Cleveland-Cliffs upsizes and prices $600M additional 7.000% Senior Notes due 2032 for Stelco acquisition

CLEVELAND-CLIFFS INC.

Initial $500M offering upsized to $600M aggregate principal; notes priced at 99.25% of par.
Notes bear 7.000% annual interest, mature 2032; issued as additional series under March 2024 indenture.
Net proceeds to finance cash consideration for Stelco Holdings acquisition, expected to close Q4 2024.
Pro-forma liquidity after offering expected to be approximately $4.3 billion.
Prior to Stelco close, proceeds will pay off entire ABL facility balance.

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