CLF November 2010 Investor Presentation

OPERATIONAL EXCELLENCE | A WORLD LEADER | STEWARDSHIP
Cliffs Natural Resources Inc.
November 2010

2
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
This presentation includes predictive information that is intended to be made as “forward-
looking” within the safe harbor protections of the Private Securities Litigation Reform Act
of 1995. Although the Company believes that its forward-looking information is based on
reasonable assumptions, such information is subject to risks and uncertainties, which
could cause materially different results. Important factors that could cause actual results
to differ materially from those in the forward-looking information are set forth in the
Company’s most recent Annual Report and reports on Form 10-K and
10-Q, and news releases filed with the Securities and Exchange Commission. All reports
and news releases are available on Cliffs’ website www.cliffsnaturalresources.com.

Overview of Cliffs Natural Resources Inc.
3
 Cliffs Natural Resources (NYSE: CLF) (Paris: CLF) is an international mining and
natural resources company. A member of the S&P 500, it is the largest producer of
iron ore pellets in North America, a major supplier of direct-shipping lump and fines
iron ore out of Australia and a significant producer of metallurgical coal
 Cliffs is executing a strategy designed to increase scale and diversity and focused
on serving the world’s largest and fastest growing steel markets
 The Company boasts a conservatively managed balance sheet with low debt and
strong liquidity
 With core values of environmental and capital stewardship, our colleagues across
the globe endeavor to provide all stakeholders operating and financial transparency
as embodied in the Global Reporting Initiative (GRI) framework

4
Cliffs Natural Resources Global Footprint
 Access to high-growth Asian markets
 Pricing correlates to Australian benchmark
for lump and fines
 Largest iron ore producer in North America
 Significant position in North American
metallurgical coal
 A developing project in a low-cost mining district

Cliffs’ Strategic Imperatives
5
Scale
Through
Diversification
Global
Execution
Operational
Excellence
Building scale through diversification
 Multiple Revenue Streams
 Product Diversification
 Geographic Presence
Operational excellence
 Safety
 Technical Competencies
 Operating Efficiencies
Global execution
 Competencies of the Firm
 Outlook of Personnel
 Global Scalability
Shareholder returns
 Shareholder Value
 Risk Management
 “Earning the Right to Grow”
Shareholder
Returns

$0
$30
$60
$90
$120
$150
Jan 2004 Sep 2004 May 2005 Jan 2006 Sep 2006 May 2007 Jan 2008 Sep 2008 May 2009 Feb 2010
6
Impact of Strategic Execution
($ in Millions)
StrategicmilestonesBusinessevolution
Share price performance since January 2004
2005
 Acquired 80% of
Portman Limited,
then the third
largest iron ore
mining company
in Australia
Sales: $1,203
2005
Sales: $1,740
2006
Sales: $1,922
North
American Coal
10%
Other
4%
2007
Sales: $2,275
2008
Sales: $3,609
2009
Sales: $2,342
2007
 Acquired 30% interest in
Amapá iron ore project in
Brazil
 Acquired 45% economic
interest in Sonoma, hard
coking and thermal coal
mine in Queensland,
Australia
 Acquired PinnOak, Central
Appalachian high-quality,
low-volatile met coal mines
2008
 Acquired remaining
stake in Portman Limited
(20%)
stake in United Taconite
(30%)
 Acquired stake in
Golden West, an
Australian iron ore junior
mining company
Asia Pacific
Iron Ore
24%
North American
Iron Ore
62%
2009
 $347mm in net proceeds
from equity offering
executed in May
 Added to S&P 500 Index
2004
2010E
stake (73%) in Wabush
Mines
 Acquired Freewest
Resources and Spider
Resources, world-class
chromite assets in
Ontario, Canada
 Acquired INR Energy,
high-volatile met coal
and thermal coal
2010E
Sales: $4.4B

7
Track record of growth ($mm) Strong balance sheet
Japan 7%
United States
45%
China
30%
Canada
10%
Other 8%
Financial Overview
Diverse end-market exposure (2004 – 2009)
1
Revenue EBITDA
2004 2009
United States
76%
Canada
19%
China 5%
Other 1%
Revenue by end-market

