Exhibit 10.43

10 March 2010

Employment Contract

_________________________________________

Cliffs Natural Resources Pty Ltd

ACN 112 437 180

Richard Mehan

Blake Dawson

Level 32, Exchange Plaza

2 The Esplanade

Perth WA 6000

Australia

T 61 8 9366 8000

F 61 8 9366 8111

Reference

AOD CAV 09 1433 0751

^©Blake Dawson 2008

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Contents

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Employment Contract

DATE

10 March 2010

PARTIES

Cliffs Natural Resources Pty Ltd ACN 112 437 180 (Employer), Level 12 The Quadrant, 1 William Street, Perth, Western Australia, 6000

Richard Mehan (Employee), 2 Croke Lane, Fremantle, Western Australia, 6160

OPERATIVE PROVISIONS

The following definitions apply in this document.

Board means the board of directors of the Employer.

Chairperson means the chairperson of the Board.

Change of Control has the meaning given by clause 15.

Closing Time means 5.00 pm Australian Western Standard Time.

Confidential Information means all information (whether or not it is described as confidential) In any form or medium concerning any past, present or future business, operations or affairs of the Group, or of any customer of the Group including, without limitation:

but excludes information that has come into the public domain other than by a breach of this document.

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Control has the meaning given in section 50AA of the Corporations Act except that in addition an entity controls a second entity if:

Control Event Notice means a notice given by the Employee to the Employer in accordance with clause 15, In respect of the Employee’s right to exercise his option to terminate his employment with the Employer in return for the benefit provided for in clause 15 (and particularly the benefit in paragraph 15.2(b)).

Control Event Notice Period means any time during a period of 180 calendar days from the occurrence of a Change of Control, up to the Closing Time on the last day of that period.

Corporations Act means the Corporations Act 2001 (Cth).

Existing Materials means works, ideas, concepts, designs, inventions, developments, improvements, systems or other material or information, created, made or discovered by the Employee prior to the Employee’s employment, that the Employee wishes to use in the course of the Employee’s employment.

Group means:

Intellectual Property Rights means all present and future rights conferred by law in or in relation to copyright, trade marks, designs, patents, circuit layouts, plant varieties, business and domain names, inventions and confidential information, and other results of intellectual activity in the industrial, commercial, scientific, literary or artistic fields whether or not registrable, registered or patentable.

These rights include:

Managing Director means the managing director of the Employer as appointed from time to time and includes any person nominated by the managing director (except the Employee).

Materials means works, ideas, concepts, designs, inventions, developments, improvements, systems or other material or information, created, made or discovered by the Employee (either alone or with others and whether before or after the date of this

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document) in the course of the Employee’s employment or as a result of using the resources of the Employer or the Group or the Employer’s or Group’s Confidential Information or Intellectual Property Rights, or in any way relating to any business of the Employer or the Group.

Minimum Superannuation Contribution means the amount that the Employer must contribute to a Superannuation Arrangement on behalf of the Employee to avoid being liable for a superannuation guarantee charge under the Superannuation Guarantee Legislation.

Moral Rights means rights of integrity of authorship, rights of attribution of authorship, rights not to have authorship falsely attributed, and rights of a similar nature conferred by statute anywhere in the world, that may now exist, or that may come to exist, in all Materials made or to be made by the Employee in the course of the Employee’s employment.

Superannuation Arrangement means a superannuation fund or RSA (Retirement Savings Account) (as those expressions are defined in the Superannuation Guarantee Legislation) in respect of which contributions made by the Employer reduce the Employer’s potential liability for the superannuation guarantee charge under the Superannuation Guarantee Legislation.

Superannuation Guarantee Legislation means the Superannuation Guarantee Charge Act 1992 (Cth) and the Superannuation Guarantee (Administration) Act 1992 (Cth).

Total Remuneration means the amount specified in clause 6.1.

Headings are for convenience only, and do not affect interpretation. The following rules also apply in interpreting this document, except where the context makes it clear that a rule is not intended to apply.

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The Employer employs the Employee on the terms set out in this document. These terms replace and supersede all prior arrangements between the Employer and the Employee.

The Employee is employed in the role of President and Chief Executive Officer of Cliffs Natural Resources Pty Ltd and performs the function of Senior Vice President for the executive committee of Cliffs Natural Resources Inc.

The Employee’s employment:

The Employee is employed on a full-time basis.

