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: BLAKE DAVID B (SVP, Oper. N. Amer. Iron Ore)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	A	3600	$0.00	Acquired	12724	Direct
2011-02-23	Common Stock	F	1438	$92.67	Disposed	11286	Direct

Footnotes

F1: Reflects a payout in common stock of performance shares earned under the Issuer's 2007 Incentive Equity Plan from the 2008-2010 performance period and deferred under the Issuer's voluntary Nonqualified Deferred Compensation Plan (the VNQDC Plan)

F2: Reflects the surrender of 1,150 performance shares and 288 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.