2010 Financial Highlights
8
 Record-breaking first-half results:
- Revenues of $1.9 billion, up 124%
- Net income of $354 million, up 830%
- Free cash flow of $173 million, up 178%
 $1 billion in acquisitions:
- Wabush remaining stake $88 million
- Freewest acquisition $186 million
- INR Energy’s coal operations $757 million
 First-half North American Iron Ore shipments total 11 million tons, up 154%
 North American Coal contributes $23 million to second-quarter sales margin
 Asia Pacific Iron Ore first-half revenue reaches $469 million, up 95%
 The Company achieved investment grade rating from Standard and Poor and Moody’s

Business Segment Overview
9
North American Iron Ore
 Manage and operate six North
American mines located in
Michigan, Minnesota, and
Eastern Canada
 Annual equity production
capacity of 29.5mm tons of iron
ore pellets
 Over 90% of 2010 volume
committed under contract
North American Coal
 Own and operate five
metallurgical coal mines and
one thermal coal mine in
West Virginia and Alabama
 2011 production capacity in
excess of 7mm tons
 A significant portion of
revenue comprised of exports
Asia Pacific Iron Ore
 Operations include 100%-owned
Koolyanobbing complex and 50%
equity interest in Cockatoo Island
 9mm tonnes of current capacity, with
upgrade underway to reach 11mm
tonnes by 2012
 Direct-shipping lumps and fines ore
sold on the seaborne market
North American
Iron Ore
62%
Asia Pacific
Iron Ore
23%
North American
Coal
9%
Other 6%
2009 Revenue
1
Partial year

10
M&A and Development Strategy
 Diversify business into other end-markets
and other steel-related minerals
 Expand geographically into low-political-
risk geographies
 Objective is to strike a balance among
cash-flow positive, profitable, commercial-
stage businesses and targets in the early
stage of development
NORTH
AMERICA
ASIA PACIFIC
(AUSTRALIA)
SOUTH
AMERICA
(BRAZIL)
NORTH
AMERICAN
MET COAL
SEABORNE
IRON ORE
IRON ORE
SEABORNE MET
COAL
Cliffs’ strategy: geographic and
mineral diversification
Minerals Geographies
SEABORNE
FERROALLOYS

11
INR Energy's Coal Operations Acquisition
 Demonstrates Cliffs’ commitment to further diversify its business into coal
 $757 million acquisition funded through available liquidity, including cash on hand and Cliffs’ $600
million credit facility
 Transaction will increase Cliffs’ total global coal equity production capacity to nearly 11 million
tons by 2012, from today’s current annualized equity production of approximately 7 million tons
 Significant metallurgical coal reserves
 Expands global reserve base to over 232 million tons
 Southern West Virginia multi-mine complex with features that are complementary to our North
American Coal operations
 Two underground continuous mining operations and one open surface mine
 Assets include several metallurgical coal development mines
 Increases Cliffs’ products portfolio through the addition of high-volatile metallurgical coal and
thermal coal

12
INR Energy's Coal Operations
Southern West Virginia Mining Complex
Metallurgical Coal
Operations
Thermal Coal/
PCI Operations
Developmental Projects
• Two operating underground
mines:
1. Powellton
2. Chilton-Dingess
• One operating surface
mine:
1. Toney Fork #2
• Two additional underground
metallurgical coal mines in
active development
• Several additional
metallurgical coal mines in
permitting phase
Operations located in near
proximity to Cliffs
Pinnacle Mine

13
 Freewest Resources and Spider Resources Acquisitions position Cliffs to become the
leading North American primary chromite and ferrochrome producer and exporter
 Customers would include global stainless steel producers
 World-class chromite deposits within the “Ring of Fire” in Northern Ontario, Canada
– 100% Black Thor
– 100% Black Label
– 73.5% Big Daddy
 Anticipate mining 1 million to 2 million tonnes of high-grade chromite ore to produce
400,000 to 800,000 tonnes of ferrochrome annually with a >30-year mine life
 Prefeasibility studies and initial First Nation discussions are underway; production
anticipated to commence around 2015
 Financed with stock and cash
Ring of Fire – Chromite Project

14
 Estimated capex of $800mm required to develop the site
 Options for financing capex include:
– Internal cash flow
– Joint-venture partner
– Other financial options
 Capex will be deployed only after certain project milestones are
satisfactorily achieved
 Cliffs has the opportunity to evaluate proceeding with the development of the
assets over the next 5 years
– Majority of capex spending would occur in 2013 and 2014
Ring of Fire – Chromite Project Capex Requirements

