UPDATE 1-Cliffs bullish on iron ore prices, ups U.S. exports

* CEO bullish on iron ore pricing

* Cliffs boosting iron ore pellet exports

* Stock rises over 7 percent (Updates with CEO comments, stock rises)

NEW YORK, Feb 17 (Reuters) - Cliffs Natural Resources Inc (CLF.N) is boosting its U.S. exports of iron ore pellets by up to five times this year to take advantage of "exceptionally high" global prices driven by growing demand from steelmakers, its chief executive said on Thursday.

"Although the exceptionally high spot prices experienced in recent weeks are most likely not sustainable in perpetuity, I do believe there are a number of factors that support high pricing over the near term," Joseph Carrabba told Wall Street analysts.

He noted recent cut backs on exports by India, a supplier of about 100 million tons of iron ore into the seaborne market. Also, higher labor, energy and material costs are likely to affect China's marginal cost producers, potentially raising the floor in spot market pricing.

"These points, coupled with the increasing steel production capacity in emerging economies, will likely bode well for seaborne iron ore pricing,

"This would naturally have a positive impact on our realized revenue in the near future," Carrabba said on a conference call.

Cliffs sold pellets last year at around $150 per ton, officials said for 2011 it is assuming a 35-percent increase, putting the price at around $200 a ton.

Carrabba said Cliffs sold nearly 400,000 tons of pellets from its Minnesota and Michigan operations into the seaborne market last year. "Given the current demand for iron ore products around the world, we expect to place approximately 1 to 2 million tons of pellets from these same U.S. operations into the seaborne market in 2011."

His comments came a day after the Cleveland-based company reported fourth-quarter earnings that easily beat Wall Street expectations. The growth stemmed from Cliffs' move to increase exposure to global pricing, which was a big part of the strategy behind its pending $4 billion acquisition of Canada's Consolidated Thompson Iron Mines Ltd (CLM.TO).

In noon trading on the New York Stock Exchange on Thursday, Cliffs stock was 7.5 percent higher at $99.80. (Reporting by Steve James, editing by Gerald E. McCormick)