CLEVELAND-CLIFFS INC. — Director's Dealing 2015

Jan 14, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2015-01-12

Reporting Person: Webb David L (EVP, Global Coal)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-01-12	Common Shares	A	27430	—	Acquired	62978	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-01-12	Employee Stock Options (right-to-buy)	$7.7	A	27430	Acquired	2025-01-11	Common Shares (27430.0)	Direct

Footnotes

F1: Reflects the number of restricted share units granted to the Reporting Person on January 12, 2015 from the Cliffs Natural Resources Inc. Amended and Restated 2012 Incentive Equity Plan. This grant vests in three equal annual installments beginning on December 31, 2015.