Cleveland-Cliffs Inc 10-Q for FY2026 Q3

Cleveland-Cliffs Inc. (CLF)

10-Q 2026-10-20 For: 2026-09-30

Added on October 20, 2026

About this 10-Q

Cleveland-Cliffs Inc filed this 10-Q on October 20, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Cleveland-Cliffs reported that Steelmaking gross margin increased by $510 million and Adjusted EBITDA increased by $468 million for the three months ended September 30, 2026; liquidity totaled $3.2 billion as of September 30, 2026. AI summary

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $5.61B; up 18.5% from $4.73B a year earlier
Net income: $152M; compared with a net loss of $251M a year earlier
Diluted EPS: $0.26; compared with -$0.51 a year earlier

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Abbreviation or acronym						Term
2021 Equity Plan						Cleveland-Cliffs Inc. 2021 Equity and Incentive Compensation Plan
ABL Facility						Asset-Based Revolving Credit Agreement, dated as of March 13, 2020, which matures the earlier of June 9, 2028, or 91 days prior to the maturity of certain other material debt, among Cleveland-Cliffs Inc., the lenders party thereto from time to time and Bank of America, N.A., as administrative agent, as amended as of March 27, 2020, December 9, 2020, December 17, 2021, June 9, 2023, July 31, 2024, and September 13, 2024, and as may be further amended from time to time
Adjusted EBITDA						EBITDA, excluding certain items such as EBITDA from noncontrolling interests; idled facilities credits (charges); currency exchange; changes in fair value of derivatives, net; gain (loss) on disposal of assets, net; amortization of inventory step-up; severance; and other, net.
AI						Artificial intelligence
AOCI						Accumulated other comprehensive income (loss)
ASU						Accounting Standards Update
BOF						Basic oxygen furnace
CERCLA						Comprehensive Environmental Response, Compensation and Liability Act of 1980
CODM						Chief Operating Decision Maker
CO2e						Carbon dioxide equivalent
Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act
DOE						U.S. Department of Energy
EAF						Electric arc furnace
EBITDA						Earnings before interest, taxes, depreciation and amortization
EPA						U.S. Environmental Protection Agency
EPS						Earnings per share
Exchange Act						Securities Exchange Act of 1934, as amended
FASB						Financial Accounting Standards Board
GAAP						Accounting principles generally accepted in the United States
GHG						Greenhouse gas
GOES						Grain oriented electrical steel
HBI						Hot briquetted iron
HRC						Hot-rolled coil steel
IAM						International Association of Machinists and Aerospace Workers
Long ton (lt)						2,240 pounds
Metric ton (mt)						2,205 pounds
MMBtu						Million British Thermal Units
Net ton (nt)						2,000 pounds
NOES						Non-oriented electrical steel
N/M						Not meaningful
OPEB						Other postretirement benefits
POSCO						POSCO Holdings Inc., a publicly traded South Korean steel manufacturer headquartered in Pohang, South Korea
RCRA						Resource Conservation and Recovery Act
SEC						U.S. Securities and Exchange Commission
Section 232						Section 232 of the Trade Expansion Act of 1962 (as amended by the Trade Act of 1974)
Stelco						Stelco Holdings Inc., a Canadian corporation, and its consolidated subsidiaries, collectively, unless stated otherwise or the context indicates otherwise, which continues as Stelco Inc. following the amalgamation of Stelco Holdings Inc., Stelco Inc. and 13421422 Canada Inc. effective November 8, 2024
SunCoke Middletown						Middletown Coke Company, LLC, a subsidiary of SunCoke Energy, Inc.
UAW						United Auto Workers
USW						United Steelworkers
VIE						Variable interest entity


