Cleveland-Cliffs (CLF) 8-K Entry into a Material Definitive Agreement

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

(In Millions)

	Nine Months Ended September 30,		Year Ended December 31,
	2017		2016		2015			2014			2013			2012
Consolidated pretax income (loss) from continuing operations	$	60.0	$	207.0	$	313.1		$	(19.7	)	$	1,190.9		$	1,105.4
Undistributed earnings of non-consolidated affiliates		—	—		(0.1		)	(9.9		)	(74.4		)	(404.8		)
Amortization of capitalized interest		—	0.1		0.3			0.3			2.3			3.7
Interest expense		105.3	201.1		230.0			178.3			189.9			208.8
Acceleration of debt issuance costs		116.3	35.6		11.3			3.6			—			0.2
Interest portion of rental expense		0.2	0.3		0.9			2.3			2.1			2.8
Total Earnings	$	281.8	$	444.1	$	555.5		$	154.9		$	1,310.8		$	916.1
Interest expense	$	105.3	$	201.1	$	230.0		$	178.3		$	189.9		$	208.8
Acceleration of debt issuance costs		116.3	35.6		11.3			3.6			—			0.2
Interest portion of rental expense		0.2	0.3		0.9			2.3			2.1			2.8
Preferred Stock dividend requirements		—	—		38.4			51.2			48.7			—
Fixed Charges Requirements	$	221.8	$	237.0	$	280.6		$	235.4		$	240.7		$	211.8
RATIO OF EARNINGS TO FIXED CHARGES		1.3	1.9		2.0			(A)			5.4			4.3
(A) For the year ended December 31, 2014, there was a deficiency of earnings to cover the fixed charges of $235.4 million.