CLEVELAND-CLIFFS INC. — Director's Dealing 2025

May 23, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLEVELAND-CLIFFS INC. (CLF)
CIK: 0000764065
Period of Report: 2025-05-23

Reporting Person: Graham James D (EVP Chief Legal Admin & Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-23	Common Shares	S	120000	$6.8503	Disposed	492248.792	Direct

Footnotes

F1: The price reported in column four is a weighted average price. These shares were sold in multiple transactions at prices ranging from $6.85 to $6.86, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the Staff of the Securities and Exchange Commission, upon request, with full information regarding the number of shares sold at each separate price within this range.