CLEVELAND-CLIFFS INC. — Director's Dealing 2016

Feb 25, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLIFFS NATURAL RESOURCES INC. (CLF)
CIK: 0000764065
Period of Report: 2016-02-01

Reporting Person: SIEGAL MICHAEL D (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-01	Depositary Shares	S	2500	—	Disposed	0	Indirect
2016-02-01	Common Shares	P	2263	—	Acquired	18963	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	23614	Direct

Footnotes

F1: Depositary shares each representing 1/40th interest in a share of the Issuer's 7.00% Series A Mandatory Convertible Preferred Stock (the "Series A Preferred Stock").

F2: On February 1, 2016, the Series A Preferred Stock converted into the Issuer's common shares at an effective conversion rate of .9052 common share per depositary share.