Cliffs Natural Resources Inc. announced that it has finalized an interim power agreement with We Energies for its Michigan operations. The Company stated that this is one key step in a series of contemplated short and long-term agreements that are essential to the viability of its iron ore mines in the Upper Peninsula.

Lourenco Goncalves, Chairman, President and Chief Executive Officer said, "Cliffs Natural Resources is pleased to have reached an agreement with We Energies which positively impacts our costs. The signature of the agreement also benefits the electric consumers in the Upper Peninsula, with the elimination of the onerous SSR payments. We continue to work with Governor Snyder's office as we pursue other power related initiatives to the benefit of Cliffs and the U.P. community."

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Cliffs Natural Resources Inc. is a leading mining and natural resources company. The Company is a major supplier of iron ore pellets to the U.S. steel industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also produces low-volatile metallurgical coal in the U.S. from its mines located in West Virginia and Alabama. Additionally, Cliffs operates an iron ore mining complex in Western Australia and owns two non-operating iron ore mines in Eastern Canada. Driven by the core values of social, environmental and capital stewardship, Cliffs' employees endeavor to provide all stakeholders operating and financial transparency.