Cleveland-Cliffs — May 7, 2025 release

Despite rising HRC prices, the pricing structure of this agreement has moved in the opposite direction. That said, this contract goes away toward the end of this year and, at today's pricing levels, the contract termination will represent an approximate $500 million benefit to our annualized EBITDA from today's levels, beginning in 2026." Mr. Goncalves concluded: “We have healthy liquidity of $3.0 billion, $3.3 billion of secured note capacity, and a very well-designed debt maturity profile to navigate through anything the market will throw at us. We also expect dramatically reduced growth capital expenditures going forward due to likely changes in scope 2 on major projects. Most importantly, we are addressing three key areas—automotive volume recovery, repositioning away from underperforming non-core assets, and not renewing an unprofitable slab contract. With market conditions improving and the recent Stelco acquisition aligning well with our broader non-automotive strategy, we are on our way to restoring consistent cash flow generation and debt paydown." Steelmaking Segment Results Three Months Ended March 31, Three Months Ended 2025 2024 Dec. 31, 2024 External Sales Volumes - In Thousands Steel Products (net tons) 4,140   3,940  3,827  Selling Price - Per Net Ton Average net selling price per net ton of steel products $ 980   $ 1,175  $ 976  Operating Results - In Millions Revenues $ 4,467   $ 5,027  $ 4,168  Cost of goods sold (4,867) (4,757) (4,449) Gross margin $ (400) $ 270  $ (281) Fir