Cliffs Natural Resources Inc. Reports First-Quarter 2009 Results

* Demand Environment and Seasonally Slow Quarter for North American Iron Ore
Contribute to Consolidated Revenues of $465 Million, with Net Loss of $7.4
Million, or $0.07 Per Diluted Share
* Asia Pacific Businesses Partially Offset Difficult Economic Conditions, Sonoma
Coal Contributes $53 Million in Revenues and $29 Million in Sales Margin
* Company Takes Additional Action in North American Coal Segment to Limit
Full-Year Loss

CLEVELAND--(Business Wire)--
Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today reported
first-quarter results for the period ended March 31, 2009. Consolidated revenues
in the seasonally slow first quarter were $464.8 million, down 6% from $494.4
million in the same quarter last year. The decrease was driven by lower
year-over-year sales in Cliffs` North American Iron Ore and North American Coal
segments, partially offset by higher sales in Asia Pacific Iron Ore and a $53.3
million revenue contribution from Cliffs` economic interest in Sonoma Coal.

Joseph A. Carrabba, Cliffs` chairman, president and chief executive officer,
said, "The value of our strategic efforts to diversify the enterprise in terms
of geography, minerals and end-markets was evident in the first quarter of 2009.
While our North American businesses are suffering from the dramatic drop in
steel production in North America and Europe, our Asia Pacific businesses are
performing quite well, given the difficult demand environment for steelmaking
raw materials around the world."

Operating income for the first quarter was $11.4 million, versus $42.6 million
in the same quarter last year. Operating income was lower year over year due to
reduced sales volumes in North American Iron Ore and North American Coal.
Margins were also lower as a result of idle costs and reduced production tons.
The Company noted that a focus on cost control and ongoing cash conservation
helped it achieve a nearly 30% decrease in selling, general and administrative
expenses to $31.8 million from $44.6 million in the first quarter last year.

Cliffs also noted that, in the first quarter of the previous year, its results
did not include approximately $70 million of sales that would have been
recognized if all iron ore price settlements had occurred in that period. The
world iron ore settlements for pellets, lump and fines ultimately occurred in
the second quarter of 2008.

First-quarter 2009 net loss was $7.4 million, or $0.07 per diluted share, down
from net income of $16.7 million, or $0.16 per diluted share, in the first
quarter of 2008. Cliffs said the net loss for the 2009 quarter reflected lower
leverage over fixed costs in its North American business segments and a $9.1
million equity loss related to its investment in the Amapá Iron Ore Project. In
addition, the Company`s tax rate in the first quarter of 2009 was approximately
40%, compared with 34.5% in the prior year`s first quarter. The increase in the
effective rate is primarily due to a $0.5 million discrete tax item included in
the first-quarter 2009 provision for income taxes.

North American Iron Ore
Three Months Ended
March 31,
2009 2008(1)

North American Iron Ore (Long Tons) - In Thousands 2,013 2,744

Sales Margin - In Millions
Revenues from product sales and services $ 188.3 $ 283.8
Cost of goods sold and operating expenses 203.3 214.2
Sales margin $ (15.0 ) $ 69.6

Sales Margin - Per Ton
Revenues from product sales and services* $ 76.50 $ 78.13
Cash cost** 75.55 49.24
Depreciation, depletion and amortization 8.40 3.53
Cost of goods sold and operating expenses* 83.95 52.77
Sales margin $ (7.45 ) $ 25.36

(1)2008 amounts and all per ton numbers have been adjusted for the $5.0 million of additional revenue associated with
the iron ore pellet settlement prices that occurred in the second quarter of 2008.
* Excludes revenues and expenses related to freight, which is offsetting and has no impact on operating results.
**Cash cost per ton is defined as Cost of goods sold and operating expenses per ton less Depreciation, depletion and
amortization per ton.

First-quarter 2009 North American Iron Ore pellet sales volume was 2.0 million
tons, a 27% decrease from the 2.7 million tons sold in the first quarter of
2008. The decrease year over year in sales volume is attributed to lower demand
for iron ore pellets as the North American steel industry has reduced
steelmaking capacity utilization to between 40% and 45% in recent months. The
Company also noted that, because of shipping constraints on the Great Lakes, its
North American Iron Ore business is seasonally slower in the first quarter
compared with other periods.

