Cleveland-Cliffs (CLF) 8-K Other Events

Exhibit 12

Ratio of Earnings To Combined Fixed Charges

And Preferred Stock Dividend Requirements

(In Millions)

	9 months Ended September 30,			Year Ended December 31,
	2012			2011			2010			2009			2008			2007
Consolidated pretax income from continuing operations	$	526.6		$	2,190.5		$	1,266.4		$	282.3		$	672.7		$	380.7
Undistributed earnings of non-consolidated affiliates		(22.7	)		9.7			13.5			(65.5	)		(35.1	)		(11.2	)
Amortization of capitalized interest		2.7			3.6			3.6			3.0			5.6			2.0
Interest expense		141.2			216.5			70.1			39.0			39.8			22.6
Acceleration of debt issuance costs		—			—			—			—			—			0.8
Interest portion of rental expense		2.8			3.6			4.6			5.8			8.4			4.7
Total Earnings	$	650.6		$	2,423.9		$	1,358.2		$	264.6		$	691.4		$	399.6
Interest expense	$	141.2		$	216.5		$	70.1		$	39.0		$	39.8			22.6
Acceleration of debt issuance costs		—			—			—			—			—			0.8
Interest portion of rental expense		2.8			3.6			4.6			5.8			8.4			4.7
Preferred Stock dividend requirements		—			—			—			—			1.4			6.7
Fixed Charges Requirements	$	144.0		$	220.1		$	74.7		$	44.8		$	48.2		$	28.1
Fixed Charges and Preferred Stock Dividend Requirements	$	144.0		$	220.1		$	74.7		$	44.8		$	49.6		$	34.8
RATIO OF EARNINGS TO FIXED CHARGES		4.5	x		11.0	x		18.2	x		5.9	x		14.3	x		14.2	x
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDEND REQUIREMENTS		4.5	x		11.0	x		18.2	x		5.9	x		13.9	x		11.5	x