Cliffs Natural Resources Inc. Announces Four Million Share Repurchase Authorization

Cliffs Natural Resources Inc. (NYSE: CLF) today announced that its Board of Directors has authorized it to repurchase up to four million of its outstanding 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."