Cleveland-Cliffs Announces First-Quarter 2021 Results Date and Provides Updated Financial Guidance

Cleveland-Cliffs Inc. (NYSE: CLF) will announce its first-quarter 2021 earnings results before the U.S. market open on Thursday, April 22, 2021.

The Company invites interested parties to listen to a live broadcast of a conference call with securities analysts and institutional investors to discuss the results on April 22, 2021 at 10:00am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address.

The Company also provided updated financial guidance based on its most recent 2021 financial forecast.

The Company’s forecast includes the following expectations:

• First-quarter 2021 adjusted EBITDA* of approximately $500 million
• Second-quarter 2021 adjusted EBITDA* of approximately $1.2 billion
• Full-year 2021 adjusted EBITDA* of approximately $3.5 billion

The full-year expectation is based on current contractual business and the assumption that the US HRC price averages $975 per net ton for the remainder of the year.

* Adjusted EBITDA is a non-GAAP financial measure that management uses in evaluating operating performance. The presentation of this measure is not intended to be considered in isolation from, as a substitute for, or as superior to, the financial information prepared and presented in accordance with U.S. GAAP. The presentation of this measure may be different from non-GAAP financial measures used by other companies. We are unable to reconcile, without unreasonable effort, our expected adjusted EBITDA to its most directly comparable GAAP financial measure, net income, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. This includes the finalization of the preliminary allocation of consideration related to the AMUSA acquisition to the net tangible and intangible assets acquired and liabilities assumed and associated tax impacts. For the same reasons, we are unable to address the probable significance of the unavailable information.

About Cleveland-Cliffs Inc.

Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, we are also the largest producer of iron ore pellets in North America. In 2020, we acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating our legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Our fully integrated portfolio includes custom-made pellets and hot briquetted iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tinplate and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, we employ approximately 25,000 people across our mining, steel and downstream manufacturing operations in the United States and Canada.