CLEVELAND-CLIFFS INC.

Cleveland-Cliffs Inc. (NYSE: CLF) is a leading North America-based steel producer headquartered in Cleveland, Ohio, with operations across the United States and Canada. The company employs approximately 25,000 people and operates a vertically integrated steelmaking enterprise that spans from iron ore mining through primary steel production to downstream finishing, stamping, tooling, and tubing operations. More information is available at www.clevelandcliffs.com.

The company's core business centers on the production of value-added flat-rolled steel products, with particular focus on serving the automotive industry, which represents approximately 30 percent of revenues. Cleveland-Cliffs operates seven blast furnaces and four electric arc furnaces with configured annual capacity of approximately 20 million net tons of raw steel. The company's product portfolio encompasses hot-rolled coil, cold-rolled coil, coated steels including galvanized and aluminized products, electrical steels for transformers and electric vehicle motors, plate, stainless steel, and specialty products. Non-steelmaking operations include tubular products, stamped components, and tool and die services.

The company's vertically integrated model provides significant competitive advantages through internal sourcing of raw materials including iron ore pellets from mines in Michigan and Minnesota, direct reduced iron from its Ohio facility, ferrous scrap from multiple locations, coking coal from West Virginia, and coke production from facilities across multiple states. This integration reduces exposure to volatile global commodity pricing and supply chain disruptions.

Cleveland-Cliffs serves four primary market categories: direct automotive customers accounting for 30 percent of revenues, infrastructure and manufacturing at 29 percent, distributors and converters at 28 percent, and sales to other steel producers at 13 percent. The company sells approximately 35 to 40 percent of flat-rolled steel shipments under fixed-price contracts, with remaining volumes sold at spot market prices or under variable pricing arrangements.

In November 2024, the company completed its acquisition of Stelco Holdings Inc., a major Canadian steelmaker, significantly expanding its North American footprint and diversifying its customer base. The company maintains a long maturity runway on its debt with nearest senior note maturities in 2029 and maintains liquidity of approximately 3.3 billion dollars as of December 31, 2025.