(In millions, except share information)	September 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	77	$	57
Accounts receivable, net	2,159		1,442
Inventories	4,694		4,772
Other current assets	174		164
Total current assets	7,104		6,435
Non-current assets:
Property, plant and equipment, net	9,186		9,481
Goodwill	1,782		1,814
Intangible assets, net	1,041		1,135
Pension and OPEB assets	589		469
Other non-current assets	640		678
TOTAL ASSETS	$	20,342	$	20,012
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	2,327	$	1,893
Accrued employment costs	527		517
Accrued expenses	310		396
Other current liabilities	628		496
Total current liabilities	3,792		3,302
Non-current liabilities:
Long-term debt	7,645		7,253
Pension and OPEB liabilities	593		655
Deferred income taxes	300		375
Asset retirement and environmental obligations	698		682
Other non-current liabilities	1,348		1,422
TOTAL LIABILITIES	14,376		13,689
Commitments and contingencies (See Note 18)
Equity:
Common shares - par value $0.125 per share
Authorized - 1,200,000,000 shares (2025 - 1,200,000,000 shares);
Issued - 606,051,530 shares (2025 - 606,051,530 shares);
Outstanding - 570,555,800 shares (2025 - 569,759,243 shares)	76		76
Capital in excess of par value of shares	5,761		5,736
Retained deficit	(759)		(529)
Cost of 35,495,730 common shares in treasury (2025 - 36,292,287 shares)	(642)		(659)
Accumulated other comprehensive income	1,251		1,492
Total Cliffs shareholders' equity	5,687		6,116
Noncontrolling interests	279		207
TOTAL EQUITY	5,966		6,323
TOTAL LIABILITIES AND EQUITY	$	20,342	$	20,012


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions, except per share amounts)	2026		2025		2026		2025
Revenues	$	5,612	$	4,734	$	15,760	$	14,297
Operating costs:
Cost of goods sold	(5,147)		(4,780)		(15,245)		(14,951)
Selling, general and administrative expenses	(153)		(130)		(432)		(400)
Restructuring and other charges	(1)		(3)		(4)		(92)
Asset impairment	—		—		—		(39)
Miscellaneous, net	—		(25)		(30)		(63)
Total operating costs	(5,301)		(4,938)		(15,711)		(15,545)
Operating income (loss)	311		(204)		49		(1,248)
Other income (expense):
Interest expense, net	(148)		(153)		(452)		(442)
Net periodic benefit credits other than service cost component	64		57		192		157
Changes in fair value of derivatives, net	(15)		(10)		(37)		(34)
Other non-operating income	1		1		2		2
Total other expense	(98)		(105)		(295)		(317)
Income (loss) from continuing operations before income taxes	213		(309)		(246)		(1,565)
Income tax benefit (expense)	(46)		78		55		375
Income (loss) from continuing operations	167		(231)		(191)		(1,190)
Loss from discontinued operations, net of tax	(2)		(3)		(7)		(3)
Net income (loss)	165		(234)		(198)		(1,193)
Net income attributable to noncontrolling interests	(13)		(17)		(32)		(42)
Net income (loss) attributable to Cliffs shareholders	$	152	$	(251)	$	(230)	$	(1,235)

Earnings (loss) per common share attributable to Cliffs shareholders - basic
Continuing operations	$	0.27	$	(0.51)	$	(0.39)	$	(2.49)
Discontinued operations	—		—		(0.01)		—
	$	0.27	$	(0.51)	$	(0.40)	$	(2.49)

Earnings (loss) per common share attributable to Cliffs shareholders - diluted
Continuing operations	$	0.26	$	(0.51)	$	(0.39)	$	(2.49)
Discontinued operations	—		—		(0.01)		—
	$	0.26	$	(0.51)	$	(0.40)	$	(2.49)


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Net income (loss)	$	165	$	(234)	$	(198)	$	(1,193)
Other comprehensive income (loss):
Changes in pension and OPEB, net of tax	(23)		(26)		(70)		(78)
Changes in derivative instruments, net of tax	(58)		(19)		(123)		37
Changes in foreign currency translation	(4)		(36)		(48)		67
Total other comprehensive income (loss)	(85)		(81)		(241)		26
Comprehensive income (loss)	80		(315)		(439)		(1,167)
Comprehensive income attributable to noncontrolling interests	(13)		(17)		(32)		(42)
Comprehensive income (loss) attributable to Cliffs shareholders	$	67	$	(332)	$	(471)	$	(1,209)


