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© 2025 Cleveland-Cliffs Inc. All Rights Reserved. CLEVELAND-CLIFFS INC. Third-Quarter 2025 Earnings Presentation October 20, 2025
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.2 This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry or our businesses, are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: continued volatility of steel, scrap metal and iron ore market prices, which directly and indirectly impact the prices of the products that we sell to our customers; uncertainties associated with the highly competitive and cyclical steel industry and our reliance on the demand for steel from the automotive industry; potential weaknesses and uncertainties in global economic conditions, excess global steelmaking capacity and production, prevalence of steel imports, reduced market demand and oversupply of iron ore; severe financial hardship, bankruptcy, temporary or permanent shutdowns or operational challenges of one or more of our major customers, key suppliers or contractors, which, among other adverse effects, could disrupt our operations or lead to reduced demand for our products, increased difficulty collecting receivables, and customers and/or suppliers asserting force majeure or other reasons for not performing their contractual obligations to us; risks related to U.S. government actions and other countries' reactions with respect to Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974), the United States-Mexico-Canada Agreement and/or other trade agreements, tariffs, treaties or policies, as well as the uncertainty of obtaining and maintaining effective antidumping and countervailing duty orders to counteract the harmful effects of unfairly traded imports; impacts of existing and changing governmental regulation, including actual and potential environmental regulations relating to climate change and carbon emissions, and related costs and liabilities, including failure to receive or maintain required operating and environmental permits, approvals, modifications or other authorizations of, or from, any governmental or regulatory authority and costs related to implementing improvements to ensure compliance with regulatory changes, including potential financial assurance requirements, and reclamation and remediation obligations; potential impacts to the environment or exposure to hazardous substances resulting from our operations; our ability to maintain adequate liquidity, our level of indebtedness and the availability of capital could limit our financial flexibility and cash flow necessary to fund working capital, planned capital expenditures, acquisitions, and other general corporate purposes or ongoing needs of our business, or to repurchase our common shares; our ability to reduce our indebtedness or return capital to shareholders within the currently expected timeframes or at all; adverse changes in credit ratings, interest rates, foreign currency rates and tax laws; challenges to successfully implementing our business strategy to achieve operating results in line with our guidance; the outcome of, and costs incurred in connection with, lawsuits, claims, arbitrations or governmental proceedings relating to commercial and business disputes, antitrust claims, environmental matters, government investigations, occupational or personal injury claims, property-related matters, labor and employment matters, or suits involving legacy operations and other matters; supply chain disruptions or changes in the cost, quality or availability of energy sources, including electricity, natural gas and diesel fuel, critical raw materials and supplies, including iron ore, industrial gases, graphite electrodes, scrap metal, chrome, zinc, other alloys, coke and metallurgical coal, and critical manufacturing equipment and spare parts; problems or disruptions associated with transporting products to our customers, moving manufacturing inputs or products internally among our facilities, or suppliers transporting raw materials to us; the risk that the cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated; our ability to consummate any public or private acquisition or divestiture transactions and the transactions contemplated by the Memorandum of Understanding and to realize any or all of the anticipated benefits or estimated future synergies, including any expected accretion, as well as to successfully integrate any acquired businesses into our existing businesses; uncertainties associated with natural or human-caused disasters, adverse weather conditions, unanticipated geological conditions, critical