Cleveland-Cliffs Inc. and AK Steel Holding Corporation Announce Successful Results of Early Participation in Exchange Offers and Consent Solicitations - Seite 2

The consent results are based on (i) early tenders in the Exchange Offers, which tenders are deemed also to constitute the delivery of consents in the Consent Solicitations made by AK Steel Corporation to adopt the Amendments and (ii) deliveries of consents in the Consent Solicitations (without tendering the corresponding AK Steel Notes in the Exchange Offers).

As of 5:00 p.m., New York City time, on January 28, 2020 (the “Early Participation Date” for the Exchange Offers and the Consent Solicitations), (i) the principal amounts of AK Steel Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby deemed validly given and not validly revoked) in the Exchange Offers and (ii) consents in respect of the principal amounts of AK Steel Notes set forth in the table below had been validly delivered (without tendering the corresponding AK Steel Notes in the Exchange Offers) and not validly revoked in the Consent Solicitations. For each $1,000 principal amount of AK Steel Notes validly tendered and not validly withdrawn or with respect to which consents had been validly delivered and not validly revoked at or prior to the Early Participation Date, holders of AK Steel Notes will be eligible to receive a consent payment of $2.50 in cash (the “Consent Payment”), subject to the terms contained in the Offering Memorandum and Consent Solicitation Statement. Because each Exchange Offer and Consent Solicitation is subject to the satisfaction of, among other things, the consummation of the Merger, Eligible Holders of AK Steel Notes will not receive the Consent Payment unless the Merger is consummated.

Title of Series/CUSIP Number of AK Steel Notes	Aggregate Principal Amount Outstanding	AK Steel Notes Tendered at Early Participation Date	Consents Delivered at Early Participation Date	Total Consents Delivered
		Principal Amount	Principal Amount	Percentage
6.375% Senior Notes due 2025 / 001546AV2	$270,232,000	$234,768,000	$500,000	87.06%
7.00% Senior Notes due 2027 / 001546AU4