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: Boor William C (SVP, Global Ferroalloys.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	A	9000	$0.00	Acquired	24927.3491	Direct
2011-02-23	Common Stock	F	3565	$92.67	Disposed	21362.3491	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	16714	Indirect

Footnotes

F1: Reflects a payout of performance shares for the 2008-2010 performance period earned under the Issuer's 2007 Incentive Equity Plan.

F2: Reflects the surrender of 2,896 performance shares and 669 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.

F3: The Board of Directors of the Issuer declared a dividend payable to all holders of record as of November 19, 2010 of Common Stock payable on December 1, 2010. The amount shown reflects 12.0716 shares credited to the Reporting Person pursuant to the Issuer's Dividend Reinvestment and Stock Purchase Plan.

F4: Balance shown reflects 47, 35, and 33 shares to acquired June 1, 2010, September 1, 2010, and December 1, 2010 respectively, pursuant to the dividend reinvestment feature of the Issuer's 2005 Voluntary Non-Qualified Deferred Compensation Plan (the VNQDC Plan).