Cleveland-Cliffs — May 7, 2025 release

3 Outlook The Company updated or maintained previously guided expectations for the full-year 2025, including: • Steel unit cost reductions of approximately $50 per net ton compared to 2024, from its previous expectation of a reduction of approximately $40 per net ton — due primarily to the idling of underperforming assets • Capital expenditures of approximately $625 million, from its previous expectation of $700 million • Selling, general and administrative expenses of approximately $600 million, from its previous expectation of approximately $625 million • Depreciation, depletion and amortization maintained at approximately $1.1 billion • Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc. will host a conference call on May 8, 2025, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com. About Cleveland-Cliffs Inc. Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada. 4 Forward-Looking Statements This release contains statements that constitute "forward-looking statements" within th