Cleveland-Cliffs prices $850M notes at 7.625%, redeems $685M in 2027 notes

CLEVELAND-CLIFFS INC.

Launched and priced $850M aggregate principal amount of Senior Guaranteed Notes due 2034 at 7.625% interest, upsized from initial $600M.
Issued conditional redemption notices for $556M of 5.875% notes due 2027 and $73M of 7.000% notes due 2027, conditioned on closing of new notes.
Issued unconditional redemption notice for $56M of AK Steel 7.000% Senior Notes due 2027, with redemption date October 3, 2025.
Net proceeds from new notes will be used to redeem the 2027 notes and repay borrowings under asset-based credit facility.
Notes offering expected to close on September 8, 2025, subject to customary conditions.

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