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Cliffs Chromite ProjectCliffs Chromite ProjectNews Conference

February 4, 2011

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“Safe Harbor” Statement under the PrivateSafe Harbor Statement under the Private Securities Litigation Reform Act of 1995This presentation contains predictive statements that are intended to be made as “forward-looking” within the safe harbor protections of applicable securities laws. Although the Company believes that these forward looking statements are based on reasonable assumptions such statements are subject to risk andAlthough the Company believes that these forward-looking statements are based on reasonable assumptions, such statements are subject to risk and uncertainties. Specifically, this presentation contains forward-looking statements regarding the Company’s proposed development of its Black Thor chromite deposit and related mining, ore processing, transportation and ferrochrome production infrastructure, including, but not limited to, the preliminary schedule, the proposed activities and the Company’s strategies and objectives, the receipt of approvals and permits in connection with development activities, the mining rate and mine life of the proposed project, and timing and estimates regarding future production. Any statements that are not statements of historical fact (including statements containing the words “believes,” “intends,” “will, “plans,” “anticipates,” “expects,” “estimates” or similar expressions) should be considered to be forward-looking statements. Such forward-looking statements are based on current expectations and assumptions, including, but not limited to, the project being consummated on acceptable terms without undue delay; and that all necessary or desirable regulatory or other third party approvals and consents are obtained onconsummated on acceptable terms without undue delay; and that all necessary or desirable regulatory or other third-party approvals and consents are obtained on terms satisfactory to the Company.

Such forward-looking statements are also subject to risks and uncertainties, which could cause actual results to differ materially from such statements as a result of various factors, some of which are unknown, including, but not limited to, the results of pre-feasibility and any feasibility studies; the time required to consummate the proposed project; ability to achieve the strategic and other objectives of the proposed project; changes in project parameters; uncertainties involved in interpreting geological data; chromite ore and ferrochrome price volatility; the possibility of project cost overruns or unanticipated costs and expenses, labor disputes and other risks of the mining industry; problems with productivity; weather conditions; fluctuations in ore grade and tons to be mined; changes inlabor disputes and other risks of the mining industry; problems with productivity; weather conditions; fluctuations in ore grade and tons to be mined; changes in cost factors, including energy costs, transportation, mine closure obligations and employee benefit costs; failure of plant, equipment or processes to operate as anticipated; impacts of regulatory compliance and changes in legislation; failure to receive required environmental permits and other regulatory or third-party approvals and consents; changes in market conditions; the price and availability of adequate energy; the outcome of contractual negotiations with significant energy, material or service providers; rejection of major contracts and/or venture agreements by customers and/or participants under provisions of the U.S. Bankruptcy Code or similar statutes in other countries; trends affecting the Company’s financial condition, results of operations or future prospects; risks relating to fluctuating interest rate and currency exchange rates; ability to maintain adequate liquidity and the Company’s ability to access capital markets; as well as those risk factors discussed in the annual information forms, annual reports and other public disclosure of the Company. Reference is made to the detailed explanation ofrisk factors discussed in the annual information forms, annual reports and other public disclosure of the Company. Reference is 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 documents filed with the United States Securities and Exchange Commission, which are publicly available on the Company’s website. The forward-looking statements contained in this presentation are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The forward-looking statements contained in this presentation are made as of the date of this presentation and, accordingly, are subject to change after such date. Except as may be required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

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William Boor President FerroalloysWilliam Boor President, Ferroalloys

February 3, 2011

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Cliffs Chromite ProjectCliffs Chromite Project

Project is expected to have substantial benefits in the Far North, northern Ontario and the province as a wholenorthern Ontario and the province, as a whole

Anticipated direct benefits include employment and Project spending during construction and operations periodp g g p p

Estimated employment (construction and operations are similar):Mine Site ~300-500Integrated Transportation System ~200-300Ferrochrome Production Facility ~400-500

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Base Case LocationsBase Case Locations

“...we’re excited to move to a moremove to a more detailed phase of discussions with the communities and stakeholdersand stakeholders by sharing our plans and receiving your feedback.”feedback.

