Cleveland-Cliffs — Oct 19, 2026 release

2 Steelmaking revenues of $5.4 billion included $1.8 billion, or 34%, of sales to the distributors and converters market; $1.5 billion, or 28%, of direct sales to the automotive market; $1.5 billion, or 28%, of sales to the infrastructure and manufacturing market; and $532 million, or 10%, of sales to steel producers. Liquidity and Cash Flow As of September 30, 2026, the Company had $3.2 billion in total liquidity. Outlook The Company expects fourth-quarter 2026 adjusted EBITDA 2 to be approximately $715 million, an increase from the third quarter as a result of increased pricing, partially offset by seasonality, increased maintenance outages, input costs and incentive compensation accruals. Based on 2027 contract changes and prevailing price forecasts, the Company would expect 2027 adjusted EBITDA to exceed $4 billion. Additional outlook details can be found on page 10 of the earnings presentation published this morning on clevelandcliffs.com/investors. Conference Call Cleveland-Cliffs Inc. will host a conference call this morning, October 19, 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 peo ple across its operations in the United States and C