Cleveland-Cliffs — Oct 20, 2025 release

Outlook The Company updated previously guided expectations for the full-year 2025, as follows: • Capital expenditures of approximately $525 million, from its previous expectation of $600 million • Selling, general and administrative expenses of approximately $550 million, from its previous expectation of $575 million • Steel unit cost reductions maintained at a reduction of approximately $50 per net ton compared to 2024, adjusted for improved automotive shipping volume • Depreciation, depletion and amortization maintained at approximately $1.2 billion • Cash Pension and OPEB payments and contributions maintained at approximately $150 million Cleveland-Cliffs Inc. will host a conference call this morning, October 20, 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 "forw