The Employer recognises 1 January 2007 as the commencement date of the Employee’s employment with the Employer for leave accrual and all purposes.

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The Employee must diligently perform the duties and responsibilities as set out in Schedule 1, The Employer may vary the Employee’s duties and responsibilities at any time.

The Employee must devote the Employee’s whole working time, attention and ability to the business of the Employer.

The Employer may require the Employee to perform work for any other member of the Group. The Employee must do so if required.

The Employer is not obliged to provide the Employee with work during any period of the Employee’s employment.

The Employee will report directly to the Chairperson and the Board and also to the Board of Cliffs Natural Resources Inc. or any other person as nominated by the Employer from time to time.

The Employee must:

The Employee must comply with all policies of the Employer and applicable Group policies as in place from time to time. The Employee acknowledges that he has access to the Company’s policies to review. The Employee acknowledges receipt of the currently applicable Code of Conduct and must comply with the Code of Conduct as in place from time to time. Such policies and the Code of Conduct operate independently of this document and are not incorporated into this document.

Except with the prior written consent of the Chairperson and the Board, the Employee must not:

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Except with the prior written consent of the Chairperson and the Board, the Employee must not invest directly or indirectly in securities of a corporation which carries on business similar to or in competition with the Employer or the Group, unless the total of all such investments in the corporation is limited to no more than 0.5% of the securities of the corporation if those securities are of a class listed on a stock exchange.

The Employee must participate fully in performance reviews as required by the Employer.

The Employee’s Total Remuneration comprises:

The Employer will pay the Employee’s base salary directly into a financial institution account nominated by the Employee, and acceptable to the Employer.

The Employer may deduct or withhold from the Employee’s Remuneration, an amount equal to any fringe benefits tax or other tax payable by the Employer (other than payroll tax) on any component of the Employee’s Remuneration.

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The Employer will pay for the Employee’s reasonable business related travel and accommodation expenses in accordance with the Employer policy.

The Employer will maintain for the Employee corporate travel insurance for any periods where the Employee is required to travel overnight more than 50 kilometres from the Employee’s usual place of work, in the performance of the Employee’s duties.

The Employer will provide an undercover car parking bay for the Employee’s sole use or provide reasonable recompense in lieu thereof.

The Employer will reimburse the Employee for entertainment and other out of pocket expenses which are properly incurred in the performance of the Employee’s duties, and for which prior approval has been obtained, upon the Employee providing proper records such as invoices and receipts in accordance with Employer policy.

For the time being, the Employer will pay for the Employee’s accident insurance in accordance with Employer policy. The accident insurance policy provides cover for the Employee relating to accidents occurring while the Employee is travelling between the Employee’s place of work and home. The provision of this accident insurance is at the sole discretion of the Employer and may be altered or revoked at any time. The Employee will be notified of any alteration or revocation of accident insurance.

If any tax (other than taxes on the income of the Employee) or duty is payable by the Employee relating to a benefit or payment that is reimbursable under clause 7, the Employer will pay (in addition to the amount reimbursed under clause 7) an amount sufficient to ensure that after the Employee pays the tax or duty the Employee is not “out of pocket”.

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The Employer may review the Employee’s base salary in or around November or January each year. Any variation to the Employee’s Remuneration will be effective from 1 April each year.

In reviewing the Employee’s base salary, the Employer may consider various factors including but not limited to the Employee’s performance, the Employer’s performance, market forces, the remuneration of executives who have qualifications and experience similar to the Employee and who are employed by corporations similar to the Employer, and the prevailing business climate. However the Employer may take into account any matter it considers relevant to its decision whether or not to increase the Employee’s base salary.

The Employee is entitled to public holidays in accordance with the Fair Work Act 2009 (Cth). The Employee agrees to work on public holidays if required to do so. This possibility is taken into account in setting the Employee’s base salary.

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The Employee is entitled to long service leave in accordance with the Long Service Leave Act 1958 (WA) and Employer policy. Long service leave may be taken in advance, on a pro rata basis, after 7 years’ service.

The Employee may be eligible for parental leave in accordance with the Fair Work Act 2009 (Cth) and Employer policy.

The Employee may be eligible for other leave (such as compassionate leave or jury leave) in accordance with the Fair Work Act 2009 (Cth) and Employer policy.

Subject to clause 11.2, the Employee:

except for the purpose of and to the extent necessary to perform the Employee’s employment duties.

