Cliffs Natural Resources Inc. Provides Update on Change in Control Payouts And Announces Resignation of Director Timothy Sullivan

NEWS RELEASE


Cliffs Natural Resources Inc. Provides Update on Change in Control Payouts
And Announces Resignation of Director Timothy Sullivan

CLEVELAND - Aug. 15, 2014 - Cliffs Natural Resources Inc. (NYSE: CLF) today
announced that as a result of the Company's incentive equity plan for officers
and key employees and the change in control provisions in that plan, including
certain change in control arrangements adopted by the previous Board of
Directors in September 2013, Cliffs is obligated to make significant payments to
recipients of awards previously granted under the plan.

Pursuant to these obligations, Cliffs anticipates making a payment of
approximately $11 million to Gary Halverson in the current quarter in connection
with the termination of his employment.  Mr. Halverson joined the Company as COO
on November 18, 2013, was appointed President and CEO on February 13, 2014 and
served in that capacity until August 7, 2014.  The Company also anticipates
making additional payments of approximately $16.9 million this quarter to
satisfy its change in control obligations under awards previously granted to
other officers and key employees that are payable without regard to continuing
employment.

The Company also has potential future liability for additional double-trigger
payments of up to $40 million (based on the current share price of Cliffs'
common stock and other factors) but expects that triggering events and therefore
actual payments will be minimal.  This potential liability will expire entirely
in two years.

Cliffs also announced that Timothy W. Sullivan has resigned from the Cliffs
Board.  Mr. Sullivan had served as a director since January 2013 and was
Chairman of the Compensation Committee from July 1, 2013 to August 7, 2014.

About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is a leading mining and natural resources company.
The Company is a major iron ore producer in the Great Lakes region and a
significant producer of high-and low-volatile metallurgical coal in the U.S.
Additionally, Cliffs operates iron ore mines in Eastern Canada and an iron
mining complex in Western Australia. Driven by the core values of social,
environmental and capital stewardship, Cliffs' employees endeavor to provide all
stakeholders operating and financial transparency. News releases and other
information on the Company are available at:
http://www.cliffsnaturalresources.com.

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; 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.


Contacts:

Patricia Persico
Director, Global Communications
(216) 694-5316

Matt Benson/Dave Millar/Alexandra LaManna
Sard Verbinnen and Co
(212) 687-8080

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Source: Cliffs Natural Resources Inc. via GlobeNewswire
[HUG#1849166]