Cleveland-Cliffs — Jul 23, 2026 release

We expect to finish the year on a positive note and enter 2027 with significant momentum and additional opportunities for upside, including the higher reset of fixed price contracts and much improved profits in Canada. With where our outlook stands today, we would expect to reach our leverage target of under 2.5x debt to EBITDA by this time next year." Steelmaking Segment Results Three Months Ended June 30, Six Months Ended June 30, Three Months Ended 2026 2025 2026 2025 Mar. 31, 2026 External Sales Volumes - In Thousands Steel Products (net tons) 4,025   4,290  8,133   8,430  4,108  Selling Price - Per Net Ton Average net selling price per net ton of steel products $ 1,124   $ 1,015  $ 1,086   $ 998  $ 1,048  Operating Results - In Millions Revenues $ 5,052   $ 4,771  $ 9,809   $ 9,238  $ 4,757  Cash cost of goods sold (4,703) (4,633) (9,324) (9,249) (4,621) Cash margin 349   138  485   (11) 136  Depreciation, depletion, and amortization (236) (366) (467) (622) (231) Gross margin $ 113   $ (228) $ 18   $ (633) $ (95) Second-quarter 2026 steel product sales volumes of 4.0 million net tons consisted of 45% hot-rolled, 31% coated, 15% cold-rolled, 4% plate, 4% stainless and electrical, and 1% other. Steelmaking revenues of $5.1 billion included $1.6 billion, or 33%, of sales to the distributors and converters market; $1.5 billion, or 29%, of direct sales to the automotive market; $1.4 billion, or 28%, of sales to the infrastructure and manufacturing market; and $526 million, or 10%, of sales to steel produ