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


(In millions)	Number of Common Shares Outstanding	Par Value of Common Shares Issued		Capital in Excess of Par Value of Shares		Retained Earnings (Deficit)		Common Shares in Treasury		AOCI		Non-Controlling Interest		Total
December 31, 2025	569.8	$	76	$	5,736	$	(529)	$	(659)	$	1,492	$	207	$	6,323
Comprehensive income (loss)	—	—		—		(237)		—		(67)		8		(296)
Stock and other incentive plans	0.6	—		(4)		—		14		—		—		10
Net distributions to noncontrolling interests	—	—		—		—		—		—		(18)		(18)
March 31, 2026	570.4	$	76	$	5,732	$	(766)	$	(645)	$	1,425	$	197	$	6,019
Comprehensive income (loss)	—	—		—		(145)		—		(89)		11		(223)
Stock and other incentive plans	0.1	—		14		—		2		—		—		16
Net contributions to noncontrolling interests	—	—		—		—		—		—		6		6
June 30, 2026	570.5	$	76	$	5,746	$	(911)	$	(643)	$	1,336	$	214	$	5,818
Comprehensive income (loss)	—	—		—		152		—		(85)		13		80
Stock and other incentive plans	0.1	—		15		—		1		—		—		16
Net contributions to noncontrolling interests	—	—		—		—		—		—		52		52
September 30, 2026	570.6	$	76	$	5,761	$	(759)	$	(642)	$	1,251	$	279	$	5,966


(In millions)	Employee-Related Costs		Exit Costs		Total
Balance as of December 31, 2025	$	70	$	8	$	78

Cash payments	(13)		(1)		(14)

Balance as of March 31, 2026	$	57	$	7	$	64
Costs incurred1	2		1		3
Cash payments	(12)		(1)		(13)

Balance as of June 30, 2026	$	47	$	7	$	54
Costs incurred2	(1)		2		1
Cash payments	(12)		(3)		(15)

Balance as of September 30, 2026	$	34	$	6	$	40
1 All $3 million of cost incurred was recorded in Restructuring and other charges.
2 All $1 million of cost incurred was recorded in Restructuring and other charges.


	Three Months Ended September 30, 2026
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	5,492	$	169	$	(49)	$	5,612
Cost of goods sold	(5,036)		(158)		47		(5,147)
Selling, general and administrative expenses	(145)		(8)		—		(153)
Net periodic benefit credits other than service cost component	64		—		—		64
Excluding depreciation, depletion and amortization	250		9		—		259
Other segment items1	(24)		1		—		(23)
Total Adjusted EBITDA	$	601	$	13	$	(2)	$	612

Interest expense, net							(148)
Income tax expense							(46)
Depreciation, depletion and amortization							(259)
EBITDA from noncontrolling interests2							19
Idled facilities charges							(4)
Currency exchange							(4)
Changes in fair value of derivatives, net							(15)
Gain on disposal of assets, net							14
Severance							(2)
Other, net							(2)
Net income							$	165

Capital Additions	$	207	$	1	$	—	$	208

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $13 million and the exclusion of depreciation, depletion and amortization of $6 million.


	Three Months Ended September 30, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	4,585	$	173	$	(24)	$	4,734
Cost of goods sold	(4,643)		(163)		26		(4,780)
Selling, general and administrative expenses	(123)		(7)		—		(130)
Net periodic benefit credits other than service cost component	57		—		—		57
Excluding depreciation, depletion and amortization	279		9		—		288
Other segment items1	(26)		—		—		(26)
Total Adjusted EBITDA	$	129	$	12	$	2	$	143

Interest expense, net							(153)
Income tax benefit							78
Depreciation, depletion and amortization							(288)
EBITDA from noncontrolling interests2							23
Idled facilities credits							3
Currency exchange							(20)
Changes in fair value of derivatives, net							(10)
Loss on disposal of assets, net							(2)

Severance							(5)
Other, net							(3)
Net loss							$	(234)

Capital Additions	$	205	$	2	$	—	$	207

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $17 million and the exclusion of depreciation, depletion and amortization of $6 million.