The obligations in clause 11.1 do not apply if:

The Employee:

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The Employee’s obligations under this clause 11 continue after the Employee’s employment ends.

The Employee must disclose all Materials to the Employer.

To the extent permitted by applicable law the Employee unconditionally;

for the benefit of the Employer, its licensees (including other members of the Group, where applicable), successors in title and anyone authorised by any of them to do any act comprised in any copyright in the Materials.

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The Employee’s obligations under this clause continue after the Employee’s employment ends.

The Employee warrants that:

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provided that if the termination occurs after a Change of Control during the Control Event Notice Period, the Employee will receive the termination benefit specified in clause 15.2(b) and not the amounts in (i) to (iv) above.

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If the Employee’s employment is terminated or ceases, the Employee has no further claim against the Employer (or any member of the Group) for remuneration or any other benefits in respect of the Employee’s employment or termination, except as provided in this document.

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In the event of a Change of Control of the Employer or the Employer’s ultimate holding company (being Cliffs Natural Resources Inc as at the date of this document) (Control Event), the Employee may elect to give a Control Event Notice to the Employer during the Control Event Notice Period. The Control Event Notice must give the Employer one month written notice of retirement from office and employment with the Employer. Upon such retirement the Employer is required to pay a termination benefit to the Employee. The termination benefit is to be calculated in accordance with the following provisions:

provided always that if the amount of the termination payment calculated in accordance with the above formula would exceed an applicable specified maximum amount for exempt termination benefits under the Corporations Act (if any), the provisions of clause 14.6(a) will apply, with any necessary modifications, to such payment.

Immediately on the Employee’s employment ending or at any other time requested by the Employer, the Employee must return to the Employer or its authorised representative:

In this clause, property includes anything on which information is recorded, for example, documents, computer disks and computer records.

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Immediately on the Employee’s employment ending, the Employee must resign from all directorships, offices and positions that the Employee holds in the Group or in any other body or entity in connection with the Employee’s employment.

If the Employee does not immediately resign from all directorships, offices and positions, the Employee authorises the Chairperson and/or the Board (or any person authorised by the Chairperson or the Board) to do all things and execute all documents necessary on behalf of the Employee to give effect to these resignations.

After the Employee’s employment ends:

The Employee must comply with all obligations regarding the collection, use and disclosure of personal and health information in accordance with applicable privacy and health laws and Employer policy.

The Employee consents to the Group collecting, using and storing the Employee’s personal and health information for any lawful purpose relating to the Employee’s employment. The Employee consents to the Group transferring the personal and health information outside Western Australia and Australia in the course of the Group’s business activities.

The Employee consents to the Group disclosing the Employee’s personal and health information to other persons for any lawful purpose relating to the Employee’s employment. These persons include the Australian Tax Office, superannuation fund trustees and administrators, contractors, bankers, insurers, medical, rehabilitation or occupational practitioners, laboratory analysts, investigators, financial and legal advisers, potential purchasers on sale of business, law enforcement bodies and regulatory authorities.

Further detail regarding privacy and health information policies of the Group is set out in the Employer’s policies.

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The Employee acknowledges:

Cliffs Natural Resources Pty Ltd

Mr Richard Mehan

This document can only be amended or replaced by another document executed by the parties.

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Each party must do anything (including execute any document), and must ensure that its employees and agents do anything (including execute any document), that the other party may reasonably require to give full effect to this document.

A right may only be waived in writing, signed by the party giving the waiver, and:

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Schedule 1

DUTIES AND RESPONSIBILITIES OF EMPLOYEE

The duties and responsibilities of the Employee are:

As President and Chief Executive Officer of Cliffs Natural Resources Pty Ltd, the Employee is responsible for managing the operations of the Employer and its subsidiaries, overseeing business growth and development work and performing other duties as may be assigned to the Employee by the Board from time to time. The Employee agrees that he will perform his duties to the best of his abilities and knowledge, in a manner that is consistent with the authority and status of his position.

The Employer may vary these duties and responsibilities from time to time or assign the Employee additional duties and responsibilities.

The Employee will also perform functions, as directed, as Senior Vice President for the executive committee of Cliffs Natural Resources Inc.

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Schedule 2

INCENTIVE PLANS

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Any LTIP amount will be paid on a pro rata basis, at the same date as the incentive payment otherwise would have fallen due, having regard to performance against KPIs as at that date.