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: Smith Clifford T (SVP, Global Business Dev.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	A	1890	$0.00	Acquired	10451	Direct
2011-02-23	Common Stock	F	800	$92.67	Disposed	9651	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11740	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 605 performance shares and 195 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.