CLEVELAND—Oct. 29, 2009—Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today reported third-quarter results for the period ended Sept. 30, 2009. Consolidated revenues in the quarter were $666.4 million, down 44 percent from $1.2 billion in the same quarter last year. The decrease in revenues was driven by lower volume in Cliffs’ North American businesses and lower year-over-year pricing for iron ore. While year-over-year comparables are down, Cliffs indicated that, during the third quarter, the company noted a marked improvement in business conditions and an improved outlook compared with the first half of 2009.

Joseph A. Carrabba, Cliffs’ chairman, president and chief executive officer, said, "Throughout the third quarter, we saw steadily improving demand from our North American iron ore and metallurgical coal customers. We have begun to increase production at most of our facilities and will continue to monitor the markets closely to meet demand. Sales volume expectations are increasing in North American Iron Ore and North American Coal, and Asia Pacific Iron Ore remains positioned for a record year in terms of tons shipped. Finally, I am enthusiastic about our recently announced transaction to acquire our joint-venture partners’ interests in Wabush Mines, which will provide us additional exposure to the seaborne iron ore market starting in 2010."

For the third quarter, operating income was $80.5 million, versus operating income of $339.4 million last year. Operating income was lower due to reduced sales volumes and price realizations. The company indicated that lower employment costs, including variable compensation, as well as disciplined spending, helped it achieve a 32 percent decrease in selling, general and administrative expenses to $28.4 million from $41.8 million in the third quarter last year.

Net income attributable to Cliffs’ shareholders in third-quarter 2009 was $58.8 million, or $0.45 per diluted share, compared with $174.9 million, or $1.61 per diluted share, in the third quarter last year.

For the full third-quarter earnings report visit: http://www.cliffsnaturalresources.com

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