Cleveland-Cliffs upsizes and prices additional $275M 7.625% notes due 2034 at 102.75% of par

CLEVELAND-CLIFFS INC.

Priced additional $275M aggregate principal of 7.625% Senior Unsecured Guaranteed Notes due 2034 at 102.75% (yield 6.992%).
Upsized from originally proposed $200M; add-on to existing $850M same-series notes issued Sept 8, 2025.
Net proceeds to repay borrowings under asset-based credit facility (ABL).
Offering expected to close October 10, 2025, subject to customary conditions.
Wells Fargo acted as sole bookrunner for the add-on offering.

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