	Nine Months Ended September 30, 2026
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	15,385	$	513	$	(138)	$	15,760
Cost of goods sold	(14,911)		(470)		136		(15,245)
Selling, general and administrative expenses	(409)		(23)		—		(432)
Net periodic benefit credits other than service cost component	192		—		—		192
Excluding depreciation, depletion and amortization	755		25		—		780
Other segment items1	(63)		1		—		(62)
Total Adjusted EBITDA	$	949	$	46	$	(2)	$	993

Interest expense, net							(452)
Income tax benefit							55
Depreciation, depletion and amortization							(780)
EBITDA from noncontrolling interests2							50
Idled facilities credits							1
Currency exchange							(37)
Changes in fair value of derivatives, net							(37)
Gain on disposal of assets, net							23
Severance							(3)
Other, net							(11)
Net loss							$	(198)

Capital Additions	$	518	$	5	$	—	$	523

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $32 million and the exclusion of depreciation, depletion and amortization of $18 million.


	Nine Months Ended September 30, 2025
(In millions)	Steelmaking		Other Businesses		Eliminations		Total
Revenues	$	13,888	$	498	$	(89)	$	14,297
Cost of goods sold	(14,577)		(463)		89		(14,951)
Selling, general and administrative expenses	(379)		(21)		—		(400)
Net periodic benefit credits other than service cost component	157		—		—		157
Excluding depreciation, depletion and amortization	939		24		—		963
Other segment items1	(8)		—		—		(8)
Total Adjusted EBITDA	$	20	$	38	$	—	$	58

Interest expense, net							(442)
Income tax benefit							375
Depreciation, depletion and amortization							(963)
EBITDA from noncontrolling interests2							61
Idled facilities charges							(245)
Currency exchange							26
Changes in fair value of derivatives, net							(34)
Loss on disposal of assets, net							(6)
Amortization of inventory step-up							6
Severance							(25)
Other, net							(4)
Net loss							$	(1,193)

Capital Additions	$	478	$	10	$	—	$	488

1 Other segment items primarily consist of the exclusion of EBITDA from noncontrolling interests and certain idled facilities amounts and the inclusion of certain items within Miscellaneous, net and Other non-operating income.
2 EBITDA from noncontrolling interests includes net income attributable to noncontrolling interests of $42 million and the exclusion of depreciation, depletion and amortization of $19 million.


(In millions)
Debt Instrument	Annual Effective Interest Rate	September 30, 2026		December 31, 2025
Senior Unsecured Notes:
4.625% 2029 Senior Notes	4.625%	368		368
6.875% 2029 Senior Notes	6.875%	900		900
6.750% 2030 Senior Notes	6.750%	750		750
4.875% 2031 Senior Notes	4.875%	325		325
7.500% 2031 Senior Notes	7.500%	850		850
7.000% 2032 Senior Notes	7.054%	1,425		1,425
7.375% 2033 Senior Notes	7.375%	900		900
7.625% 2034 Senior Notes	7.516%	1,125		1,125
6.250% 2040 Senior Notes	6.340%	235		235
ABL Facility	Variable1	834		452
Total principal amount		7,712		7,330
Unamortized discounts and issuance costs		(67)		(77)
Total long-term debt		$	7,645	$	7,253

1 Our ABL Facility annual effective interest rate was 5.211% as of September 30, 2026.


(In millions)	September 30, 2026
Available borrowing base on ABL Facility1	$	4,060
Borrowings	(834)
Letter of credit obligations2	(57)
Borrowing capacity available	$	3,169

1 As of September 30, 2026, our ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.



ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


(In millions)	September 30, 2026		December 31, 2025
Product inventories
Finished and semi-finished goods	$	2,389	$	2,401
Raw materials	1,780		1,848
Total product inventories	4,169		4,249
Manufacturing supplies and critical spares	525		523
Inventories	$	4,694	$	4,772


