Cliffs Natural Resources Inc. announced that its Board of Directors has authorized it to repurchase up to four million of its common shares under a newly authorized share repurchase plan.

Laurie Brlas, Cliffs' executive vice president, global finance and administration & chief financial officer, said, "Given the recent volatility in the global equity markets, today's adoption of a repurchase authorization will allow Cliffs to opportunistically acquire shares at attractive valuations. Moreover, it is a prudent way of putting the Company's available cash and anticipated cash generation to work during a time our management team is focused on integrating and executing existing growth projects."

The new share repurchase plan replaces Cliffs' prior share repurchase plan. Any share repurchases may be made from time to time on the open market and in private transactions through December 31, 2012. The Company is not obligated to make any purchases and the program may be suspended or discontinued at any time. As of June 30, 2011, Cliffs had approximately 146 million shares outstanding.

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