15
Ring of Fire – Chromite Project
World-Class Assets
CHROMITE
DEPOSITS BLACK THOR
BLACK LABEL
BIG DADDY

Industry Overview
16

U.S.
Canada
Mexico
Brazil
EU 27
CIS
Japan
China
S. Korea
India
Oceania
0
200
400
600
800
1,000
1,200
0 10 20 30 40 50 60
2009Kg/CapitaSteelConsumption
2009 GDP Per Capita ($US 000s)
Steel Is a Large, Growing, Global Business
BRIC economic growth is substantial and appears inevitable.
 In 2009, China’s steel consumption
was nine times that of the U.S.
 As countries industrialize, per
capita steel consumption increases
as GDP per capita expands
through the maturing process
Note: Size of bubbles represents size of absolute 2008 finished steel consumption in each respective country
Source: Metals Strategies, CIA World Factbook
17

18
The Long-Term Outlook Remains Strong
World steel demand
(millions of tonnes)
Source: Metal Strategies
% of crude steel production
Growth in global steel production using blast furnaces
2010-2015
CAGR 3.4%
2010-2015
CAGR 2.6%
(millions of tonnes)
0
500
1,000
1,500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E
0%
25%
50%
75%
100%
400
600
800
1,000
1,200
1,400
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009E 2010E 2011E 2012E 2013E 2014E 2015E

Net imports as a
% of consumption 17% 12% 19% 11% 9% 10% 9% 10% 10% 11% 11% 11%
19
U.S. steel supply/demand (mm tons)
North American Steel Producers Are Particularly
Well-Positioned to Participate in an Economic Recovery
’09 – ’15 Consumption CAGR
+5.4%
110
105
108 108
101
66
92
98
107
111
114 116
133
119
135
122
110
65
89
101
113
118
123
127
2004 2005 2006 2007 2008 2009 2010E 2011E 2012E 2013E 2014E 2015E
Production Consumption

Months supplyTons (mm)
20
Service center inventories
Steel Center Inventories Remain Low Relative to
Historical Levels
1
2
3
4
5
0
2
4
6
8
10
12
14
16
18
2005 2006 2007 2008 2009 2010

21
 Iron ore
– New projects commissioned in countries with medium to high sovereign risk
– High-end of cost curve requiring significant capital deployment
– Suppliers farther inland from deep-water ports, economic logistics
– Further tightening of Indian supply as increased export regulatory pressure
has emerged
 Metallurgical coal
– At top of cycle in 2008, Appalachian supplies declined
(mines deeper, seams thinner)
– Environmental and safety regulations make permitting more difficult to secure
– Other global metallurgical coal basins in challenging political geographies
(Mongolia, Mozambique, etc.)
Steelmaking Raw Materials Supply-Side Considerations

22
Pricing for Core Products Has Corrected Sharply
Metallurgical coal prices ($/metric ton)
0
50
100
150
200
250
300
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
Source: Metal Strategies, equity research, Company estimates
$209 *
62%
Iron ore prices ($/metric ton based on 64% iron content)
0
25
50
75
100
125
150
175
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010E
Pellets Lumps Fines
$73
(48%)
$62
(33%)
$85
(44%)
Source: Cliffs and various industry publications/reports
$149
75%
$153
109%
$129
108%
$129
(57%)
($ price and % change)
($ price and % change)
* Latest quarterly Settlement

Business Unit Overview
23

24
Source: Company data
Cliffs Managed
45%
% capacity
U.S. Steel
25%
Iron Ore Co.
of Canada
16%
Arcelor Mittal
14%
 Firmly established as a critical supplier to the leading
U.S.-based integrated steelmakers
 Virtually 100% of sales volume is committed under long-term
supply agreements
 Formula-based supply agreements capture steel prices, iron ore
prices and wholesale inflation while mitigating volatility
 Cost effectively increased production base during most
recent cycle
 Over 900 million tons of proven and probable reserves
North American Leader in Iron Ore
Financial overview
Equity production (MM gross tons) North America pellet production

25
The North American Market Is Geographically Protected
ArcelorMittal
Mines

 Virtually all pellet capacity under long-term contracts
 Annual price adjustments are based on a variety of factors including:
— Seaborne pellet prices
— Various PPI indices
— Hot-band steel prices
— Contractual-based price increases, lag-year adjustments and capped pricing
 A 48% decrease in pricing in 2009 resulted in average prices for Cliffs decreasing only 11%
 2010 guidance: 27 million tons of sales volume, $98 - $103 per ton
— Assumes 96% increase in seaborne pellet prices, $600 - $650 hot band steel
26
North American Iron Ore Pellet Contract Pricing

