CLEVELAND-CLIFFS INC. — Director's Dealing 2021

Apr 30, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLEVELAND-CLIFFS INC. (CLF)
CIK: 0000764065
Period of Report: 2021-04-28

Reporting Person: Rychel Eric M (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-28	Deferred Shares	$	A	6539	Acquired		Common Shares (6539.0)	Direct

Footnotes

F1: The Reporting Person has elected to defer his 2021 Director Restricted Shares (the "Deferred Shares").

F2: Each Deferred Share is the economic equivalent of one Issuer common share. The Deferred Shares become payable in common stock in accordance with the Reporting Person's deferral election and the terms of the 2021 Nonemployee Directors' Compensation Plan.

F3: Includes 431.774 deferred shares acquired since the Reporting Person's last report regarding deferred shares under dividend equivalents provisions.