ISS and Glass Lewis Recommend Cliffs Natural Resources Shareholders Vote FOR Casablanca Capital Director Nominees on GOLD Proxy

  ISS and Glass Lewis Recommend Cliffs Natural Resources Shareholders Vote FOR
  Casablanca Capital Director Nominees on GOLD Proxy Card

  Reports Issued By Leading Proxy Advisory Firms State Casablanca Has Made A
 Compelling Case For Change And Cliffs’ Directors Need to Be Held Accountable

Business Wire

NEW YORK -- July 16, 2014

Casablanca Capital LP, (“Casablanca”) today announced that Institutional
Shareholder Services (“ISS”) and Glass Lewis & Co (“Glass Lewis”), the
nation’s two leading independent proxy voting and corporate governance
advisory firms, have both recommended that Cliffs shareholders vote on the
GOLD proxy card in connection with the Company’s 2014 Annual Meeting of
Shareholders on July 29, 2014. Casablanca is the beneficial owner of
approximately 5.2% of Cliffs shares.

In making its recommendation, ISS noted:

“The dissident has made a compelling case that a change to the composition of
the board is necessary at this time… The board would benefit from a greater
shareholder perspective to work through the difficult strategic decisions it
must make… Ultimately, Cliffs will need a sober, expansive evaluation of its
strategic alternatives, and the dissident has demonstrated the board would
benefit from a greater shareholder perspective as it does so…As the dissident
has made a compelling case that change is needed at the board level, votes FOR
dissident nominees…on the GOLD card are warranted.”

In making its recommendation, Glass Lewis noted:

“The Company’s stock price performance has been worse than its peers ever
since the Company acquired the Bloom Lake project approximately three years
ago… It’s probably safe to say at this point that the Company overpaid for
many of its recent acquisitions at the expense of shareholders…. In our view,
shareholder support for most of the Dissident Nominees would send a strong
message to the board that the Company’s long-tenured directors need to be held
accountable for the Company’s performance… Accordingly, we recommend that
shareholders vote on the Dissident’s GOLD proxy card.”

Donald Drapkin, Chairman of Casablanca, said, “We are extremely pleased that
both ISS and Glass Lewis have issued strong recommendations in support of our
campaign for change at the Board and have joined us in urging Cliffs
shareholders to vote the GOLD proxy card in support of independent,
highly-experienced and well-respected director nominees.”

Casablanca considers the vote of all Cliffs shareholders to be important, and
encourages all Cliffs shareholders to sign, date, and return the GOLD proxy
card. If stockholders have previously signed a white card, they may revoke
that vote by immediately signing, dating, and mailing Casablanca’s GOLD proxy
card. Shareholders with questions about how to vote the GOLD card, or who need
additional information, should contact Casablanca’s proxy solicitor, Okapi
Partners, at (212) 297-0720 or (877) 274-8654 (toll-free), or visit
www.fixcliffs.com for further information.

Additional information regarding Casablanca’s investment in Cliffs can be
found at www.fixcliffs.com.

                                Okapi Partners

                        437 Madison Avenue, 28th Floor
                             New York, N.Y. 10022
                                (212) 297-0720
                Stockholders Call Toll-Free at: (877) 274-8654
                        E-mail: info@okapipartners.com

About Casablanca Capital LP

Casablanca Capital is an Event Driven and Activist investment manager based in
New York, founded in 2010 by Donald G. Drapkin and Douglas Taylor. Casablanca
invests in high quality but underperforming public companies that have
multiple levers to unlock shareholder value. The firm seeks to engage with the
management, Boards, and shareholders of those companies in a constructive
dialogue in order to enhance shareholder value through improved operational
efficiencies, strategic divestitures, capital structure optimization and
increased corporate focus. In 2011, Casablanca successfully initiated a
campaign at Mentor Graphics Corporation to improve profitability and enhance
value at the company, working with shareholders to elect three nominees to
Mentor’s Board.

Cautionary Statement Regarding Opinions and Forward-Looking Statements

Certain information contained herein constitutes “forward-looking statements”
with respect to Cliffs Natural Resources Inc. ("Cliffs"), which can be
identified by the use of forward-looking terminology such as “may,” “will,”
“seek,” “should,” "could," “expect,” “anticipate,” “project,” “estimate,”
“intend,” “continue” or “believe” or the negatives thereof or other variations
thereon or comparable terminology. Such statements are not guarantees of
future performance or activities. Due to various risks, uncertainties and
assumptions, actual events or results or actual performance may differ
materially from those reflected or contemplated in such forward-looking
statements. The opinions of Casablanca Capital LP ("Casablanca") are for
general informational purposes only and do not have regard to the specific
investment objective, financial situation, suitability or particular need of
any specific person, and should not be taken as advice on the merits of any
investment decision. This material does not recommend the purchase or sale of
any security. Casablanca reserves the right to change any of its opinions
expressed herein at any time as it deems appropriate. Casablanca disclaims any
obligation to update the information contained herein. Casablanca and/or one
or more of the investment funds it manages may purchase additional Cliffs
shares or sell all or a portion of their shares or trade in securities
relating to such shares.

                                    # # #

CASABLANCA CAPITAL LP, DONALD G. DRAPKIN AND DOUGLAS TAYLOR (COLLECTIVELY,
“CASABLANCA") HAVE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE
“SEC”) A DEFINITIVE PROXY STATEMENT AND ACCOMPANYING FORM OF PROXY CARD TO BE
USED IN CONNECTION WITH THE SOLICITATION OF PROXIES FROM STOCKHOLDERS OF
CLIFFS NATURAL RESOURCES INC. (THE "COMPANY") IN CONNECTION WITH THE COMPANY'S
2014 ANNUAL MEETING OF STOCKHOLDERS. ALL STOCKHOLDERS OF THE COMPANY ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO
THE SOLICITATION OF PROXIES BY CASABLANCA, ROBERT P. FISHER, JR., CELSO
LOURENCO GONCALVES, JOSEPH RUTKOWSKI, JAMES S. SAWYER AND GABRIEL STOLIAR
(COLLECTIVELY, THE "PARTICIPANTS") BECAUSE THEY CONTAIN IMPORTANT INFORMATION,
INCLUDING ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. THE DEFINITIVE
PROXY STATEMENT AND AN ACCOMPANYING PROXY CARD HAVE BEEN FURNISHED TO SOME OR
ALL OF THE COMPANY'S STOCKHOLDERS AND ARE, ALONG WITH OTHER RELEVANT
DOCUMENTS, AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, OKAPI PARTNERS LLC, CASABLANCA'S PROXY SOLICITOR, WILL PROVIDE
COPIES OF THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING PROXY CARD WITHOUT
CHARGE UPON REQUEST BY CALLING (212) 297-0720 OR TOLL-FREE AT (877) 274-8654.

INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR DIRECT OR
INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN THE DEFINITIVE PROXY
STATEMENT ON SCHEDULE 14A FILED BY CASABLANCA WITH THE SEC ON JUNE 12, 2014
AND IN THE DEFINITIVE ADDITIONAL MATERIALS ON SCHEDULE 14A FILED BY CASABLANCA
WITH THE SEC ON JULY 1, 2014 AND JULY 3, 2014. THESE DOCUMENTS CAN BE OBTAINED
FREE OF CHARGE FROM THE SOURCES INDICATED ABOVE.

Contact:

Media:
Sard Verbinnen & Co
George Sard/Matt Benson, 212-687-8080
or
Investors:
Okapi Partners
Bruce H. Goldfarb/Patrick McHugh/Lydia Mulyk, 212-297-0720
 
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