Cliffs Natural Resources Inc. Reduces Full-Year 2014 Capital Expenditures by an Additional $100 Million

Including Its Previous Capital Spending Decrease, Cliffs Expects Total Capital
Expenditures to be Approximately 65% Lower Year Over Year

CLEVELAND - May 27, 2014 - Cliffs Natural Resources Inc. (NYSE: CLF) announced
today that it is further reducing its expected full-year 2014 capital spending
range by approximately 25%, or $100 million, to $275 million - $325 million.
This significant reduction is in addition to the Company's previously announced
capital spending decrease of approximately 55%, or $460 million, from Cliffs'
full-year 2013 capital expenditures. The $100 million decrease will impact all
of Cliffs' reporting segments, with Eastern Canadian Iron Ore and North American
Coal making up 75% of the reduction.

Cliffs' President and CEO, Gary Halverson, said "Today's announcement reinforces
our Board's and leadership team's focus on financial discipline. We continue to
identify opportunities to significantly reduce our capital spending while
maintaining our expected full-year volume and operating cost targets. Based on
30 years of experience in the highly cyclical mining sector, I believe these
actions are appropriate during this volatile pricing environment. Our leadership
team and all of our employees are focused on delivering the objectives we can
control starting with safety, costs, production volume, and our customer
relationships. We expect that this back-to-basics philosophy will generate more
value from our current portfolio and, in so doing, will enhance long-term
shareholder value."

The Company indicated that the lower full-year capital spending range of $275
million - $325 million is a sustainable level to support Cliffs' full-year
production volume and cash cost expectations as well as safety and environmental
obligations. The capital spending reduction is driven by the recent volatility
in seaborne iron ore and metallurgical coal pricing. Cliffs indicated that it
expects the pricing environment to remain volatile over the near term, which
will directly impact the realized revenue in the majority of the Company's
business segments. The long-term supply contracts in U.S. Iron Ore, Cliffs'
largest and most profitable business segment, will significantly mitigate the
impact of lower seaborne iron ore prices on consolidated revenues.

Since joining the Company in November 2013, CEO Gary Halverson has acted
decisively to improve Cliffs' cost competitiveness by significantly reducing
both capital and operating expenses. Cliffs expects to deliver approximately
$650 million in cost and capital reductions in 2014 versus its 2013 results.
This is driven by a year-over-year reduction of approximately $560 million in
capital spending and $90 million in SG&A and exploration expenses, excluding
severance and proxy contest-related costs. As previously disclosed, the Company
also delivered $400 million in capital, SG&A and exploration cost savings in its
full-year 2013 results versus 2012.
About Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. is an international mining and natural resources
company. The Company is a major global iron ore producer and a significant
producer of high-and low-volatile metallurgical coal. Cliffs' strategy is to
continually achieve greater scale and diversification in the mining industry
through a focus on serving the world's largest and fastest growing steel
markets. Driven by the core values of social, environmental and capital
stewardship, Cliffs associates across the globe endeavor to provide all
stakeholders operating and financial transparency.

The Company is organized through a global commercial group responsible for sales
and delivery of Cliffs' products and a global operations group responsible for
the production of the minerals the Company markets. Cliffs operates iron ore and
coal mines in North America and an iron ore mining complex in Western Australia.
News releases and other information on the Company are available on the Internet
at: http://www.cliffsnaturalresources.com

Follow Cliffs on Twitter at: http://twitter.com/CliffsNR.

