CLEVELAND-CLIFFS INC. — Director's Dealing 2026

Jan 7, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CLEVELAND-CLIFFS INC. (CLF)
CIK: 0000764065
Period of Report: 2026-01-05

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-01-05	Common Shares	F	84229	$13.20	Disposed	3015486	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	0	Indirect
Common Shares	0	Indirect
Common Shares	3000000	Indirect

Footnotes

F1: Reflects the mandatory surrender of shares underlying restricted share units in payment of the related tax liability incurred on January 5, 2026 in connection with payout of the restricted share units.

F2: Reflects the exempt change in form of beneficial ownership of all previously-held Issuer common shares since the date of the Reporting Person's last filed Form 4. These Issuer common shares were previously reflected as being held indirectly through the 2023 grantor retained annuity trust.

F3: Reflects the exempt change in form of beneficial ownership of all previously-held Issuer common shares since the date of the Reporting Person's last filed Form 4. These Issuer common shares were previously reflected as being held indirectly through the 2024 grantor retained annuity trust.

F4: Reflects the Reporting Person's exempt contribution of 3,000,000 Issuer common shares to a 2025 grantor retained annuity trust since the date of the Reporting Person's last filed Form 4.