NEWS RELEASE: Cliffs Natural Resources Inc. Expects to Include Non-cash Impairment Charges within Its Fourth-quarter Results

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January 24, 2013

· Fourth-quarter 2012 Results Expected to Include $1.4 Billion of Non-cash Impairment Charges and $542 Million of Non-cash Tax Valuation Allowances
· Financial Results for Fourth-quarter and Full-year 2012 to be Released After U.S.-Market Close on Feb.13 and Conference Call on Feb. 14

CLEVELAND, Jan. 24, 2013 /PRNewswire/ — Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today announced that as a result of its goodwill impairment test conducted in the fourth quarter of 2012, the Company has determined that approximately $1 billion of goodwill related to Cliffs’ 2011 acquisition of Consolidated Thompson Iron Mines Limited is impaired. The goodwill impairment charge will be recorded as a non-cash expense for the year ended Dec. 31, 2012. The impairment is primarily driven by the project’s anticipated lower long-term volumes and higher capital and operating costs. The previously announced delay of the Phase II expansion of the Bloom Lake mine also contributed to the impairment. Cliffs also indicated it expects to incur $100 – $150 million of other charges related to its Eastern Canadian Iron Ore business segment.

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Additionally, as previously disclosed, Cliffs’ Board of Directors recently authorized the sale of the Company’s 30% interest in Amapa. Based on the pending terms of the sale, Cliffs expects to record a non-cash pretax impairment expense of $365 million within its fourth-quarter results.

In the fourth-quarter, Cliffs also expects to record $542 million in non-cash valuation allowances related to two of the Company’s deferred tax assets: Mineral Resources Rent Tax (Australia) and Alternative Minimum Tax (United States) carryforwards. These valuation allowances are primarily driven by lower long-term pricing assumptions and the related impact on profitability and expected future tax payments. As a result, Cliffs will record these valuation allowances as an expense within the income tax expense line item on its Statement of Operations.

Conference Call Information

Cliffs intends to announce unaudited 2012 fourth-quarter financial results after the U.S.-market close Wednesday, Feb. 13, 2013, and invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results at 10 a.m. ET on Thursday, Feb. 14, 2013. If you are unable to participate during the live webcast, the call will be archived at http://www.cliffsnaturalresources.com.

About Cliffs Natural Resources Inc.

Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, 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 complexes in Western Australia. In addition, Cliffs has a major chromite project, in the feasibility stage of development, located in Ontario, Canada.

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.

For the rest of the Forward-Looking Statements, please go to: http://ir.cliffsnaturalresources.com/releasedetail.cfm?ReleaseID=735544

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