Cleveland-Cliffs — Jul 21, 2025 release

2 Outlook The Company updated previously guided expectations for the full-year 2025, as follows: • Capital expenditures of approximately $600 million, from its previous expectation of $625 million • Selling, general and administrative expenses of approximately $575 million, from its previous expectation of approximately $600 million • Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024 • Depreciation, depletion and amortization of approximately $1.2 billion, from its previous expectation of approximately $1.1 billion, primarily due to accelerated depreciation from idled facilities • Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc. will host a conference call this morning, July 21, 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. 3 Forward-Looking Statements This release contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncert