Cleveland-Cliffs Announces Tender Offer for Any and All of its 6.750% Senior Secured Notes due 2026

Cleveland-Cliffs Inc. (NYSE: CLF) announced today the commencement of a tender offer to purchase (the “Tender Offer”), subject to certain terms and conditions, any and all of its outstanding 6.750% Senior Secured Notes due 2026 (the “Notes”), at the price set forth below.

The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on March 13, 2024 (the “Expiration Time”), unless extended or earlier terminated by the Company. The Tender Offer is being made pursuant to an Offer to Purchase and related Notice of Guaranteed Delivery, each dated March 4, 2024 (together, the “Tender Offer Materials”), which set forth a more detailed description of the terms and conditions of the Tender Offer. Holders of the Notes are urged to carefully read the Tender Offer Materials before making any decision with respect to the Tender Offer.

The following table sets forth certain terms of the Tender Offer:

Title of Security		CUSIP Number & ISIN		Principal Amount Outstanding		Tender Offer Consideration(1)(2)
6.750% Senior Secured Notes due 2026		144A:		$828,927,000		$1,018.00
		CUSIP: 185899AG6 ISIN: US185899AG62
		REG S:
		CUSIP: U1852LAF4 ISIN: USU1852LAF41

(1)	Excludes accrued and unpaid interest up to, but not including, the Settlement Date (as defined below), which will be paid in addition to the Tender Offer Consideration (as defined below).
(2)	Per $1,000 principal amount of Notes validly tendered and accepted.

Subject to the terms and conditions of the Tender Offer, holders of the Notes who validly tender and do not subsequently validly withdraw their Notes, or deliver a properly completed and duly executed Notice of Guaranteed Delivery, prior to the Expiration Time will be eligible to receive the tender offer consideration payable for each $1,000 principal amount of Notes specified in the table above (the “Tender Offer Consideration”).