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: Vetor Duke D (SVP, North Amer. Coal)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-23	Common Stock	F	109	$92.67	Disposed	18403	Direct
2011-02-23	Common Stock	A	10350	$92.67	Acquired	12541	Indirect
2011-02-23	Common Stock	F	357	$92.67	Disposed	12184	Indirect

Footnotes

F1: Totals adjusted to reflect the payout of 2,191 restricted share units, previously reported as directly held, in common stock deferred under the VNQDC Plan.

F2: Reflects a payout in common stock of performance shares from 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)