July 23, 2026 - Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2026.

Second-Quarter Consolidated Results

• Revenues of $5.2 billion, a $300 million increase from the prior quarter
• Operating cash flow of $230 million
• GAAP net loss of $134 million and adjusted net loss1 of $115 million
• Adjusted EBITDA2 of $286 million, a $191 million increase from the prior quarter
• GAAP net loss of $0.25 per diluted share and adjusted net loss1 of $0.20 per diluted share
• Liquidity of $3.1 billion as of June 30, 2026

Second-quarter 2026 consolidated revenues were $5.2 billion, compared to $4.9 billion in the first quarter of 2026.

For the second quarter of 2026, the Company recorded a GAAP net loss of $134 million, or $0.25 per diluted share, with an adjusted net loss1 of $0.20 per diluted share. This compares to a first quarter 2026 GAAP net loss of $229 million, or $0.42 per diluted share, with an adjusted net loss1 of $0.40 per diluted share.

For the second quarter of 2026, the Company reported Adjusted EBITDA2 of $286 million, a $191 million improvement compared to Adjusted EBITDA2 of $95 million recorded in the first quarter of 2026.

Cliffs’ Chairman and CEO, Lourenco Goncalves, said: “The second quarter marked another step in returning to the earnings power this company is capable of and has demonstrated in the past. Even with extended maintenance outages in April and May, our second quarter adjusted EBITDA tripled from the Q1 level and Q3 adjusted EBITDA is expected to more than double Q2. As previously foreshadowed, we returned to positive free cash flow during Q2 and have begun reducing our debt, a trend that will continue in a more meaningful way for the foreseeable future."

Goncalves added: "The domestic market remains strong as ongoing global tensions continue to underscore the importance of having a thriving domestic steel industry. Demand continues to improve, imports remain subdued, and lead times are extending further. Our automotive volumes remained strong during the quarter and will increase further in Q3, helping to further absorb fixed costs as our finishing lines operate at higher utilization rates. In addition, we are beginning to see meaningful improvement in the Canadian market, positioning Stelco to return to generating significant earnings."

Goncalves concluded: "Looking ahead, we have clear visibility into the continuous earnings improvement that began during the first half of the year. With average selling prices, volumes, and costs all moving in the right direction, our second-half earnings performance should be our strongest since 2021 as Q4 EBITDA is currently expected to even further exceed our Q3 guidance. We expect to finish the year on a positive note and enter 2027 with significant momentum and additional opportunities for upside, including the higher reset of fixed price contracts and much improved profits in Canada. With where our outlook stands today, we would expect to reach our leverage target of under 2.5x debt to EBITDA by this time next year."Second-quarter 2026 steel product sales volumes of 4.0 million net tons consisted of 45% hot-rolled, 31% coated, 15% cold-rolled, 4% plate, 4% stainless and electrical, and 1% other.

Steelmaking revenues of $5.1 billion included $1.6 billion, or 33%, of sales to the distributors and converters market; $1.5 billion, or 29%, of direct sales to the automotive market; $1.4 billion, or 28%, of sales to the infrastructure and manufacturing market; and $526 million, or 10%, of sales to steel producers.

Liquidity

As of June 30, 2026, the Company had $3.1 billion in total liquidity.

Outlook

The Company expects third-quarter 2026 adjusted EBITDA2 to be approximately $575 million. Additional outlook details can be found on page 10 of the earnings presentation published this morning on clevelandcliffs.com/investors.

Additionally, the Company maintains the following previously guided expectations for the full-year 2026, including:

• Steel shipment volumes maintained at approximately 16.5-17.0 million net tons
• Capital expenditures maintained at approximately $700 million
• Selling, general and administrative expenses maintained at approximately $575 million
• Depreciation, depletion and amortization maintained at approximately $1.1 billion
• Cash Pension and OPEB payments and contributions maintained at approximately $125 million

Cleveland-Cliffs Inc. will host a conference call this morning, July 23, 2026, at 8:30 a.m. ET. The call will be broadcast live and archived on Cliffs' website: www.clevelandcliffs.com.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-