2011 ANNUAL REPORT CLIFFS l 2011 ANNUAL REPORT

CLIFFS NATURAL RESOURCES INC.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, the Company is a major global iron ore producer and a signifi cant producer of high- and low-volatile metallurgical coal. Cliffs’ strategy is to continually achieve greater scale and diversifi cation in the mining industry through a focus on serving the world’s largest and fastest growing steel markets. Driven by the core values of social, environmental and capital stewardship, Cliffs associates across the globe endeavor to provide all stakeholders operating and fi nancial transparency.

The Company is organized through a global commercial group responsible for sales and delivery of Cliffs products and a global operations group responsible for the production of the minerals the Company markets. Cliffs operates iron ore and coal mines in North America and two iron ore mining complexes in Western Australia. The Company also has a 45% economic interest in a coking and thermal coal mine in Queensland, Australia. In addition, Cliffs has a major chromite project, in the pre-feasibility stage of development, located in Ontario, Canada.

GLOBAL OPERATIONS Iron Ore Chromite Coal Offi ces

6 14 11 2 12 15 13 20 1 10 7 18 19 8

5

4 9 3 17 16

Iron Ore Coal

No. Country Mine Ownership No. Country Mine Ownership

1 United States Empire 79% 7 United States Pinnacle Complex 100% Tilden 85% Powellton 100% Hibbing 23% Chilton-Dingess 100% Northshore 100% Toney Fork No. 2 100% United Taconite 100% 8 United States Oak Grove 100% 2 Canada Wabush 100% Bloom Lake 75% 9 Australia Sonoma 45%

3 Australia Koolyanobbing 100% Offi ces

4 Australia Cockatoo Island 50% No. Country City

10 United States Cleveland 5 Brazil Amapá 30% 11 United States Duluth 12 United States Ishpeming Chromite 13 Canada Montreal No. Country Property Ownership 14 Canada Thunder Bay 15 Canada Toronto 6 Canada Black Thor 100% 16 Australia Perth Black Label 100% 17 Chile Santiago Big Daddy 72% 18 China Beijing 19 Japan Tokyo 20 Mongolia Ulaanbaatar UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K È ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 1-8944 CLIFFS CLIFFS NATURAL RESOURCES INC. (Exact Name of Registrant as Specified in Its Charter) Ohio 34-1464672 (State or Other Jurisdiction of (I.R.S. Employer Incorporation or Organization) Identification No.)

200 Public Square, Cleveland, Ohio 44114-2315 (Address of Principal Executive Offices) (Zip Code) Registrant’s Telephone Number, Including Area Code: (216) 694-5700 Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered Common Shares, par value $0.125 per share New York Stock Exchange and Professional Segment of NYSE Euronext Paris Securities registered pursuant to Section 12(g) of the Act: NONE Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES È NO ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES ‘ NO È Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES È NO ‘ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant t