Cliffs Natural Resources Inc. Announces Significant Adjustments to 2013 Operating Plan

PR Newswire/Les Echos/ 
Cliffs Natural Resources Inc. Announces Significant Adjustments to 2013
Operating Plan 
CLEVELAND, Nov. 19, 2012 -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris:
CLF) announced today a decision to delay portions of its Bloom Lake Mine Phase
II expansion in Quebec and idle a portion of its production at two of its U.S.
iron ore operations, Northshore Mining in Minnesota and Empire Mine in 
Michigan. The Company is adjusting its 2013 operating plans for its North 
American iron ore businesses to align with expected sales volumes. These 
production decreases are driven by increased iron ore pricing volatility and 
lower North American steelmaking utilization rates. 
(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO) 
Joseph A. Carrabba, Cliffs' chairman, president and chief executive officer,
said, "Disciplined capital allocation is core to our operating strategy and
reducing higher cost production will enhance our financial flexibility in both
the
short and longer term. Despite today's announcement, we are still committed to
our investments in Canada and believe Bloom Lake will deliver significant
long-term value over time."  
Eastern Canadian Iron Ore
At Bloom Lake Mine in Eastern Canada, Cliffs is suspending certain components 
of the Phase II expansion, including the completion of the concentrator and 
load out facility. As a result, construction related to these activities will 
cease and third-party contractors will be demobilized effective immediately.
Pre-stripping activities to develop the working faces of Bloom Lake's ore body,
supporting both Phase I and Phase II mine development will continue. Also,
Cliffs will continue its environmental projects related to completing Bloom
Lake's water and tailings management system and ore storage facility. Depending
on market conditions, Cliffs expects to complete Phase II construction in early
2014. 
The delay of Bloom Lake's Phase II construction decreases Cliffs' Eastern
Canadian Iron Ore 2013 sales volumes to 9 - 10 million tons from the previous
expectation of 13 - 14 million tons. In 2013, the Company expects to achieve an
annualized run rate of approximately 7 million tons for Bloom Lake's Phase I
facility. 
U.S. Iron Ore
Effective Jan. 5, 2013, Cliffs will idle two of the four production lines at
Northshore Mining in Minnesota. Cliffs will also temporarily idle production at
its Empire Mine in Michigan beginning in the second quarter of 2013 in the form
of an extended summer shutdown. These production curtailments will impact 
approximately 125 employees at Northshore and 500 employees at Empire mine, 
respectively. Full-year 2013 expected sales volumes for U.S. Iron Ore remain 
unchanged at 19 - 20 million tons as previously disclosed by the Company. 
Ms. Laurie Brlas, President Global Operations added, "Unfortunately the U.S.
Iron Ore production curtailments will affect many of our employees. However, at
this time, we believe it is prudent and necessary to match our production
volumes with market demand. We will remain operationally flexible to ramp up
production volumes throughout the year if the demand increases." 
Cliffs continues to work through its 2013 consolidated business plan, and
expects to disclose its full-year company-wide assumptions and expectations 
as part of its fourth-quarter 2012 results. The Company's preliminary 2013 
capital expenditures are estimated to be in a range of approximately $700 - 
$800 million. 
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 two 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. 
News releases and other information on the Company are available on the 
Internet 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: the uncertainty or weakness in global
economic and/or market conditions, including downward pressure on prices and
reduced market demand; trends affecting our financial condition, results of
operations or future prospects, particularly any slowing of the economic growth
rate in China for an extended period; 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); our ability to successfully complete planned
divestitures; our ability to reach agreement with our iron ore customers
regarding modifications to sales contract pricing escalation provisions to
reflect a shorter-term or spot-based pricing mechanism; the outcome of any
contractual disputes with our customers, joint venture partners or significant
energy, materials or services providers, or any other litigation or 
arbitration; changes in sales volume or mix; the impact of price-adjustment 
factors on our sales contracts; the ability of our customers to meet their 
obligations to us on a timely basis or at all; our actual economic iron ore and
coal reserves or reductions in current resource estimates; our ability to 
successfully identify and consummate any strategic investments; events or 
circumstances that could impair or adversely impact the viability of a mine and
the carrying value of associated assets; the results of pre-feasibility and 
feasibility studies in relation to projects; impacts of increasing governmental
regulation and related costs, including failure to receive or maintain required
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; the ability to 
achieve planned production rates or levels; uncertainties associated with 
unanticipated geological conditions, natural disasters, weather 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; our ability to maintain adequate liquidity and successfully implement
our financing plans; our ability to maintain appropriate relations with unions 
and employees and renew expiring collective bargaining agreements on 
satisfactory terms; availability of capital equipment and component parts; the 
amount and timing of any insurance recovery proceeds with respect to Oak Grove 
mine; risks related to international operations; 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, 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 Securities and Exchange 
Commission. 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.
 

SOURCE Cliffs Natural Resources Inc. 
CONTACT: GLOBAL COMMUNICATIONS AND INVESTOR RELATIONS CONTACTS: Jessica Moran,
Director, Investor Relations, +1-216-694-6532, or Patricia Persico, Director, 
Global Communications, +1-216-694-5316;
MICHIGAN COMMUNICATIONS CONTACTS: Dale Hemmila, Director, Public Affairs - 
North America, +1-906-475-3870 office, +1-906-360-0575 mobile, or 
Jennifer Huetter, District Manager - Public Affairs - Michigan, 
+1- 906-475-3821 office, +1-906-204-6023 mobile; MINNESOTA COMMUNICATIONS 
CONTACT: Sandy Karnowski, District Manager, Public Affairs-Minnesota, 
+1-218-279-6120 office, +1-218-269-7211 mobile; EASTERN CANADA: 
Annie Desrosiers, Directeur Developpement durable et Relation avec les 
communautes, Manager Sustainability and Community relations, +1-418-287-2000 
                  
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-0- Nov/19/2012 14:30 GMT