Cleveland-Cliffs Inc. and AK Steel Holding Corporation Announce Successful Results of Early Participation in Exchange Offers and Consent Solicitations - Seite 3

$391,632,000

$334,754,000

$340,000

85.56%

Tendered AK Steel Notes may be withdrawn at any time prior to the Expiration Date (as defined below). However, a valid withdrawal of tendered AK Steel Notes after the Early Participation Date will not constitute a revocation of any previously delivered consents in respect of those notes and such consents will continue to be deemed delivered.

Cliffs and AK Steel Corporation are making the Exchange Offers and Consent Solicitations pursuant to the terms of and subject to the conditions set forth in the Offering Memorandum and Consent Solicitation Statement. The terms of the Exchange Offers and Consent Solicitations remain as set forth in the Offering Memorandum and Consent Solicitation Statement.

The Exchange Offers will expire at 12:01 a.m., New York City time, on February 12, 2020, unless such date is extended (the “Expiration Date”). Cliffs and AK Steel Corporation currently expect that the Expiration Date will be extended to coincide with the date of the consummation of the Merger. The settlement date is expected to be one business day after the Expiration Date. Cliffs and AK Steel Corporation reserve the right to terminate, withdraw, amend or extend the Exchange Offers and Consent Solicitations as described in the Offering Memorandum and Consent Solicitation Statement.

The Offering Memorandum and Consent Solicitation Statement and other documents relating to the Exchange Offers and Consent Solicitations have been and will only be distributed to Eligible Holders of AK Steel Notes who complete and return an eligibility form confirming that they are either (a) a “Qualified Institutional Buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended, or (b) a person that is outside the “United States” and is (i) not a “U.S. person,” as those terms are defined in Rule 902 under the Securities Act of 1933, as amended, and (ii) a “non-U.S. qualified offeree” (as defined in the Offering Memorandum and Consent Solicitation Statement) (such holders, the “Eligible Holders”). Holders of AK Steel Notes who desire to obtain and complete an eligibility form should either visit the website for this purpose at http://www.gbsc-usa.com/eligibility/cliffs or call Global Bondholder Services Corporation, the Information Agent and Exchange Agent for the Exchange Offers and Consent Solicitations at [phone] (toll-free) or [phone] (collect for banks and brokers).