Forward-Looking Statements
This release contains forward-looking statements within the meaning of the
federal securities laws. Although the Company believes that its forward-looking
statements are based on reasonable assumptions, such statements are subject to
risks and uncertainties relating to Cliffs' operations and business environment
that are difficult to predict and may be beyond Cliffs' control. Such
uncertainties and factors may cause actual results to differ materially from
those expressed or implied by forward-looking statements for a variety of
reasons including without limitation: trends affecting our financial condition,
results of operations or future prospects, particularly the continued volatility
of iron ore and coal prices; our actual levels of capital spending; uncertainty
or weaknesses in global economic conditions, including downward pressure on
prices, reduced market demand and any slowing of the economic growth rate in
China; a currently pending proxy contest and any other actions of activist
shareholders; our ability to successfully integrate acquired companies into our
operations and achieve post-acquisition synergies, including without limitation,
Cliffs Quebec Iron Mining Limited (formerly Consolidated Thompson Iron Mining
Limited); our ability to successfully identify and consummate any strategic
investments and complete planned divestitures; the outcome of any contractual
disputes with our customers, joint venture partners or significant energy,
material or service providers or any other litigation or arbitration; the
ability of our customers and joint venture partners to meet their obligations to
us on a timely basis or at all; our ability to reach agreement with our iron ore
customers regarding any modifications to sales contract provisions; the impact
of price-adjustment factors on our sales contracts; changes in sales volume or
mix; our actual economic iron ore and coal reserves or reductions in current
mineral estimates, including whether any mineralized material qualifies as a
reserve; the impact of our customers using other methods to produce steel or
reducing their steel production; events or circumstances that could impair or
adversely impact the viability of a mine and the carrying value of associated
assets; the results of prefeasibility and feasibility studies in relation to
projects; impacts of existing and increasing governmental regulation and related
costs and liabilities, including failure to receive or maintain required
operating and environmental permits, approvals, modifications or other
authorization of, or from, any governmental or regulatory entity and costs
related to implementing improvements to ensure compliance with regulatory
changes; our ability to  cost-effectively achieve planned production rates or
levels; uncertainties associated with natural disasters, weather conditions,
unanticipated geological conditions, supply or price of energy, equipment
failures and other unexpected events; adverse changes in currency values,
currency exchange rates, interest rates and tax laws; availability of capital
and our ability to maintain adequate liquidity and successfully implement our
financing plans; our ability to maintain appropriate relations with unions and
employees and enter into or renew collective bargaining agreements on
satisfactory terms; risks related to international operations; availability of
capital equipment and component parts; the potential existence of significant
deficiencies or material weakness in our internal control over financial
reporting; problems or uncertainties with productivity, tons mined,
transportation, mine-closure obligations, environmental liabilities, employee-
benefit costs and other risks of the mining industry; and other factors and
risks that are set forth in the Company's most recently filed reports with the
U.S. Securities and Exchange Commission (the "SEC"). The information contained
herein speaks as of the date of this release and may be superseded by subsequent
events. Except as may be required by applicable securities laws, we do not
undertake any obligation to revise or update any forward-looking statements
contained in this release.
Important Additional Information

Cliffs, its directors and certain of its executive officers are deemed to be
participants in the solicitation of proxies from Cliffs' shareholders in
connection with the matters to be considered at Cliffs' 2014 Annual Meeting.
Cliffs intends to file a definitive proxy statement with the SEC in connection
with any such solicitation of proxies from Cliffs' shareholders. CLIFFS'
SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ ANY SUCH PROXY STATEMENT AND
ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN
IMPORTANT INFORMATION. Information regarding the ownership of Cliffs' directors
and executive officers in Cliffs' shares, restricted shares and options is
included in their SEC filings on Forms 3, 4 and 5. More detailed information
regarding the identity of potential participants, and their direct or indirect
interests, by security holdings or otherwise, will be set forth in the
definitive proxy statement and other materials to be filed with the SEC in
connection with Cliffs' 2014 Annual Meeting. Information can also be found in
Cliffs' Annual Report on Form 10-K for the year ended Dec. 31, 2013, filed with
the SEC on Feb. 14, 2014, as amended and filed with the SEC on April 30, 2014,
and Cliffs' preliminary proxy statement on Schedule 14A, filed with the SEC on
May 23, 2014. Shareholders will be able to obtain any proxy statement, any
amendments or supplements to the definitive proxy statement and other documents
filed by Cliffs with the SEC for no charge at the SEC's website at www.sec.gov.
Copies will also be available at no charge at Cliffs' website at
www.cliffsnr.com or by contacting James Graham, Vice President, Chief Legal
Officer & Secretary at (216) 694-5504. Shareholders may also contact D.F. King &
Co., Inc., Cliffs' proxy solicitor, toll-free at (800) 487-4870 or by email at
cliffs@dfking.com.

SOURCE: Cliffs Natural Resources Inc.

INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS CONTACTS:


Jessica Moran Patricia Persico

Director, Investor Relations Director, Global Communications

(216) 694-6532 (216) 694-5316





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Source: Cliffs Natural Resources Inc. via GlobeNewswire
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