- Reports Fourth-Quarter Adjusted EBITDA1 of $297 million

- Reports U.S. Iron Ore Realized Pricing of $99 Per Ton in the Fourth Quarter

- Seaborne Iron Ore Businesses Record Impairment Charges of $1.2 Billion in Fourth Quarter

Fourth-quarter 2014 consolidated revenues of $1.3 billion decreased $231 million, or 15 percent, from the prior year's fourth quarter.  This decrease was primarily driven by lower revenues from the Asia Pacific Iron Ore and Eastern Canadian Iron Ore segments. In these segments, realized revenues are closely tied to seaborne iron ore prices, which were 45 percent lower compared to the fourth quarter of 2013. The decrease in consolidated revenues was partially offset by increased revenues from U.S. Iron Ore, where sales volumes increased by 26 percent and the revenue rate only decreased by 12 percent when compared to the prior-year quarter. Cost of goods sold decreased by 9 percent to $1.1 billion, primarily driven by reduced sales volumes from Wabush and cost-cutting efforts achieved across all business units through reduced headcounts, improved labor productivity, decreased spending on contractors and favorable foreign exchange rates. This decrease was partially offset by increased sales volumes from U.S. Iron Ore.

For the fourth quarter of 2014, Cliffs recorded a net loss attributable to Cliffs' common shareholders of $1.3 billion, or $8.25 per diluted share. These results include Eastern Canadian Iron Ore operating margins, asset impairment charges and other items. Excluding these items totaling $1.4 billion, Cliffs reported fourth-quarter adjusted net income² of $166 million, or $1.00 per diluted share.

For the fourth-quarter 2014, adjusted EBITDA¹ was $297 million.

Full-Year Consolidated Results
Full-year 2014 revenues were $4.6 billion and cost of goods sold was $4.2 billion. For the full year, Cliffs recorded a net loss attributable to Cliffs' common shareholders of $7.2 billion, or $47.29 per diluted share. The full-year results include Eastern Canadian Iron Ore operating margins, charges related to certain asset and goodwill impairments and other items. Excluding these items totaling $7.5 billion, Cliffs reported full-year adjusted net income² of $259 million, or $1.73 per diluted share.
For the full-year 2014, adjusted EBITDA¹ was $930 million.

For more information, visit http://www.cliffsnaturalresources.com.

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About Cliffs Natural Resources Inc.
Cliffs Natural Resources Inc. is a leading mining and natural resources company in the United States. The Company is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. Cliffs also operates an iron ore mining complex in Western Australia. Additionally, Cliffs produces low-volatile metallurgical coal in the U.S. from its mines located in West Virginia and Alabama.  Driven by the core values of social, environmental and capital stewardship, Cliffs' employees endeavor to provide all stakeholders operating and financial transparency. News releases and other information on the Company are available on the Internet at: http://www.cliffsnaturalresources.com