equipment failures, infectious disease outbreaks, tailings dam failures and other unexpected events; cybersecurity incidents relating to, disruptions in, or failures of, information technology systems that are managed by us or third parties that host or have access to our data or systems, including the loss, theft or corruption of our or third parties' sensitive or essential business or personal information and the inability to access or control systems; liabilities and costs arising in connection with any business decisions to temporarily or indefinitely idle or permanently close an operating facility or mine, which could adversely impact the carrying value of associated assets, trigger contractual liabilities or termination costs, and give rise to impairment charges or closure and reclamation obligations, as well as uncertainties associated with restarting any previously idled operating facility or mine; our ability to realize the anticipated synergies or other expected benefits of the acquisition of Stelco, as well as the impact of additional liabilities and obligations incurred in connection with the Stelco acquisition; our level of self- insurance and our ability to obtain sufficient third-party insurance to adequately cover potential adverse events and business risks; uncertainties associated with our ability to meet customers' and suppliers' decarbonization goals and reduce our greenhouse gas emissions in alignment with our own announced targets; challenges to maintaining our social license to operate with our stakeholders, including the impacts of our operations on local communities, reputational impacts of operating in a carbon-intensive industry that produces greenhouse gas emissions, and our ability to foster a consistent operational and safety track record; our actual economic mineral reserves or reductions in current mineral reserve estimates, and any title defect or loss of any lease, license, option, easement or other possessory interest for any mining property; our ability to maintain satisfactory labor relations with unions and employees; unanticipated or higher costs associated with pension and other post-employment benefit obligations resulting from changes in the value of plan assets or contribution increases required for unfunded obligations; uncertain availability or cost of skilled workers to fill critical operational positions and potential labor shortages caused by experienced employee attrition or otherwise, as well as our ability to attract, hire, develop and retain key personnel; our ability to complete the requisite technical and economic studies to determine the economic potential for extraction of rare earths at our properties, and the risk that rare-earth extraction at our properties may be uneconomical; and potential significant deficiencies or material weaknesses in our internal control over financial reporting. For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the U.S. Securities and Exchange Commission. FORWARD-LOOKING STATEMENTS
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.3 Revenues $4.7 Billion Steel Shipments 4.0 Million (net tons) THIRD-QUARTER 2025 1Reconciliation for Adjusted EBITDA can be found on last page of presentation and earnings release published October 20, 2025 © 2025 Cleveland-Cliffs Inc. All Rights Reserved.3 Adj. EBITDA1 $143 Million Liquidity $3.1 Billion Signed multi-year fixed price contracts with multiple automotive customers Highest automotive shipments since Q1 2024 Lower SG&A and capital expenditure outlook Continued improvement in quarter-over-quarter Adj. EBITDA Signed MOU with major global steel producer Last full quarter of onerous slab contract
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.4 TRANSFORMATIVE MOU SIGNED WITH GLOBAL LEADER Goals Memorandum of Understanding signed with major global steel producer on September 17, 2025 Foreign party seeking major global expansion and access to desirable U.S. market Agreement Expected to be highly accretive to Cliffs shareholders Enables smooth onboarding for downstream industrial clients moving production from party’s home country to the United States Impact Aligned with U.S. policy goals to strengthen domestic industry and attract foreign investment Reflects rising interest in Cliffs amid the resurgence of U.S. manufacturing Formal announcement expected in Q4 2025 or Q1 2026 with closing in 2026 UBS is acting as financial advisor to Cleveland-Cliffs for the transaction
