Cliffs Natural Resources Inc. Announces Four Million Share Repurchase Authorization

Cliffs Natural Resources Inc. CLF today announced that its Board of Directors has authorized it to repurchase up to four million of its outstanding common shares under a newly authorized share repurchase plan. Laurie Brlas, Cliffs' executive vice president, global finance and administration & chief financial officer, said, "Given the recent volatility in the global equity markets, today's adoption of a repurchase authorization will allow Cliffs to opportunistically acquire shares at attractive valuations. Moreover, it is a prudent way of putting the Company's available cash and anticipated cash generation to work during a time our management team is focused on integrating and executing existing growth projects."