North American Iron Ore revenues per ton were $76.50 during the first quarter,
down 2% from $78.13 (see footnote "1" under the North American Iron Ore table
above) in the comparable quarter in 2008. Recognized revenues in the quarter
were adversely impacted by sales factors including a drop in hot band steel
prices, which resulted in an estimated $27 million reduction in expected
payments, or $14 per ton, related to a supplemental payment adjustment that is
part of a supply agreement Cliffs has with one of its North American Iron Ore
customers. This adjustment was made based on estimated average annual hot band
steel prices, which are expected to decline in 2009.

As a result of lower fixed cost leverage due to lower sales volume, cost per ton
in North American Iron Ore was $83.95, up 59% from the year-ago quarter.

North American Iron Ore Production
(In Millions) (1)
Three Months Ended
March 31,
2009 2008
Total North American Iron Ore Mine Production 5.8 8.3
Cliffs Natural Resources Equity Share of Total Production 3.9 5.2

(1) Long tons of pellets of 2,240 pounds

North American Coal
Three Months Ended
March 31,
2009 2008

North American Coal Sales (Short Tons) - In Thousands 494 998

Sales Margin - In Millions
Revenues from product sales and services $ 56.5 $ 93.9
Cost of goods sold and operating expenses 85.3 96.4
Sales margin $ (28.8 ) $ (2.5 )

Sales Margin - Per Ton
Revenues from product sales and services* $ 95.34 $ 81.06
Cash cost** 134.00 70.14
Depreciation, depletion and amortization 19.64 13.43
Cost of goods sold and operating expenses* 153.64 83.57
Sales margin $ (58.30 ) $ (2.51 )

* Excludes revenues and expenses related to freight, which is offsetting and has no impact on operating results.
**Cash cost per ton is defined as Cost of goods sold and operating expenses per ton less Depreciation, depletion and
amortization per ton.

For the first quarter of 2009, metallurgical coal sales volume was 494,000 short
tons, with average revenues per ton of $95.34. This compares with approximately
one million tons in 2008, with average revenue per ton of $81.06. The lower
sales volume year over year is the result of current market conditions impacting
the demand for steel in both the United States and Europe.

Cliffs` North American Coal business reported a loss of $28.8 million in sales
margin on cost of goods sold of $153.64 per ton. The cost-per-ton increase from
$83.57 realized in the first quarter of 2008 is primarily the result of lower
operating leverage over fixed costs at the mines.

North American Coal Production
(In thousands) (1)
Three Months Ended
March 31,
2009 2008
Total North American Coal Mine Production 437 1,009

(1) Short Tons of Coal of 2,000 Pounds

Asia Pacific Iron Ore
Three Months Ended
March 31,
2009 2008(1)

Asia Pacific Iron Ore Sales (Tonnes) - In Thousands 2,200 2,094

Sales Margin - In Millions
Revenues from product sales and services $ 166.7 $ 182.5
Cost of goods sold and operating expenses 109.2 100.1
Sales margin $ 57.5 $ 82.4

Sales Margin - Per Tonne
Revenues from product sales and services $ 75.77 $ 87.15
Cash cost* 37.55 41.16
Depreciation, depletion and amortization 12.09 6.64
Cost of goods sold and operating expenses 49.64 47.80
Sales margin $ 26.13 $ 39.35

(1)2008 actual revenue, cost of goods sold and all per tonne figures have been adjusted for the approximately $65
million of revenue and $4.0 million of additional cost associated with the iron ore lump and fines settlement prices
that occurred in the second quarter of 2008.
*Cash cost per tonne is defined as Cost of goods sold and operating expenses per tonne less Depreciation, depletion and
amortization per tonne.

First-quarter 2009 Asia Pacific Iron Ore sales volume increased 5% to 2.2
million tonnes, compared with 2.1 million tonnes in the 2008 first quarter. The
increase was primarily the result of Cliffs successfully placing additional
tonnes with steelmakers in China with shipments that have historically gone to
steelmakers in Japan. Cliffs indicated it is currently selling to customers
under various provisional pricing arrangements that will be adjusted to reflect
actual 2009 iron ore settlements for lump and fines ore when they occur.

Revenues per tonne for the first quarter decreased 13% to $75.77, compared with
$87.15 (see footnote "1" under the Asia Pacific Iron Ore table above). As
indicated above, the decrease was due to lower provisional pricing in the first
quarter of 2009, compared with the settlement prices that occurred in 2008.

