Cliffs Natural Resources Agreed to Sell 9,000,000 Common Shares at $85.63 Per Common Share

Cliffs Natural Resources Inc. CLF today announced that it has priced its recently announced offering of common shares. The Company has agreed to sell 9,000,000 common shares at $85.63 per common share through an underwritten offering. In connection with the offering, the underwriters have been granted an over-allotment option to purchase an additional 1,350,000 common shares. Cliffs intends to use the net proceeds from the offering to repay borrowings under the Company's previously announced bridge credit facility that was used to fund a portion of the Company's recent acquisition of Consolidated Thompson Iron Mines Limited. Any remaining net proceeds will be used for general corporate purposes. J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers of the offering. The offering is expected to close on June 13, 2011, subject to customary closing conditions.