Cleveland-Cliffs Announces Increase to Second-Quarter and Full-Year 2021 Financial Guidance

Cleveland-Cliffs Inc. (NYSE: CLF) today provided updated financial guidance based on its most recent 2021 financial forecast.

The Company’s forecast includes the following expectations:

• Second-quarter 2021 adjusted EBITDA* of $1.3 billion
• Full-year 2021 adjusted EBITDA* of $5 billion

The full-year expectation is based on current contractual business and the conservative assumption that the US HRC index price averages $1,175 per net ton for the remainder of the year.

The Company will announce its full second-quarter 2021 earnings results before the U.S. market open on Thursday, July 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 July 22, 2021 at 10:00 am ET. The call can be accessed at www.clevelandcliffs.com and will also be archived and available for replay at that address.

* 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 ArcelorMittal USA 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 significance of the unavailable information.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The Company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The Company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest steel supplier to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada. For more information, visit www.clevelandcliffs.com.