Per-tonne cost of goods sold in Asia Pacific Iron Ore increased 4% in the first
quarter of 2009 to $49.64 from $47.80 (see footnote "1" under the Asia Pacific
Iron Ore table above) in the first quarter of 2008. Costs were impacted by
depreciation and amortization related to the acquisition of the remaining
interest of the Asia Pacific Iron Ore business that Cliffs did not own in the
comparable period last year, as well as increased shipping costs as a result of
freight incentives to customers. On a cash basis, costs decreased to $37.55 per
tonne for the quarter, down from $41.16 (see footnote "1" under the Asia Pacific
Iron Ore table above) in the previous year. Cash cost per tonne was positively
impacted by favorable exchange rate variances, combined with lower fuel and
energy costs.

First-quarter 2009 production in Asia Pacific Iron Ore was 1.7 million tonnes,
approximately flat with the first quarter of 2008. On April 24, an unanticipated
subsidence of a seawall currently under construction occurred at Cliffs`
Cockatoo Island joint venture in Western Australia. As a result, production from
that mine will be delayed. Preliminarily, production is expected to resume in
the fourth quarter of 2009 upon completion of the seawall. The Company
previously anticipated production to resume at Cockatoo Island in the third
quarter of 2009.

Asia Pacific Iron Ore Production

(Tonnes of Lump or Fines of 2,205 Pounds - In Millions) Three Months Ended
March 31
Mine 2009 2008
Koolyanobbing 1.7 1.8
Cockatoo Island* - 0.1
Total 1.7 1.9

*Cockatoo Island production reflects Cliffs Natural Resources' 50% share

Sonoma Coal

In the first quarter of 2009, Cliffs` share of sales volume for its 45% economic
interest in Sonoma Coal was 383,000 tonnes. Revenues and sales margin generated
for Cliffs were $53.3 million and $28.7 million, respectively. Cost per ton of
$64.23 benefited from lower-than-expected contract mining costs and
lower-than-previously-anticipated royalty payments, including a special royalty
to Cliffs` partner.

Liquidity

At quarter-end, Cliffs had $97.3 million of cash and cash equivalents and $600
million in available liquidity under its revolving credit facility. At Dec. 31,
2008, Cliffs had $179.0 million of cash and cash equivalents and $600 million in
available liquidity under its revolving credit facility. Major uses of cash in
the first quarter included $66.9 million in product inventories and $30.4
million in property, plant and equipment. In the quarter, Cliffs reported a use
of cash from operations of approximately $45 million, an improvement of 63% from
the cash used for operations in the first quarter of 2008. As the Company sells
through inventories in the remaining three quarters of the year, it expects to
generate cash from operations in 2009.

Cliffs noted that it collected approximately $50 million of cash during the
quarter from customers in its North American Iron Ore segment for sales that
will be recognized in future quarters.

Outlook

Cliffs` priority in 2009 remains the generation and preservation of cash in
order to maintain the highest degree of financial flexibility. As a result, the
management team continues to take action to bring production levels at all of
its businesses in line with current demand.

Negotiations for the benchmark settlements of iron ore pellets, lump and fines
continue between major producers and major consumers. The soft global
macroeconomic environment throughout the first quarter, including stagnant
capacity utilization among steelmakers in North America, continues to negatively
impact demand for steelmaking raw materials. As such, Cliffs cannot accurately
predict its 2009 revenue generation from its iron ore businesses.

North American Iron Ore Outlook

For 2009, Cliffs said it has contractual obligations for approximately 18
million tons of sales volume. These commitments, combined with eventual revenue
recognition of a previously disclosed 1.2 million tons deferred in 2008, total
approximately 19 million tons of sales volume for 2009. This sales volume total
assumes the Company will recognize "bill and hold" sales anticipated to occur in
the fourth quarter of 2009. However, the Company acknowledges that the current
environment is extremely uncertain and that there may be practical implications
of Cliffs and its customers stockpiling physical inventories throughout the
supply chain.

With annual price settlements for iron ore in 2009 not yet concluded, the
Company is unable to provide guidance on average revenue per ton in its North
American Iron Ore business segment. Cliffs has previously indicated its average
2009 revenue per ton in this segment will benefit from contractual base-price
adjustments, lag-year adjustments and price caps and floors contained in most of
its current supply agreements. Actual realized average revenue per ton will
ultimately depend on sales volume mix, World Pellet Prices, producer price
indices and/or steel prices (all of which are factors in the Company`s
formula-based pricing in the North American Iron Ore business segment).

