Cleveland-Cliffs prices $1.8B senior notes to fund Stelco acquisition

CLEVELAND-CLIFFS INC.

Upsized offering: $900M 6.875% Senior Guaranteed Notes due 2029 and $900M 7.375% Notes due 2033, both at par.
Net proceeds to finance part of the cash consideration for the previously announced Stelco Holdings Inc. acquisition.
Closing expected October 22, 2024; special mandatory redemption at 100% if Stelco deal fails by April 14, 2025 (extendable to July 14, 2025).
Notes are senior unsecured guaranteed by Cliffs' material domestic subsidiaries.

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