Cleveland-Cliffs issues additional $600M of 7% senior notes due 2032 for Stelco acquisition

CLEVELAND-CLIFFS INC.

Issued $600M aggregate principal of 7.000% Senior Guaranteed Notes due 2032, add-on to existing $825M notes.
Notes mature March 15, 2032; interest payable semi-annually on March 15 and September 15.
Net proceeds to finance cash consideration for previously announced Stelco Holdings acquisition.
Notes are unsecured senior obligations, guaranteed by material domestic subsidiaries, rank equally with existing unsecured debt.
Redemption options include make-whole prior to March 2027, then step-down prices starting at 103.5%.

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