	Nine Months Ended September 30,
(In millions)	2026		2025
Capital additions	$	523	$	488
Less:
Non-cash accruals	14		(72)
Equipment financed with seller	12		60
Right-of-use assets - finance leases	36		79
Cash paid for capital expenditures including deposits	$	461	$	421


	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2026		2025		2026		2025
Steelmaking
Direct automotive	$	1,541	$	1,356	$	4,370	$	3,902
Infrastructure and manufacturing	1,545		1,326		4,346		4,169
Distributors and converters	1,829		1,288		4,930		3,949
Steel producers	532		591		1,610		1,779
Total Steelmaking	5,447		4,561		15,256		13,799
Other Businesses
Direct automotive	138		144		423		403
Infrastructure and manufacturing	10		11		30		35
Distributors and converters	17		18		51		60
Total Other Businesses	165		173		504		498
Total revenues	$	5,612	$	4,734	$	15,760	$	14,297


2026		2027		2028		2029		2030		Thereafter		Total
$	—	$	—	$	834	$	1,268	$	750	$	4,860	$	7,712


Balance Sheet Location (In millions)	September 30, 2026		December 31, 2025
Other current assets	$	15	$	7
Other non-current assets	13		10
Other current liabilities	(170)		(24)
Other non-current liabilities	(8)		(2)



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


Q3 2026	Q3 2025	YTD 2026	YTD 2025	Q3 2026	Q3 2025	YTD 2026	YTD 2025	Q3 2026	Q3 2025	YTD 2026	YTD 2025	Q3 2026	Q3 2025	YTD 2026	YTD 2025

STEEL PRODUCT REVENUE:				GROSS MARGIN %:				ADJUSTED EBITDA %:				AVERAGE SELLING PRICE PER TON OF STEEL PRODUCTS:
$4,886	$4,156	$13,716	$12,566	8%	(1)%	3%	(5)%	11%	3%	6%	—%	$1,177	$1,032	$1,117	$1,009


	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands of net tons)	2026		2025		% Change		2026		2025		% Change
Steel shipments by product:
Hot-rolled steel	1,899		1,484		28	%	5,521		4,904		13	%
Cold-rolled steel	625		611		2	%	1,856		1,846		1	%
Coated steel	1,289		1,178		9	%	3,716		3,443		8	%
Stainless and electrical steel	160		149		7	%	462		426		8	%
Plate	177		232		(24)	%	539		652		(17)	%
Slab and other steel products	—		375		N/M		189		1,188		(84)	%
Total steel shipments by product	4,150		4,029		3	%	12,283		12,459		(1)	%

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2026		2025		% Change		2026		2025		% Change
Steelmaking revenues by market:
Direct automotive	$	1,541	$	1,356	14	%	$	4,370	$	3,902	12	%
Infrastructure and manufacturing	1,545		1,326		17	%	4,346		4,169		4	%
Distributors and converters	1,829		1,288		42	%	4,930		3,949		25	%
Steel producers	532		591		(10)	%	1,610		1,779		(9)	%
Total Steelmaking revenues by market	$	5,447	$	4,561	19	%	$	15,256	$	13,799	11	%


	Nine Months Ended
(In millions)	September 30, 2026
Revenues	$	14,074
Cost of goods sold	(13,556)
Loss from continuing operations	(67)
Net loss	(67)
Net loss attributable to Cliffs shareholders	(67)


Contract Type (In millions)	10% Change		25% Change
Natural gas	$	41	$	102
Electricity	15		38
HRC	72		179



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


Period	Total Number of Shares (or Units) Purchased1	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs2
July 1 - 31, 2026	4,168	$	10.52	—	$	1,375,931,379
August 1 - 31, 2026	1,643	$	11.49	—	$	1,375,931,379
September 1 - 30, 2026	—	$	—	—	$	1,375,931,379
Total	5,811	$	10.79	—

1Shares that were delivered to us in order to satisfy tax withholding obligations due upon the vesting or payment of stock awards.
2 On April 22, 2024, we announced that our Board of Directors authorized a program to repurchase our outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1.5 billion. We are not obligated to make any repurchases, and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date.


