X0303 4 2011-03-08 0 0000764065 CLIFFS NATURAL RESOURCES INC. CLF 0001459005 PRICE DUNCAN LEVEL 12, THE QUADRANT 1 WILLIAM STREET PERTH C3 6000 AUSTRALIA 0 1 0 0 EVP,Global Operations Common Stock 2011-03-08 4 A 0 2690 0.00 A 2690 D Reflects the number of restricted share units granted to the Reporting Person on March 8, 2011 for the Performance Period 2011 to 2013 from the Issuer's Amended and Restated Cliffs 2007 Incentive Equity Plan. /s/ Nancy L. Watts by Power of Attorney 2011-03-10