CLEVELAND-CLIFFS INC. — Director's Dealing 2020

Jan 27, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLEVELAND-CLIFFS INC. (CLF)
CIK: 0000764065
Period of Report: 2020-01-23

Reporting Person: GONCALVES LOURENCO (Director, Chairman, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-01-23	Common Shares	A	290566	—	Acquired	3528301	Direct
2020-01-23	Common Shares	F	193861	$7.45	Disposed	3334440	Direct
2020-01-23	Common Shares	A	498212	—	Acquired	3832652	Direct
2020-01-23	Common Shares	F	467055	$7.45	Disposed	3365597	Direct

Footnotes

F1: Reflects a payout of performance shares for the 2017-2019 performance period earned under the Issuer's 2015 Equity and Incentive Compensation Plan, as amended.

F2: Reflects the mandatory surrender of 112,116 shares underlying performance shares and 81,745 shares underlying restricted share units in payment of the related tax liability incurred on January 23, 2020.

F3: Reflects a payout of performance shares for the June 2017 to December 2019 performance period earned under the Issuer's Amended and Restated 2015 Equity and Incentive Compensation Plan.

F4: Reflects the mandatory surrender of 225,940 shares underlying performance shares and 241,115 shares underlying restricted share units in payment of the related tax liability incurred on January 23, 2020.