Cleveland-Cliffs and AK Steel Receive Favorable Recommendations from ISS and Glass Lewis for Votes to Complete Merger

Cleveland-Cliffs Inc. (NYSE: CLF) (“Cliffs” or “Cleveland-Cliffs”) and AK Steel Holding Corporation (NYSE: AKS) (“AK Steel”) today announced that they have received recommendations from both Glass, Lewis & Co., LLC (“Glass Lewis”) and Institutional Shareholder Services, Inc. (“ISS”) to vote in favor of their proposed merger transaction. Under the pending transaction, Cliffs would acquire all of AK Steel’s outstanding shares pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) entered into by Cliffs and AK Steel providing for the merger of a subsidiary of Cliffs with and into AK Steel, with AK Steel surviving as a wholly owned subsidiary of Cliffs (the “Merger”).

The Merger is currently scheduled to close on March 13, 2020 and remains subject to adoption by AK Steel’s stockholders of the Merger Agreement and approval by Cliffs’ shareholders of the Merger Agreement and the transactions contemplated thereby, including the issuance of new Cliffs’ shares in connection with the proposed Merger. The special shareholder meeting for Cleveland-Cliffs and the special stockholder meeting for AK Steel are each scheduled to take place on Tuesday, March 10, 2020 at 11:00 a.m. Eastern time. Cliffs and AK Steel urge all shareholders to vote in favor of the proposed Merger as promptly as possible.

About Cleveland-Cliffs

Founded in 1847, Cleveland-Cliffs is the largest and oldest independent iron ore mining company in the United States. Cleveland-Cliffs is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. In 2020, Cleveland-Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, Cleveland-Cliffs’ employees endeavor to provide all stakeholders with operating and financial transparency.

About AK Steel

AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for the automotive, infrastructure and manufacturing, including electrical power, and distributors and converters markets. Through its subsidiaries, the company also provides customer solutions with carbon and stainless steel tubing products, hot- and cold-stamped components, and die design and tooling. Headquartered in West Chester, Ohio (Greater Cincinnati), the company has approximately 9,300 employees at manufacturing operations in the United States, Canada and Mexico, and facilities in Western Europe.