Cleveland-Cliffs Announces Final Results of Tender Offer

Cleveland-Cliffs Inc. (NYSE: CLF) announced today the expiration of and final results for its previously announced offer to purchase for cash (the “Tender Offer”) any and all of its outstanding 6.750% Senior Secured Notes due 2026 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on March 13, 2024 (the “Expiration Time”).

On March 18, 2024, the Company purchased $639,737,000 in principal amount of the Notes that were validly tendered and not validly withdrawn prior to the Expiration Time.

According to information received from Global Bondholder Services Corporation, the Information Agent and Depositary for the Tender Offer, the following table sets forth details regarding the total aggregate principal amount of the Notes validly tendered and not validly withdrawn as of the Expiration Time or tendered pursuant to the guaranteed delivery procedures and the principal amount of the Notes that will be accepted for purchase by the Company today:

Title of Security		CUSIP Number & ISIN			Principal Amount Outstanding		Principal Amount Tendered		Principal Amount to be Accepted on 3/18/2024
6.750% Senior Secured Notes due 2026		144A:			$828,927,000		$639,737,000		$639,737,000
		CUSIP: 185899AG6 ISIN: US185899AG62
		REG S:
		CUSIP: U1852LAF4 ISIN: USU1852LAF41

In addition, on March 4, 2024, the Company issued a conditional notice of redemption for all of the Notes outstanding following the settlement of the Tender Offer at a redemption price of 101.688% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the redemption date (which is expected to be April 3, 2024) pursuant to the terms of the indenture governing the Notes. At this date, the Company will no longer have any Secured Notes outstanding.