Cliffs said it is currently operating at an annualized production rate of
approximately 15 million equity tons. In total, all owned or managed North
American Iron Ore mines are operating at an annualized rate of approximately 50%
of 38.1 million tons of capacity. Equity production across the Company`s North
American Iron Ore mine portfolio is approximately 58% of 25.5 million tons of
capacity, compared with non-equity production of approximately 35% of 12.6
million tons of capacity.

North American Iron Ore 2009 cost per ton is expected to be $70 to $80. The
expected increase from 2008 cost per ton is the result of reduced leverage over
fixed costs resulting from lower year-over-year production levels.

North American Coal Outlook

In addition to actions announced in mid-April to match production with demand,
the Company said it is deferring mine development activities at both the
Pinnacle Complex in West Virginia and the Oak Grove Mine in Alabama.

Carrabba added, "The decision to defer development work was not taken lightly
and may impact our ability to substantially increase future metallurgical coal
production upon any positive change in supply-demand dynamics. However, we have
already done a significant amount of work to support current demand levels, and
in the current economic environment, cash conservation and preserving Cliffs`
financial flexibility must be our management team`s top priority."

Cliffs expects the business segment to produce and sell approximately two
million tons of coal for the year at average revenue of approximately $100 per
ton, which includes production earmarks to fulfill obligations for tons deferred
as a result of past production disruptions. Lower expected year-over-year volume
and the related reduction in leverage over fixed costs, combined with
significant depreciation and amortization in the segment, are expected to result
in average cost of sales per ton in 2009 of $125 to $135.

Asia Pacific Iron Ore Outlook

Asia Pacific Iron Ore 2009 sales volume is expected to be 8.0 million tonnes,
with production of 8.2 million tonnes. With annual price settlements for iron
ore in 2009 not yet concluded, the Company is currently unable to provide
guidance on average revenue per tonne in its Asia Pacific Iron Ore business
segment. Cliffs expects Asia Pacific Iron Ore costs per tonne of approximately
$45 to $55.

Sonoma Coal Project Outlook

Cliffs has a 45% economic interest in the Sonoma Coal Project and expects total
production of approximately 3.1 million tonnes for 2009, down from a previous
production estimate of 3.5 million tonnes. Sonoma is expected to have sales
volume of 3.3 million tonnes and an approximate 60%/40% mix between thermal and
metallurgical coal, respectively. Per-tonne costs at Sonoma are expected to be
$75 to $85, down from a previous expectation of $85 to $95. The decrease from
previous expectations is a result of lower-than-anticipated contract mining
costs and royalties.

Amapá Iron Ore Project Update

Year to date, the Amapá Iron Ore Project management team has demonstrated
improving operating metrics, including plant recovery, concentrate production
and safety. As a result, the project is making progress toward ramping
production. In the first quarter of 2009, equity loss related to the project was
$9.1 million. Cliffs has previously provided a full-year estimate of $50 million
to $60 million in equity losses related to the project.

SG&A Expenses and Other Expectations

The Company continues to take action to optimize its management structure,
including some headcount rationalization, and to control costs. As a result,
Cliffs is reducing its 2009 SG&A expense estimate to $140 million from a
previous estimate of approximately flat to slightly down from the 2008 level of
$160 million. Cliffs anticipates an effective tax rate of approximately 25% for
the year. The Company has also revised its 2009 capital expenditures estimate to
$130 million, down from a previous estimate of approximately $200 million.
Depreciation and amortization for the year is expected to be $210 million.

Cliffs will host a conference call to discuss its first-quarter 2009 results
tomorrow, April 30, 2009, at 10 a.m. ET. The call will be broadcast live on
Cliffs` website: www.cliffsnaturalresources.com. A replay of the call will be
available on the website for 30 days.

To be added to Cliffs Natural Resources e-mail distribution list, please click
on the link below:

http://www.cpg-llc.com/clearsite/clf/emailoptin.html

About Cliffs Natural Resources Inc.

Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and
natural resources company. We are the largest producer of iron ore pellets in
North America, a major supplier of direct-shipping lump and fines iron ore out
of Australia and a significant producer of metallurgical coal. With core values
of environmental and capital stewardship, our colleagues across the globe
endeavor to provide all stakeholders operating and financial transparency as
embodied in the Global Reporting Initiative (GRI) framework. Our Company is
organized through three geographic business units:

The North American business unit is comprised of six iron ore mines owned or
managed in Michigan, Minnesota and Eastern Canada, and two coking coal mining
complexes located in West Virginia and Alabama. The Asia Pacific business unit
is comprised of two iron ore mining complexes in Western Australia and a 45%
economic interest in a coking and thermal coal mine in Queensland, Australia.
The South American business unit includes a 30% interest in the Amapá Project,
an iron ore project in the state of Amapá in Brazil, as well as a number of
smaller greenfield projects not yet in production.

Over recent years, Cliffs has been executing a strategy designed to achieve
scale in the mining industry and focused on serving the world`s largest and
fastest growing steel markets.

News releases and other information on the Company are available on the Internet
at:
http://www.cliffsnaturalresources.com or
www.cliffsnaturalresources.com/Investors/Pages/default.aspx?b=1041&1=1

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995

This news release contains predictive statements that are intended to be made as
"forward-looking" within the safe harbor protections of the Private Securities
Litigation Reform Act of 1995. Although we believe that our forward-looking
statements are based on reasonable assumptions, such statements are subject to
risk and uncertainties.

Actual results may differ materially from such statements for a variety of
reasons, including: the impact of the global economic crisis on the North
American and global integrated steel industry; the length and extent of any
potential and current production curtailments at both our customer`s facility
and at our iron ore and coal mining operations; changes in the sales volumes or
mix; the impact of any decreases in international prices for iron ore and/or
metallurgical coal resulting from the global economic crisis; the impact of
price-adjustment factors on our sales contracts; changes in demand for iron ore
pellets by North American integrated steel producers, or changes in Asian iron
ore demand due to changes in steel utilization rates, operational factors,
electric furnace production or imports into the United States and Canada of
semi-finished steel or pig iron; the impact of consolidation and rationalization
in the steel industry; availability of capital equipment and component parts;
availability of float capacity; the impact of the global economic crisis on the
availability and cost of capital, our ability to maintain adequate liquidity and
on our ability to access the capital markets; changes in the financial condition
of the Company's partners and/or customers; rejection of major contracts and/or
venture agreements by customers and/or participants under provisions of the U.S.
Bankruptcy Code or similar statutes in other countries; events or circumstances
that could impair or adversely impact the viability of a mine and the carrying
value of associated assets; inability to achieve expected production levels;
reductions in current resource estimates; the investment performance of our
pension and other postretirement benefit plans, which could increase our plan
costs; impacts of increasing governmental regulation including failure to
receive or maintain required environmental permits; problems with productivity,
third party contractors, labor disputes, weather conditions, fluctuations in ore
grade, tons mined, changes in cost factors including energy costs,
transportation, mine closure obligations and employee benefit costs; the ability
to identify, acquire and integrate strategic acquisition candidates; risks
associated with operations in multiple countries; limited trading of our shares
on NYSE Euronext Paris and the effect of these various risks on our future cash
flows, debt levels, liquidity and financial position.

Reference is also made to the detailed explanation of the many factors and risks
that may cause such predictive statements to turn out differently, set forth in
our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and previous news
releases filed with the Securities and Exchange Commission, which are publicly
available on Cliffs Natural Resources' website. The information contained in
this document speaks as of the date of this news release and may be superseded
by subsequent events.

 FINANCIAL TABLES FOLLOW 

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES
STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS

(In Millions, Except
Per Share Amounts)
Three Months Ended March 31,
2009 2008
REVENUES FROM PRODUCT SALES AND SERVICES
Product $ 421.1 $ 412.0
Freight and venture partners' cost reimbursements 43.7 82.4
464.8 494.4
COST OF GOODS SOLD AND OPERATING EXPENSES (422.4 ) (412.0 )
SALES MARGIN 42.4 82.4
OTHER OPERATING INCOME (EXPENSE)
Royalties and management fee revenue 2.4 3.8
Selling, general and administrative expenses (31.8 ) (44.6 )
Miscellaneous - net (1.6 ) 1.0
(31.0 ) (39.8 )
OPERATING INCOME 11.4 42.6
OTHER INCOME (EXPENSE)
Changes in fair value of derivative instruments, net (3.3 ) -
Interest income 3.4 5.6
Interest expense (9.3 ) (7.2 )
Other non-operating income - net 0.5 -
(8.7 ) (1.6 )
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES AND EQUITY LOSS FROM VENTURES 2.7 41.0
PROVISION FOR INCOME TAXES (1.1 ) (14.3 )
EQUITY LOSS FROM VENTURES (9.2 ) (6.9 )
NET INCOME (LOSS) (7.6 ) 19.8
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING (0.2 ) 3.1
INTEREST
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS (7.4 ) 16.7
PREFERRED STOCK DIVIDENDS - (0.9 )
INCOME (LOSS) APPLICABLE TO COMMON SHARES $ (7.4 ) $ 15.8

EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - BASIC $ (0.07 ) $ 0.18

EARNINGS (LOSS) PER COMMON SHARE ATTRIBUTABLE TO CLIFFS SHAREHOLDERS - DILUTED $ (0.07 ) $ 0.16

AVERAGE NUMBER OF SHARES
Basic 113.2 89.9
Diluted 113.2 104.9

CASH DIVIDENDS PER SHARE $ 0.0875 $ 0.0875

CLIFFS NATURAL RESOURCES INC. AND SUBSIDIARIES
STATEMENTS OF CONDENSED CONSOLIDATED FINANCIAL POSITION

(In Millions)
March 31, December 31,
2009 2008
ASSETS (Unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 97.3 $ 179.0
Accounts receivable 79.6 68.5
Inventories 328.9 265.4
Supplies and other inventories 94.1 101.2
Derivative assets 30.2 76.9
Other current assets 162.4 170.7
TOTAL CURRENT ASSETS 792.5 861.7

PROPERTY, PLANT AND EQUIPMENT, NET 2,382.4 2,456.1

OTHER ASSETS
Investments in ventures 317.4 305.3
Intangible assets, net 107.4 109.6
Deferred income taxes 251.2 251.2
Other non-current assets 174.9 127.2
TOTAL OTHER ASSETS 850.9 793.3
TOTAL ASSETS $ 4,025.8 $ 4,111.1

LIABILITIES
CURRENT LIABILITIES
Accounts payable $ 159.8 $ 201.0
Accrued expenses 146.3 145.0
Taxes payable 131.2 144.8
Derivative liabilities 142.7 194.3
Deferred revenue 129.3 86.8
Other current liabilities 71.3 73.0
TOTAL CURRENT LIABILITIES 780.6 844.9
POSTEMPLOYMENT BENEFIT LIABILITIES 435.6 448.0
SENIOR NOTES 325.0 325.0
TERM LOAN 200.0 200.0
BELOW-MARKET SALES CONTRACTS 183.6 183.6
OTHER LIABILITIES 357.0 355.6
TOTAL LIABILITIES 2,281.8 2,357.1
3.25% REDEEMABLE CUMULATIVE CONVERTIBLE PERPETUAL - 0.2
PREFERRED STOCK

EQUITY
CLIFFS' SHAREHOLDERS' EQUITY 1,737.6 1,750.5
NONCONTROLLING INTEREST 6.4 3.3
TOTAL EQUITY 1,744.0 1,753.8
TOTAL LIABILITIES AND EQUITY $ 4,025.8 $ 4,111.1

Cliffs Natural Resources Inc.
INVESTOR AND FINANCIAL MEDIA CONTACTS:
United States
Steve Baisden, Director, Investor Relations and Corporate Communications
216-694-5280
steve.baisden@cliffsnr.com
or
Christine Dresch, Manager - Corporate Communications
216-694-4052
christine.dresch@cliffsnr.com
or
France
NewCap
Financial Communication and Investor Relations
Simon Zaks / Pierre Laurent
+ 33 (0)1 44 71 94 94
szaks@newcap.fr / plaurent@newcap.fr
OR
MICHIGAN MEDIA CONTACT:
Dale Hemmila, District Manager, Public Affairs-Michigan
906-475-3870
OR
MINNESOTA MEDIA CONTACT:
Maureen Talarico, District Manager, Public Affairs-Minnesota
218-279-6120
OR
WEST VIRGINIA/ALABAMA MEDIA CONTACT:
James Kosowski, District Manager, Public Affairs-West Virginia and Alabama
304-256-5224

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