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What is the Base Case1?What is the Base Case ?“Base Case” is one set of viable componentsFully described in draft Project Description report to be submitted to governmentgovernment Not necessarily the final choice; further studies, testing, evaluations, as gwell as, discussions with project stakeholders are neededThe environmentalThe environmental assessment will consider alternatives using the Base Case as a reference

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1The tonnes referenced in the graphic on this slide are based on certain assumptions, including, among other things, anticipated mining rates.

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Project will Consist of Four InterrelatedProject will Consist of Four Interrelated Components

A i t t t th h itA mine to extract the chromite oreAn ore processing facility to produce concentrate for further refiningAn integrated transportation system to link all project componentsA f h d ti f ilit t f t th f hA ferrochrome production facility to manufacture the ferrochrome product

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The MineThe MineProcess will begin with mining the chromite ore in the Black Thor deposit

Expected that first 10-15 years will be from two open pits once mining beginsWill consider transition to underground mining for ore at greater depths6,000-12,000 tonnes of ore daily is expected once mining is in full productionfull productionCrushing of ore to reduce its sizeOre with a grade of 40% Cr2O3 or greater is suitable for refining or direct sale; lower grade will be processed at Mine Site

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Ore Processing FacilityOre Processing Facility

Low grade ore will be processed to produce a concentrateInvolves crushing mechanical processes and gravity separationInvolves crushing, mechanical processes and gravity separation Resulting in a concentrate suitable for refiningApproximately 3,600 to 7,200 tonnes of chromite ore and concentrate daily is expected once mining is in full productionp g pOre and concentrate will be loaded on road-haul trucks at “load-out facility” for transport to the CN transcontinental rail line near or within Greenstone

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Integrated Transportation SystemIntegrated Transportation SystemMust accommodate movement of people and materials to and from the Mine SiteMethod is also needed to transport large quantity of ore and concentrate Transportation system includes:

Ai t iAirstrip Permanent all-season roadA load-out facility at the Mine Site where haul trucks would be loaded with ore and concentratetrucks would be loaded with ore and concentrateA transload facility near or within Greenstone where ore and concentrate would be transferred to rail cars

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Ferrochrome Production FacilityFerrochrome Production Facility

Final step will be to refine ore and concentrate in enclosed electricconcentrate in enclosed electric arc furnaces

Ferrochrome metal will be sold for use inFerrochrome metal will be sold for use in stainless steel manufacturing in North America and worldwide

Current Base Case location is industrial site near Capreol in a rural area of Sudbury, but other locations are being consideredbeing considered 1,500 tonnes of ferrochrome daily is expected once mining is in full production

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First NationsFirst NationsFirst Nations people have rights that may be affected by the Project

The Mine Site and road are in Ontario’s Far North in traditional First Nations’ territory, including Marten Falls and Webequie First Nations The Base Case site for the Ferrochrome Production Facility near Capreol is near the Wahnapitae First Nation

Cliffs will continue to proactively engage with and listen to First Nations communities by:

Committing to on-going dialogue and keeping First Nations engagedCommitting to on going dialogue and keeping First Nations engagedDeveloping a progression of protocols and agreements so that First Nations benefit appropriately from the ProjectCreating opportunities to enhance social well being and

i t f Fi t N ti itieconomic prospects for First Nations communitiesSupporting Land Use Planning initiatives undertaken by First Nations communities and coordinating environmental assessment (EA) activities with Far North Act requirements

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The Environmental AssessmentThe Environmental AssessmentResearch and field investigations of existing environmental baseline conditions underwayyCliffs will conduct a thorough environmental assessment (EA)Submitting the draft Project Description is first step in EA processPermits needed for construction and operation may be issued by governmental agencies only after the EA is successfully completed

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1The graphic included on this slide assumes, among other things, favorable results of pre-feasibility and any feasibility studies, cooperation of project stakeholders, timely EA review and permitting processes, and receipt of applicable governmental approvals.

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Cliffs Chromite ProjectCliffs Chromite ProjectNews Conference

February 4, 2011