CLEVELAND-CLIFFS INC. — Director's Dealing 2016

May 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2016-05-09

Reporting Person: GONCALVES LOURENCO (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-09	Common Shares	P	100000	$3.0432	Acquired	2475044	Direct

Footnotes

F1: The price reported in column four is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $2.90 to $3.12, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the Staff of the Securities and Exchange Commission, upon request, with full information regarding the number of shares purchased at each separate price within this range.