- Company Reports Full-Year 2012 Revenues of $5.9 Billion, Down 11% from 2011 Due to Lower Seaborne Pricing

- Global Iron Ore Sales Volume Increases 5% to 42 Million Tons

- Cliffs' Board of Directors Approves a 76% Reduction to the Quarterly Cash Dividend to $0.15 Per Common Share

- Lower Expected Full-Year 2013 SG&A and Exploration Expenses

CLEVELAND, Feb. 12, 2013 /CNW/ - Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) today reported fourth-quarter and full-year results for the period ended Dec. 31, 2012. Full-year revenues of $5.9 billion decreased $691 million, or 11%, from the previous year. The lower revenues were driven by a 23% decrease in year-over-year seaborne iron ore pricing. For the full year, Cliffs recorded a net loss attributable to Cliffs' common shareholders of $899 million, or $6.32 per diluted share, compared with net income of $1.6 billion, or $11.48 per diluted share, in 2011. Excluding the several previously disclosed non-cash impairment charges, which are detailed in the attached "Non-GAAP Reconciliation," full-year 2012 adjusted net income attributed to Cliffs' shareholders was $493 million, or $3.45 per diluted share, down from adjusted net income of $1.6 billion, or $11.68 per diluted share, in 2011. Also, Cliffs' Board of Directors approved a meaningful reduction to Cliffs' quarterly cash dividend rate to $0.15 from $0.625 per common share.