Cleveland-Cliffs — Jul 23, 2026 release

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 producers. Liquidity As of June 30, 2026, the Company had $3.1 billion in total liquidity. 2 Outlook The Company expects third-quarter 2026 adjusted EBITDA 2 to be approximately $575 million. Additional outlook details can be found on page 10 of the earnings presentation published this morning on clevelandcliffs.com/investors. Additionally, the Company maintains the following previously guided expectations for the full-year 2026, including: • Steel shipment volumes maintained at approximately 16.5-17.0 million net tons • Capital expenditures maintained at approximately $700 million • Selling, general and administrative expenses maintained at approximately $575 million • Depreciation, depletion and amortization maintained at approximately $1.1 billion • Cash Pension and OPEB payments and contributions maintained at approximately $125 million Cleveland-Cliffs Inc. will host a conference call this morning, July 23, 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 a