Cliffs Natural Resources issues over $300 million of Common Shares and 29,250,000 Mandatory Convertible Preferred shares in public offering

Client(s) Cliffs Natural Resources Inc.

Jones Day advised Cliffs Natural Resources, an international mining company, in connection with its issuance of over $300 million of Common Shares in a public offering, underwritten by J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, acting as representatives of the several underwriters. Jones Day also advised Cliffs Natural Resources in connection with its issuance of 29,250,000 Depositary Shares, which represent an ownership interest in 731,250 of its 7.00% Series A Mandatory Convertible Preferred Stock, Class A, without par value, in a public offering, underwritten by J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc., acting as representatives of the several underwriters.