Cleveland-Cliffs — Feb 9, 2026 release

2026 Expectations The Company put forth the following expectations for the full-year 2026: • Steel shipment volumes of approximately 16.5 - 17.0 million net tons • Steel unit cost reductions of approximately $10 per net ton compared to 2025, inclusive of richer mix impact from expiration of slab contract • Capital expenditures of approximately $700 million • Selling, general and administrative expenses of approximately $575 million • Depreciation, depletion and amortization of approximately $1.1 billion • Cash Pension and OPEB payments and contributions of approximately $125 million Conference Call Information Cleveland-Cliffs Inc. will host a conference call this morning, February 9, 2026, 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 25,000 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. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looking statements are subject to uncertainties and factors r