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.5 Note: Based on Q3 2025 Steelmaking Results – Product Mix includes steel products shipments Highlights 29% Coated 15% Cold-Rolled 4% Stainless & Electrical 6% Plate 9% Slabs Product Mix (Shipments) End Market Mix (Revenue) 30% Direct Automotive 28% Distributors & Converters 29% Infrastructure & Manufacturing 13% Steel Producers © 2025 Cleveland-Cliffs Inc. All Rights Reserved.5 37% Hot-Rolled Q3 2025 END MARKET AND PRODUCT OVERVIEW (primarily galvanized) Auto steel shipments increased 10% from the prior quarter Capturing automotive market share from imports and locking in growing volume with automotive OEMs Average selling price increased by $17/t due to mix shifting favorably toward increased automotive volumes Asset optimization continues to drive successful cost performance
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.6 MULTI-YEAR FIXED PRICE AUTOMOTIVE CONTRACTS • Agreed to multi-year fixed price contracts for certain automotive customers • Capturing market share from imports and increasing volumes under new contracts • Further establishes Cliffs as the leading automotive supplier • High margin business with earnings stability • Strengthens strategic customer relationships • Dilutes fixed costs as more volume runs through operational footprint Highlights
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.7 NORTH AMERICA AUTOMOTIVE GALVANIZING FACILITIES Cliffs’ Galvanizing Advantages The most automotive coating capacity in North America All steel substrate and coating lines located in the United States All steel substrate sourced from BF/BOF for superior surface quality and formability Full capability of advanced high-strength steels, including press-hardened steels (hot-stamping) Arrangement expires December 9, 2025
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.8 RELIABILITY OF AUTOMOTIVE STEEL SUPPLY CHAIN Steel Advantages Over Aluminum More environmentally friendly – Aluminum CO2 emissions intensity is ~4x more than Cleveland-Cliffs steel Less costly – Steel is generally less expensive than aluminum, making it a more cost-effective option Stronger – Steel is inherently stronger than aluminum, allowing it to withstand higher impacts making it more suitable for passenger safety Easier to repair – Steel can be repaired while aluminum components generally require replacement Sustainable formability – Aluminum loses its formability at a significantly faster rate than steel So far, minimal impact to Cliffs from aluminum supply chain disruption The models impacted by fire do not consume significant Cliffs’ steel Automotive steel is not overly dependent on one specific facility
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.9 ELECTRICAL STEEL FEDERAL GOVERNMENT AWARD Awarded Department of War contract worth up to $400 million $400M Potential Contract Value 50K+ Potential Contract Volume (net tons) 5 Years Contract Length • Defense Logistics Agency (DLA) awarded a fixed price contract to Cleveland-Cliffs • 5-year ordering period for Domain Refined Grain Oriented Electrical Steel • The government intends to store this material for national security purposes • DLA intends to purchase up to 53,000 net tons of Domain Refined Grain Oriented Electrical Steel Highlights
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.10 END MARKETS POISED FOR A REBOUND Source: Moodys’s Analytics (September 2025) U.S. Economic Indicators (as of 8/31/2025) Recession-like conditions Current Economic Activity Index (Z-Score) -2 0 2 End markets important to Cleveland-Cliffs Policies under Trump Administration are focused on improving industries that are experiencing recession-like conditions Our important markets are interest rate sensitive industries and are expected to benefit from further decline in interest rates Recent increase in expected North American light vehicle builds will benefit automotive industry
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.11 TRADE AND TARIFFS Canada 6,557 Exempt 25% Tariff 50% Tariff Brazil 4,498 Quota 25% Tariff 50% Tariff Mexico 3,517 Exempt 25% Tariff 50% Tariff South Korea 2,809 Quota 25% Tariff 50% Tariff Vietnam 1,363 25% Tariff 25% Tariff 50% Tariff Japan 1,180 Quota 25% Tariff 50% Tariff Germany 1,074 Quota 25% Tariff 50% Tariff Taiwan 1,011 25% Tariff 25% Tariff 50% Tariff Netherlands 614 Quota 25% Tariff 50% Tariff China 508 25% Tariff 25% Tariff 50% Tariff Trump Administration’s Continued Focus on Strengthening Domestic Steel Jan. 20, 2025 Status Top 10 Importing Countries 2024 Imports (Thousand Net Tons) Current Mar. 12, 2025 Status Source: AISI
