X0304 4 2012-03-12 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 2012-03-12 4 A 0 1470 0.00 A 4297 D Common Stock 1008 I By VNQDC Reflects the number of restricted share units granted to the Reporting Person on March 12, 2012 for the Performance Period 2012 to 2014 from the Issuer's Amended and Restated Cliffs 2007 Incentive Equity Plan. Held for the benefit of the Reporting Person by the Issuer's 2005 Voluntary Non-Qualified Deferred Compensation Plan ("VNQDC"). /s/ Keirsten Riedel By Power of Attorney 2012-03-14