Cleveland-Cliffs issues $850M of 7.5% Senior Guaranteed Notes due 2031

CLEVELAND-CLIFFS INC.

Issued $850M aggregate principal of 7.500% Senior Guaranteed Notes due September 15, 2031.
Interest payable semi-annually on March 15 and September 15, commencing September 15, 2025.
Notes are unsecured senior obligations; guaranteed by material domestic subsidiaries.
Net proceeds to be used for general corporate purposes, including repayment of ABL borrowings.
Redeemable at make-whole prior to March 15, 2028; thereafter at sliding scale starting at 103.75%.

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