Overview
Reserves by Mining Complex
Cliffs North American Coal
Production (millions of tons)
 Cliffs will produce primarily high-volatile and low-volatile
metallurgical coal, with some thermal coal production
 Reserve base of 225 million tons contains some of the highest
quality metallurgical coal in the world
 NAC capacity will be over 9 million tons in 2012
 Coal is sold in both domestic and export markets
Oak Grove
19%
INR Met
30%
27
Geographic overview
Oak Grove Mine
Pinnacle Complex
 Pinnacle Mine
 Green Ridge Mine
North American Coal
Financial overview
1
Partial year
INR Mines:
 Powellton Mine
 Chilton-Dingess Mine
 Toney Fork #2 Mine
225 mm tons
INR Thermal
23%
Pinnacle
28%
1.74
4+
7+
0
2
4
6
8
10
2009 2010E 2011E

28
Business overview
 Asia Pacific iron ore operations located in Western Australia:
– Koolyanobbing mine (100% owned)
– Cockatoo Island Joint Venture (50% owned)
 Serves the Asian iron ore markets with direct-shipping fines
and lump ore, with 2012 capacity to reach 11mtpy
 88mm tonnes of proven and probable reserves
 Near mine drilling program targeting substantial
reserve additions
China
85%
Customer overview (2009)
Financial overview
Cockatoo Island
Koolyanobbing
Complex
Japan
15%
Asia Pacific Iron Ore
Geographic overview Production (millions of tonnes)

29
Business overview
 45% economic interest, shipments commenced in 2008
 2009 equity sales volume: 1.4mm tonnes
 21.6 million tonnes of reserves
 Mix of metallurgical and thermal coal
 Supply agreements in place with JFE, China Steel
(metallurgical) and a Korean utility (thermal)
 Moves by rail to the Abbot Point Bulk Coal Terminal
for export
 $142 million investment has returned a total sales margin
of $82 million since operations commenced two years ago
Geographic overview
Sonoma
Sonoma Coal

30
Business overview
 30% owned by Cliffs, 70% owned by Anglo American
 Consists of a significant iron ore deposit, a
192-kilometer railway connecting mine to port, and
71 hectares of real estate for a loading terminal
 Majority of production committed under long-term
supply agreement with operator of an iron oxide
pelletizing plant in Bahrain
 $62 million equity loss in 2009 and expectations of
profitability in 2010
Geographic overview
Amapá Project
Amapá Project

In Summary
 Steel and the raw materials to make it are extremely important
— Building block of society
— Essential to modernization of Brazil, Russia, India and China
 Raw materials will continue to be scarce in the long-term
— Very few meaningful iron ore or metallurgical coal projects came online at the top of the
last cycle
— Worldwide economic recovery is resulting in increased demand
 Cliffs is well positioned in its current markets and to benefit from the current environment
— Active business development targeting program
— Strong balance sheet and significant financial flexibility
31

Cliffs Natural Resources Inc.

Appendix – 2010 Outlook Summary

2010 Outlook Summary
34
Sonoma Coal
- Equity sales and production of 1.5 million tonnes
- 60%/40% thermal-met mix
- Average revenue per tonne of $120 - $125
- Average cost per tonne of $80 - $85
Amapá Iron Ore Project
- Profitable in 2010 for Cliffs’ equity interest
SG&A Expenses and Other Expectations
- SG&A expenses of approximately $200 million
- Global Exploration costs of $30 million to $35 million
- Chromite project costs of approximately $15 million
- Full year tax rate approximately 30%
- Depreciation and amortization approximately $325 million
Cash from operations
- More than $1.3 billion
Capital expenditures
- Approximately $275 million
2010 Outlook Summary
North American North American Asia Pacific
Iron Ore (1) Coal (2) Iron Ore
Current Previous Current Previous Current Previous
Outlook Outlook Outlook Outlook Outlook Outlook
Sales volume (million tons/tonnes) 27.0 27.0 3.6 3.9 9.0 8.8
Revenue per ton/tonne $98 - $103 $107 - $112 $115 - $120 $115 - $120 $115 - $120 $110 - $115
Cost per ton/tonne $65 - $70 $65 - $70 $120 - $125 $115 - $120 $55 - $60 $55 - $60
(1) Assumes a range of hot band steel pricing of $600 - $650 per ton.
(2) North American Coal outlook includes the impact from INR Energy's coal operations.

CLF November 2010 Investor Presentation

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CLF November 2010 Investor Presentation