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.12 2024 Avg. 755K 819 671 857865865 717 750755 711724 619 712 770 564 620 437 554 453 504 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 EFFECTIVENESS OF TARIFFS FOR STEEL Total Flat-Rolled Imports (HRC, CRC, Coated) Thousand Net Tons Source: USITC, AISI Section 232 tariffs reinstated Imports as a Percent of Finished Steel Market Share 25% 22% 21% 20% 20% 19% 18% 16% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.13 EFFECTIVENESS OF TARIFFS FOR AUTO Source: USITC Total U.S. Light Vehicle Imports by Month 2024 Avg. 699K Thousand Light Vehicles 734 729 718 741 713 679 684 666 680 723 691 627 645 590 769 477 572 556 544 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Post Auto Tariffs
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.14 EFFECTIVENESS OF TARIFFS FOR AUTO Source: USITC. Wards Auto U.S. Light Vehicle Sales Originating Outside of USMCA Region (Daily Sales Rate) 14.6 13.2 12.4 11.5 11.7 12.6 10.6 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 25% Auto tariffs announced Thousand Units Total U.S. Light Vehicle Imports ~5.0 ~4.2 July 2024 YTD July 2025 YTD Down ~16% YTD Million Light Vehicles
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.15 NORTH AMERICAN LIGHT VEHICLE PRODUCTION Source: IHS 2025 Estimated North American Light Vehicle Production 14.01 14.18 14.61 14.85 14.94 15.15 April 2025 Estimate May 2025 Estimate June 2025 Estimate July 2025 Estimate August 2025 Estimate September 2025 Estimate Million Units North American Light Vehicle Production Estimates Continue to be Revised Upward
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.16 $400 $500 $600 $700 $800 $900 $1,000 ONEROUS THIRD-PARTY STEEL SLAB CONTRACT Slab Contract Set To Expire In Less Than Two Months Contract expires December 9, 2025 Represents ~1.5 million net tons annually Directly linked to Brazilian slab export price, which has been negatively impacted by tariffs Brazilian slab price has fallen while U.S. HRC has risen – typically these are correlated Significant opportunity to shift sales to products with higher profit margins once contract expires HRC vs. Slab (price per net ton) HRC ~$820 Slab ~$415 Source: Fastmarkets as of 10/14/25
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.17 WELL-POSITIONED BALANCE SHEET Leverage Target (Net debt / TTM Adj. EBITDA) 2.5x Capital Allocation Priorities Commitment to utilize 100% of cash flow towards debt repayment Liquidity (As of September 30, 2025) $3.1 billion Four-Year Note Maturities 2025 2026 2027 2028 Zero note maturities from 2025-2028 following October redemptions Debt reduction is #1 priority Maintain ample liquidity above $2.0 billion Continue to extend debt maturities and keep manageable stack Keep flexible capital structure to navigate all economic environments
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.18 Total Capital Expenditures CAPEX DISCIPLINE $893 $1,093 $791 $800 $525 2021 Pro Forma 2022 Pro Forma 2023 Pro Forma 2024 Pro Forma 2025 Guidance $ in millions Note: All years inclusive of Stelco
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.19 $4,207 $2,872 $813 $586 $416 $267 2020 2021 2022 2023 2024 Current PENSION AND OPEB LIABILITY REDUCTION $3.9 billion reduction in pension/OPEB net liabilities since AM USA acquisition Net Liabilities in $ Millions 94% reduction since 2021 Historical Net Pension and OPEB Liabilities
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.20 UPDATED 2025 OUTLOOK 2025 Capital Outlay and Expenses Capital Expenditures Depreciation, Depletion and Amortization Selling, General and Administrative Expenses Cash Pension and OPEB Payments and Contributions 2025 Unit Cost Per Ton of Steel(1) February 2025 Guide May 2025 Guide July 2025 Guide October 2025 Guide ~$700 million ~$625 million ~$1.1 billion ~$150 million ~$40 per net ton decrease ~$625 million ~$600 million ~$1.1 billion ~$150 million ~$50 per net ton decrease ~$600 million ~$575 million ~$1.2 billion ~$150 million ~$50 per net ton decrease ~$525 million ~$550 million ~$1.2 billion ~$150 million ~$50 per net ton decrease (1) Year-over-year cost reduction guide adjusted for increased automotive mix
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.21 CLEVELAND-CLIFFS’ ADJUSTED EBITDA RECONCILIATION Three Months Ended ($ in millions) September 30, 2025 Net loss ($234) Less: Interest expense, net (153) Income tax benefit 78 Depreciation, depletion and amortization (288) Total EBITDA $129 Less: EBITDA from noncontrolling interests $23 Idled facilities charges 3 Changes in fair value of derivatives, net (10) Currency exchange (20) Severance (5) Other, net (5) Total Adjusted EBITDA $143
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© 2025 Cleveland-Cliffs Inc. All Rights Reserved.