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