a 1-for-1 basis.

F2: 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 second quarter under the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan (the "Plan")(which was retroactively increased on May 17, 2011). Each Stock Unit is generally distributable following termination of service as a Director.

F3: Reflects the number of Common Shares credited to the account of the Reporting Person as the Annual Equity Grant on May 17, 2011, the date of the Annual Meeting of Shareholders ("Annual Equity Grant"). The Reporting Person elected to defer the Annual Equity Grant acquired pursuant to the Plan. Each Stock Unit is generally distributable following termination of service as a Director.