CLEVELAND-CLIFFS INC. — Director's Dealing 2025

Apr 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLEVELAND-CLIFFS INC. (CLF)
CIK: 0000764065
Period of Report: 2025-04-23

Reporting Person: BALDWIN JOHN T (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-23	Deferred Shares	$	A	18567	Acquired		Common Shares (18567)	Direct

Footnotes

F1: The Reporting Person has elected to defer his 2025 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.