CLEVELAND-CLIFFS INC. — Director's Dealing 2012

Jan 4, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2012-01-01

Reporting Person: Kirsch James F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-01	Stock Units	$	A	96.231	Acquired		Common Shares (96.231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1848.4597	Direct

Footnotes

F1: The amount reflects 6.3582 shares of Restricted Stock acquired December 1, 2011 pursuant to a dividend reinvestment feature of the Cliffs Natural Resources Inc. Nonemployee Directors' Compensation Plan (the "Plan"). The Board of Directors of Cliffs Natural Resources Inc. declared dividends of $0.28 per share, payable to all holders of record as of November 18, 2011. The amount also reflects .0035 shares credited on December 1, 2011 to the Reporting Person pursuant to the 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 first quarter under 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 .0021 dividend reinvestment shares on December 31, 2011.