Exhibit Number						Exhibit

22						Schedule of the obligated group, including the parent and issuer and the subsidiary guarantors that have guaranteed the obligations under the 4.625% 2029 Senior Notes, the 6.875% 2029 Senior Notes, the 6.750% 2030 Senior Notes, the 4.875% 2031 Senior Notes, the 7.500% 2031 Senior Notes, the 7.000% 2032 Senior Notes, the 7.375% 2033 Senior Notes, and the 7.625% 2034 Senior Notes issued by Cleveland-Cliffs Inc. (filed herewith).
31.1						Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed and dated by Lourenco Goncalves as of October 20, 2026 (filed herewith).
31.2						Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, signed and dated by Celso L. Goncalves Jr. as of October 20, 2026 (filed herewith).
32.1						Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Lourenco Goncalves, Chairman and Chief Executive Officer of Cleveland-Cliffs Inc., as of October 20, 2026 (filed herewith).
32.2						Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed and dated by Celso L. Goncalves Jr., President and Chief Financial Officer of Cleveland-Cliffs Inc., as of October 20, 2026 (filed herewith).
95						Mine Safety Disclosures (filed herewith).
101						The following financial information from Cleveland-Cliffs Inc.'s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Statements of Unaudited Condensed Consolidated Financial Position, (ii) the Statements of Unaudited Condensed Consolidated Operations, (iii) the Statements of Unaudited Condensed Consolidated Comprehensive Income (Loss), (iv) the Statements of Unaudited Condensed Consolidated Cash Flows, (v) the Statements of Unaudited Condensed Consolidated Changes in Equity, and (vi) Notes to the Unaudited Condensed Consolidated Financial Statements.
104						The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101.


Exact Name of Issuer or Guarantor Subsidiary (1) (2)						State of Incorporation or Organization
Cleveland-Cliffs Inc.						Ohio
Cannon Automotive Solutions - Bowling Green, Inc.						Delaware
Cleveland-Cliffs Burns Harbor LLC						Delaware
Cleveland-Cliffs Cleveland Works LLC						Delaware
Cleveland-Cliffs Columbus LLC						Delaware
Cleveland-Cliffs FPT Services Company						Ohio
Cleveland-Cliffs Investments Inc.						Ohio
Cleveland-Cliffs Minorca Mine Inc.						Delaware
Cleveland-Cliffs Monessen Coke LLC						Delaware
Cleveland-Cliffs New Carlisle LLC						Delaware
Cleveland-Cliffs Plate LLC						Delaware
Cleveland-Cliffs Railways Inc.						Delaware
Cleveland-Cliffs Riverdale LLC						Delaware
Cleveland-Cliffs Services Holding Company						Ohio
Cleveland-Cliffs South Chicago & Indiana Harbor Railway Inc.						Delaware
Cleveland-Cliffs Steel Corporation						Delaware
Cleveland-Cliffs Steel Holding Corporation						Delaware
Cleveland-Cliffs Steel Holdings Inc.						Ohio
Cleveland-Cliffs Steel LLC						Delaware
Cleveland-Cliffs Steel Management Inc.						Delaware
Cleveland-Cliffs Steel Properties Inc.						Delaware
Cleveland-Cliffs Steelton LLC						Delaware
Cleveland-Cliffs Steelworks Railway Inc.						Delaware
Cleveland-Cliffs Tooling and Stamping Company						Delaware
Cleveland-Cliffs Tooling and Stamping Holdings LLC						Delaware
Cleveland-Cliffs Tubular Components LLC						Delaware
Cleveland-Cliffs Weirton LLC						Delaware
Cliffs Mining Company						Delaware
Cliffs Minnesota Mining Company						Delaware
Cliffs Steel Inc.						Ohio
Cliffs TIOP Holding, LLC						Delaware
Cliffs TIOP, Inc.						Michigan
Cliffs TIOP II, LLC						Delaware
Cliffs UTAC Holding LLC						Delaware
Ferrous Processing and Trading Company						Michigan
Fleetwood Metal Industries, LLC						Delaware
FPT - Schlafer Division L.L.C.						Michigan
FPT Cleveland, LLC						Michigan
IronUnits LLC						Delaware
Koil Metals L.L.C.						Michigan
Lake Superior & Ishpeming Railroad Company						Michigan
Lonyo Land L.L.C.						Michigan
Metallics Sales Company						Delaware


