Davis Polk & Wardwell advised J.P. Morgan Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated as joint book-running managers on an SEC-registered follow-on offering by Cliffs Natural Resources Inc. of 17,250,000 shares of its common stock, including the over-allotment option. The net proceeds of the offering were approximately $348 million.

Cliffs Natural Resources is an international mining and natural resources company. Cliffs Natural Resources is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. and associates Amber D. Derryberry, Michael J. Moldowan and James P. Richards. The tax team included partner Harry Ballan and associate H. Henry Shi (not yet admitted). Partner Gail A. Flesher and associate Elisabeth Mountainspring provided environmental advice. Gwendolyn P. Ranada was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office.