CLEVELAND-CLIFFS INC. — Director's Dealing 2011

Jan 4, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Kirsch James F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-01	Stock Units	$	A	64.0943	Acquired		Common Shares (64.0943)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1830.9438	Direct

Footnotes

F1: Includes 3.086 shares of Restricted Stock acquired December 1, 2010 pursuant to a dividend reinvestment feature of the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan ("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 for the first quarter Required Retainer pursuant to the Plan. Each Stock Unit is generally distributable following termination of service as a Director.