Exact Name of Issuer or Guarantor Subsidiary (1) (2)						State of Incorporation or Organization
Mid-Vol Coal Sales, Inc.						West Virginia
Mountain State Carbon, LLC						Delaware
Northshore Mining Company						Delaware
Silver Bay Power Company						Delaware
SLC Acquisition L.L.C.						Michigan
SNA Carbon, LLC						Delaware
The Cleveland-Cliffs Iron Company						Ohio
Tilden Mining Company L.C.						Michigan
United Taconite LLC						Delaware

(1) The address and phone number of the issuer and each guarantor subsidiary is c/o Cleveland-Cliffs Inc., 200 Public Square, Suite 3300, Cleveland, Ohio 44114, (216) 694-5700.
(2) Cleveland-Cliffs Inc. is the issuer, and all other entities listed are guarantor subsidiaries.


Date:	October 20, 2026

	By:	/s/ Lourenco Goncalves
		Lourenco Goncalves
		Chairman and Chief Executive Officer


Date:	October 20, 2026

	By:	/s/ Celso L. Goncalves Jr.
		Celso L. Goncalves Jr.
		President and Chief Financial Officer


		Three Months Ended September 30, 2026
		(A)	(B)	(C)	(D)	(E)		(F)	(G)	(H)
Mine Name/ MSHA ID No.	Operation	Section 104 S&S Citations	Section 104(b) Orders	Section 104(d) Orders	Section 107(a) Orders	Total Dollar Value of MSHA Proposed Assessments (1)		Legal Actions Pending as of Last Day of Period (2)	Legal Actions Instituted During Period	Legal Actions Resolved During Period
Tilden / 2000422	Iron Ore	—	—	—	—	$	—	8	3	—
Empire / 2001012	Iron Ore	—	—	—	—	$	—	—	—	—
Northshore Plant / 2100831	Iron Ore	—	—	—	—	$	—	1	1	—
Northshore Mine / 2100209	Iron Ore	—	—	—	—	$	—	—	—	—
Hibbing / 2101600	Iron Ore	—	—	—	—	$	697	1	1	1
United Taconite Plant / 2103404	Iron Ore	2	—	—	—	$	—	4	2	—
United Taconite Mine / 2103403	Iron Ore	—	—	—	—	$	—	—	—	—
Minorca Mine / 2102449	Iron Ore	—	—	—	—	$	—	1	1	1
Virginia Point No. 1 Surface Mine / 4407172	Coal	—	—	—	—	$	—	—	—	—
Low Gap Surface Mine / 4605741	Coal	—	—	—	—	$	—	—	—	—
Eckman Surface Mine / 4608647	Coal	9	—	—	—	$	7,110	—	—	—
Redhawk Surface Mine / 4609300	Coal	—	—	—	—	$	—	—	—	—
Dry Branch Surface Mine / 4609395	Coal	—	—	—	—	$	—	—	—	—
Dans Branch Surface Mine / 4609517	Coal	—	—	—	—	$	—	—	—	—
Eckman Loadout / 4603341	Coal	3	—	—	—	$	—	—	—	—
Roadfork Loadout / 4608278	Coal	—	—	—	—	$	—	—	—	—
Eckman Plant / 4609357	Coal	3	—	—	—	$	980	—	—	—
Mine No. 35 / 4608131	Coal	—	—	—	—	$	—	—	—	—
Mine No. 39 / 4609261	Coal	—	—	—	—	$	—	—	—	—
Mine No. 43 / 4609496	Coal	—	—	—	—	$	—	—	—	—
Mine No. 44 / 4609523	Coal	2	—	—	—	$	209	—	—	1