Slide 1: First-Quarter 2026 Earnings Presentation
CLEVELAND-CLIFFS INC. First-Quarter 2026 Earnings Presentation April 20, 2026 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. As a general matter, forward-looking statements relate to anticipated trends and expectations rather than historical matters. Forward-looki
Slide 3: First-Quarter 2026
FIRST-QUARTER 2026 Revenues $116 million improvement in quarter-over-quarter Adj. EBITDA $4.9 Billion $274 million improvement in Steel year-over-year Adj. EBITDA Shipments Steel shipments increased 338k 4.1 Million net tons from prior quarter (net tons) Average selling price $55 per ton Adj. EBITDA
Slide 4: Q1 2026 End Market and Product Overview
Q1 2026 END MARKET AND PRODUCT OVERVIEW 4% Slabs 11% 5% Steel Producers Plate 29% 29% Direct Coated End Automotive Product (primarily galvanized) Market Mix 29% Mix (Shipments) Infrastructure & (Revenue) 44% Manufacturing Hot-Rolled 15% Cold-Rolled 31% Distributors & 3% Converters Stainless & Electr
Slide 5: Updated Contract Mix for 2026
UPDATED CONTRACT MIX FOR 2026 Contract Mix Has Evolved Following Expiration of Slab Contract and Added Automotive Volume U.S. Spot Fixed Price 12% Fixed-price contracts higher 43% following gaining back automotive market share Stelco (Spot) 15% Fixed-price contracts include automotive, manufacturing
Slide 6: Current Global Steel Industry
CURRENT GLOBAL STEEL INDUSTRY Recent Global Higher Global Steel Rising Freight Costs And Tensions Costs Logistics Issues The war with Iran along with other Global steel producers are Oil and gas prices have risen, and key global tensions has further disrupted experiencing higher energy and other glo
Slide 7: Transformative MOU Signed with POSCO
TRANSFORMATIVE MOU SIGNED WITH POSCO Partnership Signed Memorandum of Understanding on September 17, 2025 with POSCO, Korea’s largest and a top ten global steelmaker Reflects rising interest in Cliffs amid the resurgence of U.S. manufacturing POSCO seeking to support and grow their established custo
Slide 8: Asset Sales Process
ASSET SALES PROCESS Accomplishments to date Highlights Assets that are well-positioned Under contract, geographically with infrastructure closed, or Total Value in place and access to power and agreements in principle for 8 non- ~$425 million water (~$70 million received) EBITDA 100% of net cash pro
Slide 9: Steel Gaining Momentum from Aluminum
STEEL GAINING MOMENTUM FROM ALUMINUM Fire at domestic plant supplied ~40% of U.S. automotive aluminum sheet “An aluminum plant that caught fire disrupting automaker’s supply, catches fire again” Steel offers greater domestic availability and security Cost gap continues to widen as aluminum pri
Slide 10: Trade and Tariffs
TRADE AND TARIFFS Trump Administration’s Continued Focus on Strengthening Domestic Steel Top 10 Importing 2024 2025 Imports Imports % Change Jan. 20, 2025 Mar. 12, 2025 Current Countries (Thousand Net Tons) (Thousand Net Tons) Status Status Canada 6,557 4,524 (31%) Exempt 25% Tariff 50% Tariff Brazi
Slide 11: Effectiveness of Tariffs for Steel
EFFECTIVENESS OF TARIFFS FOR STEEL Total Flat-Rolled Imports Imports as a Percent of Finished (HRC, CRC, Coated) Steel Market Share 865 25% 842 821 794 770 750755 2024 Avg. 717 724 712 711 ~750K 22% 656 21% Section 232 tariffs 619 620 reinstated 20% 20% Thousand Net Tons 564 554 19% 504 18% 453 437
Slide 12: Lowest Steel Import Level Since 2009
LOWEST STEEL IMPORT LEVEL SINCE 2009 Total Quarterly U.S. Steel Imports 9.4 9.0 Steel Imports in United States have 8.6 reached lowest 8.2 level since 2009 7.9 7.9 7.6 7.1 6.9 6.9 6.9 6.8 Million Net Tons 6.7 6.7 6.6 6.5 6.3 6.4 6.3 6.3 6.3 6.2 6.2 6.0 6.1 6.2 6.0 6.0 5.8 5.8 5.9 5.9 5.9 5.8 5.7 5.6
Slide 13: Recent Automotive Supplier Recognition
RECENT AUTOMOTIVE SUPPLIER RECOGNITION Toyota Quality Excellence Award Awarded Toyota Quality Excellence Award by Toyota Motor North America product quality group Represents exceptional product quality performance Reflects deep alignment with Toyota’s quality philosophy Demonstrates consiste
Slide 14: Well-Positioned Balance Sheet
WELL-POSITIONED BALANCE SHEET Liquidity Leverage Commitment to (As of March 31, 2026) Target utilize 100% of $3.1 (Net debt / TTM Adj. cash flow EBITDA) towards debt billion 2.5x repayment 3-Year Note Maturities Capital Allocation Priorities Debt reduction is #1 priority Maintain ample liquidity
Slide 15: Capex Discipline
CAPEX DISCIPLINE Total Capital Expenditures Note: All years inclusive of Stelco $1,093 $893 $791 $800 $700 $ in millions $561 2021 Pro Forma 2022 Pro Forma 2023 Pro Forma 2024 Pro Forma 2025 2026E 15 © 2026 Cleveland-Cliffs Inc. All Rights Reserved.
Slide 16: Pension and OPEB Liability Reduction
PENSION AND OPEB LIABILITY REDUCTION $4.0 billion reduction in pension/OPEB net liabilities since AM USA acquisition Historical Net Pension and OPEB Liabilities $4,207 95% Reduction $2,872 Net Liabilities in $ Millions $813 $586 $416 $299 $222 2020 2021 2022 2023 2024 2025 Current 16 © 2026 Clevelan
Slide 17: Cleveland-Cliffs' Adjusted EBITDA Reconciliation
CLEVELAND-CLIFFS’ ADJUSTED EBITDA RECONCILIATION Three Months Ended March 31, ($ in millions) 2026 Net loss ($229) Less: Interest expense, net (148) Income tax benefit 81 Depreciation, depletion and amortization (259) Total EBITDA $97 Less: EBITDA from noncontrolling interests $15 Idled facilities c
Slide 18: Cleveland-Cliffs Inc.
© 2026 Cleveland-Cliffs Inc. All Rights Reserved.