CLEVELAND-CLIFFS INC. — Director's Dealing 2012

Apr 4, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2012-04-02

Reporting Person: RIEDERER RICHARD K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-04-02	Stock Units	$	A	86.6301	Acquired		Common Shares (96.231)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2342.6059	Direct

Footnotes

F1: The Board of Directors of Cliffs Natural Resources Inc. declared dividends of $0.28 per share, payable to all holders of record as of February 15, 2012. The amount shown reflects 10.0555 shares credited on March 1, 2012 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 second 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 70.6388 dividend reinvestment shares on March 30, 2012.