Majority of Dissenting Shareholders Accept Offer as Fair Value for their
Shares in Spider Resources
</pre> <p><span class="xn-location">CLEVELAND</span>, <span class="xn-chron">Nov. 18, 2010</span> /CNW/ -- Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) announced today that a number of dissenting shareholders in its private transaction to acquire Spider Resources Inc. ("Spider") have accepted Spider's offer of <span class="xn-money">$0.19</span> per share for their Spider shares. To date, seven shareholders representing 11,419,000 shares of the 12,248,500 shares for which Spider had received dissent notices (or about 93% of the total dissenting shares) accepted Spider's offer of <span class="xn-money">$0.19</span> per share in cash for the Spider shares they had held. The <span class="xn-money">$0.19</span> per share cash offer made to dissenting shareholders by Spider is the same as paid to Spider shareholders who tendered their Spider shares to Cliffs' take-over bid of <span class="xn-chron">May 31, 2010</span>, as varied and extended.</p> <pre> (Logo: http://photos.prnewswire.com/prnh/20101104/CLIFFSLOGO ) (Logo: http://www.newscom.com/cgi-bin/prnh/20101104/CLIFFSLOGO ) </pre> <p>One of these shareholders, KWG Resources Inc., issued a public announcement on <span class="xn-chron">November 17</span> noting "that it may well be in the best interests of many such shareholders, from a financial point of view, to accept the Cliffs offer before its expiry on <span class="xn-chron">November 19</span>, 2010."</p> <p/> <p>A minority of the dissenting shareholders have yet to accept Spider's offer. Together, they represent only 829,500 shares. At <span class="xn-money">$0.19</span> per share, this amounts to about <span class="xn-money">$157,605</span>.</p> <p/> <p>Spider shareholders, banks and brokers with questions regarding the dissent process should contact Equity Transfer & Trust Company, toll free at 1-866-393-4891.</p> <p/> <p>To be added to Cliffs Natural Resources' e-mail distribution list, please click on the link below:</p> <pre> http://www.cpg-llc.com/clearsite/clf/emailoptin.html About Cliffs Natural Resources Inc. </pre> <p>Cliffs Natural Resources Inc. is an international mining and natural resources company. A member of the S&P 500 Index, we are the largest producer of iron ore pellets in <span class="xn-location">North America</span>, a major supplier of direct-shipping lump and fines iron ore out of <span class="xn-location">Australia</span> and a significant producer of high and low volatile metallurgical coal. With core values of environmental and capital stewardship, our colleagues across the globe endeavor to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework. Our Company is organized through three geographic business units:</p> <p/> <p>The North American business unit is comprised of six iron ore mines owned or managed in Michigan, Minnesota and <span class="xn-location">Canada</span> and six coal mines located in West Virginia and Alabama. The Asia Pacific business unit is comprised of two iron ore mining complexes in Western <span class="xn-location">Australia</span> and a 45% economic interest in a coking and thermal coal mine in Queensland, <span class="xn-location">Australia</span>. The Latin American business unit includes a 30% interest in the Amapa Project, an iron ore project in the state of Amapa in <span class="xn-location">Brazil</span>.</p> <p/> <p>Other projects under development include a biomass production plant in Michigan and Ring of Fire chromite properties in Ontario, <span class="xn-location">Canada</span>. Over recent years, Cliffs has been executing a strategy designed to achieve scale in the mining industry and focused on serving the world's largest and fastest growing steel markets.</p> <p/> <p>News releases and other information on the Company are available on the Internet at:</p> <pre> http://www.cliffsnaturalresources.com. </pre> <p>Reference is also made to the detailed explanation of the many factors and risks that may cause such predictive statements to turn out differently, set forth in the Company's Annual Report and Reports on Form 10-K, Form 10-Q and previous news releases filed with the Securities and Exchange Commission, which are publicly available on Cliffs Natural Resources' website. The information contained in this document speaks as of the date of this news release and may be superseded by subsequent events.</p> <pre>
For further information: For further information: Steve Baisden, Sr. Director, Investor Relations and Communications, +1-216-694-5280, Jessica Moran, Manager, Investor Relations , +1-216-694-6532, or Patricia Persico, Sr. Manager, Media Relations and Marketing Communications, +1-216-694-5316 Web Site: http://www.cliffsnaturalresources.com
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