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Cliffs Natural Resources issues $886.3 million of Common Stock in public offering

June 2011

Client(s) Cliffs Natural Resources Inc.

Jones Day advised Cliffs Natural Resources Inc., an international mining company, in connection with its issuance of $886.3 million aggregate principal amount of Common Stock in a public offering, underwritten by J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., Piper Jaffray & Co., PNC Capital Markets LLC, RBS Securities Inc., and Scotia Capital (USA) Inc.

Use of the net proceeds will go towards repaying amounts outstanding under the Company's bridge credit facility, which were borrowed to pay a portion of the purchase price of the acquisition of Consolidated Thompson Iron Mines Limited. Any remaining net proceeds will be used for general corporate purposes.

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