NEWS RELEASE

Cliffs Natural Resources Inc. Reports Fourth-Quarter
and Full-Year 2016 Results

Fourth-quarter Net Income of $81 million and Earnings of $0.42 per diluted share from continuing operations
Fourth-quarter Adjusted EBITDA1 of $174 million
Full-year Net Income of $199 million and Earnings of $0.97 per diluted share from continuing operations
Full-year Adjusted EBITDA1 of $374 million

CLEVELAND—February 9, 2017—
Cliffs Natural Resources Inc. (NYSE: CLF) today reported fourth-quarter and full-year results for the period ended December 31, 2016.

Fourth-quarter 2016 consolidated revenues of $754 million increased 58 percent from the prior year's fourth-quarter revenues of $476 million. As a result of increased volumes sold, cost of goods sold increased by 32 percent to $573 million compared to $433 million reported in the fourth quarter of 2015.

For the fourth quarter of 2016, the Company recorded net income of $81 million compared to a net loss of $58 million recorded in the prior-year quarter. The Company recorded net income attributable to Cliffs' common shareholders of $79 million, compared to a net loss attributable to Cliffs' common shareholders of $60 million recorded in the fourth quarter of 2015.

For the fourth-quarter of 2016, adjusted EBITDA1 was $174 million, compared to $76 million in the fourth quarter of 2015.

 
 
 
Adjusted EBITDA1 by Segment (in millions)
 
 
U.S.
Iron Ore
 
Asia Pacific Iron Ore
 
Corporate/ Other
 
Total
 
 
 
 
 
 
 
 
 
Q4 2016 Adjusted EBITDA1 (in millions)
 
$
151.0

 
$
59.7

 
$
(36.9
)
 
$
173.8

YTD 2016 Adjusted EBITDA1 (in millions)
 
$
359.6

 
$
132.9

 
$
(119.0
)
 
$
373.5


Full-Year Consolidated Results
Full-year 2016 consolidated revenues of $2.1 billion increased 5 percent from the prior year's revenues of $2.0 billion. Cost of goods sold decreased by 3 percent to $1.7 billion compared to $1.8 billion reported in 2015.

1

The following information was filed by Clevelandcliffs Inc. (CLF) on Thursday, February 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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