Cleveland-Cliffs — May 7, 2025 release

Operational Changes Between March and May of 2025, Cliffs made the decision to fully or partially idle six facilities to optimize its footprint, reposition away from loss-making operations, and release excess working capital. These actions are expected to result in savings of over $300 million annually, not including additional savings in overhead and improved productivity at other locations. The idles are not expected to impact flat-rolled steel output. These actions included: • A full idle of the Minorca mine and partial idle of the Hibbing Taconite mine, each in Minnesota, primarily to re-balance working capital needs and consume excess pellet inventory produced in 2024 • An idle of the blast furnace, BOF steel shop, and continuous casting facilities at Dearborn Works in Michigan, to replace with more cost-efficient production upon restarting the #6 blast furnace at Cleveland Works • A full idle of the Steelton, Pennsylvania rail facility, primarily as a result of excess rail imports, continued underperformance, and financial losses 1 • A full idle of the Conshohocken, Pennsylvania plate finishing facility, primarily as a result of continued underperformance and financial losses • A full idle of the Riverdale, Illinois compact strip mill facility, primarily due to an uncompetitive cost structure and ability to run the neighboring Indiana Harbor facility more efficiently In addition, the Company will no longer be deploying capital toward the development of a transform