Slide 1: Full-Year and Fourth-Quarter 2024 Earnings Presentation
CLEVELAND-CLIFFS INC. Full-Year and Fourth-Quarter 2024 Earnings Presentation February 24, 2025 © 2025 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: 2024 Highlights
2024 HIGHLIGHTS Record Safety Year Lowest Total Reportable Incident Rate of 0.9 $19.2 billion Revenues 15.6 million net tons Steel Shipments $780 million Adjusted EBITDA1 ~$1.2 billion Pro Forma Combined USD Adjusted EBITDA $30 per ton Steel Unit Cost Reduction Year-Over-Year $733 million Capital Re
Slide 4: Q4 2024 Overview
Q4 2024 OVERVIEW Cliffs’ Q4 2024 Results and Highlights Revenues Q4 2024 expected to be trough in quarterly profitability going forward $4.3 Billion Further reduced unit costs quarter-over-quarter ($15/t reduction) and year-over-year ($30/t reduction) Adj. EBITDA1 Substantial drop in average selling
Slide 5: 2024 End Market and Product Overview
2024 END MARKET AND PRODUCT OVERVIEW 11% 13% Slab, Rail, Other Steel Producers 29% 30% Direct 5% Coated End Automotive Plate Product (primarily galvanized) Market Mix 28% Mix (Shipments) Infrastructure & (Revenue) 36% Manufacturing Hot-Rolled 16% Cold-Rolled 29% Distributors & 3% Converters Stainles
Slide 6: Annual Steel Shipments
ANNUAL STEEL SHIPMENTS Steel Shipments from 2019 to 2024 Highlights Pro Forma Includes FY 2024 Stelco Shipments 17.7 16.4 Further establishing ourselves 15.9 as largest flat-rolled steel 14.8 producer in North America Net Tons (Millions) Stelco full-year 2024 shipments of 2.6 million net tons 2025 s
Slide 7: Results Trend
RESULTS TREND Steelmaking External Sales Volumes Adjusted EBITDA1 $414 4.0 4.0 3.9 $323 3.8 3.8 $279 Q4 2024 expected to be trough in earnings Net Tons (Millions) Millions $124 ($81) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Steelmaking Average Selling Price SG&
Slide 8: Financial Policy
FINANCIAL POLICY Leverage Secured Track record Target Capacity of quickly deleveraging $2.2 (Net debt / TTM Adj. EBITDA) following 2.5x billion acquisitions Primary Financial Priorities Debt repayment is #1 capital allocation priority Commitment to utilize 100% of FCF towards debt repayment unti
Slide 9: 2024 Steel Demand vs. 2025 Expectations
2024 STEEL DEMAND VS. 2025 EXPECTATIONS Steel Demand in 2025 Expected to Significantly Improve Compared to 2024 Domestic Steel Shipments 2025 Improvement Expectations 98.0 President Trump implemented 25% tariffs on all steel imports beginning March 2025 96.0 96.2 95.4 95.3 Lowest level of 94.7 deman
Slide 10: Trade and Tariffs
TRADE AND TARIFFS New Trump Administration Focused on Strengthening Domestic Steel Top 10 Importing 2024 Initial Jan. 20, 2025 March 2025 Imports Latest Developments Countries (Thousand Net Tons) Section 232 Status Status Canada 6,557 25% Tariff Exempt 25% Tariff Brazil 4,498 25% Tariff Quota 25% Ta
Slide 11: Lower 2025 Capex Budget
LOWER 2025 CAPEX BUDGET Capital Expenditures Significant Repair & Maintenance Cycle Completed 2025 Capex Target $700 million targeted total $1,093 inclusive of Stelco $150 Updated strategic capital timeline and refined spend $893 $943 estimates Dollars in Millions $188 $791 ~$8001 Reduced sust
Slide 12: Record Safety Year
RECORD SAFETY YEAR Historical Total Reportable Incident Rate (Including employees and contractors) 2024 Safety Continued implementation of Cliffs’ Metrics 1.5 safety culture throughout footprint 1.4 26% reduction in TRIR year-over-year 0.9 Total Reportable 1.2 Incident Rate Per 200,000 hours worked
Slide 13: Significant Cost Reductions
SIGNIFICANT COST REDUCTIONS Steel Unit Costs Down ~$110 Per Ton In Two Years Cost Savings Highlights Optimization of integrated footprint 2024 ~$30/t Unit Cost Per Decrease Completion of elevated maintenance Ton of Steel cycle Clearing of higher-cost inventory 2023 ~$80/t Unit Cost Per Expect to fur
Slide 14: Pension and OPEB Liability Reduction
PENSION AND OPEB LIABILITY REDUCTION $3.8 billion reduction in pension/OPEB net liabilities since AM USA acquisition Historical Net Pension and OPEB Liabilities $4,207 90% reduction since 2021 $2,872 Net Liabilities in $ Millions $813 $586 $416 2020 2021 2022 2023 2024 14 © 2025 Cleveland-Cliffs Inc
Slide 15: 2025 Outlook
2025 OUTLOOK Increased Domestic Steel Demand, Higher Shipments, Cost Reductions and Operational Efficiencies 2025 Expected Capital Outlay and Expenses Steel unit cost reductions ~$40 per net ton compared to 2024 Capital expenditures ~$700 million Selling, general and administrative expenses ~$625 mi
Slide 16: Cleveland-Cliffs' Adjusted EBITDA Reconciliation
CLEVELAND-CLIFFS’ ADJUSTED EBITDA RECONCILIATION Three Months Ended December 31, September 30, June 30, March 31, December 31, ($ in millions) 2024 2024 2024 2024 2023 Net income (loss) $(434) $(230) $9 $(53) $(139) Less: Interest expense, net (135) (102) (69) (64) (63) Income tax benefit (expense)
Slide 17: © 2025 Cleveland-Cliffs Inc. All Rights Reserved.
© 2025 Cleveland-Cliffs Inc. All Rights Reserved.