CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Apr 5, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2011-04-01

Reporting Person: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-01	Stock Units	$	A	51.01	Acquired		Common Shares (51.01)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2311.5661	Direct

Footnotes

F1: The Board of Directors of Cliffs Natural Resources Inc. declared a dividend of $0.14 per share, payable on March 1, 2011. The amount shown reflects 3.3525 shares credited to the reporting person pursuant to the Issuer's Dividend Reinvestment and Stock Purchase 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 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"). 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 22.8184 dividend reinvestment shares on March 31, 2011.