X0304 4 2012-02-27 0 0000764065 CLIFFS NATURAL RESOURCES INC. CLF 0001511721 Michaud James R 200 PUBLIC SQUARE SUITE 3300 CLEVELAND OH 44114 0 1 0 0 SVP, Human Resources Common Stock 2012-02-27 4 A 0 1008 66.61 A 1008 I By VNQDC Common Stock 2827 D The amount represents an exchange of a portion of the Reporting Person's 2011 cash bonus for 807 shares of Cliffs Natural Resources Inc. Common Shares on a deferred basis (Exchange Shares) under the Issuer's 2005 Voluntary Nonqualified Deferred Compensation Plan ("VNQDC Plan"). An additional 201 deferred shares (Match Shares) were credited to the account of the Reporting Person into the VNQDC Plan equal to 20 percent of the market value of the Exchanged Shares on the deferral date of the bonus payment pursuant to the VNQDC Plan. /s/ Madeline Costanzo by Power of Attorney 2012-02-29