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Cliffs Natural Resources Inc. Announces Long-term Pellet Supply Contract with AK Steel



Cliffs Natural Resources Inc. Announces Long-term Pellet Supply Contract with
                                   AK Steel

PR Newswire

CLEVELAND, Aug. 27, 2013

CLEVELAND, Aug. 27, 2013 /PRNewswire/ -- Cliffs Natural Resources Inc. (NYSE:
CLF) (Paris: CLF) announced today that it has entered into a new Agreement
with AK Steel (NYSE: AKS) to supply iron ore pellets from 2014 through 2023.
The new Agreement includes minimum and maximum volume iron ore pellet
purchases from Cliffs, as outlined in the Agreement. Cliffs will continue to
supply AK Steel with iron ore pellets for the remainder of 2013 and 2014 under
the previous Agreement between the two companies.

(Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO)

Also, the new Agreement provides a pricing mechanism for the volumes sold in
the contracted years. The annual price will be determined by a formula-based
pricing mechanism, where the annual price is adjusted by multiple factors
including seaborne pricing for iron ore and certain producer price indices.

Donald J. Gallagher, Cliffs' president — global commercial, said, "We are
pleased to announce this long-term supply agreement and the extension of the
previous contract with our valued customer, AK Steel. Our U.S. Iron Ore
operations will continue to be a reliable supplier of high-quality iron ore
pellets to AK Steel for many years to come."

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
complex 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. 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: 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; trends affecting our financial condition,
results of operations or future prospects, particularly the continued
volatility of iron ore and coal prices; 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
modifications to sales contract pricing escalation provisions to reflect a
shorter-term or spot-based pricing mechanism; 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 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.

News releases and other information on the Company are available on the
Internet at: http://www.cliffsnaturalresources.com

Follow Cliffs on Twitter at: http://twitter.com/CliffsNR.

SOURCE Cliffs Natural Resources Inc.

Website: http://www.cliffsnaturalresources.com
Contact: INVESTOR RELATIONS AND GLOBAL COMMUNICATIONS: Jessica Moran,
Director, Investor Relations, (216) 694-6532, Patricia Persico, Director,
Global Communications, (216) 694-5316 office
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