CLF · Cleveland-Cliffs Inc. · Executive Compensation

$12.20 +0.88 (+7.77%) At close · Oct 5

S&P 400 member Russell 1000 member Rebalance outlook locked

Market Cap

$6.47B

570.54M

Volume · Oct 5 25.37M Avg daily vol (3M) 18.65M

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$2,201,000	—	$12,874,374	—	$3,345,520	$105,647	$19,023,041
Clifford T. Smith	EVP, COO	$893,000	—	$3,917,585	—	$814,416	$51,331	$5,870,032
Celso L. Goncalves Jr	EVP, CFO	$850,000	—	$3,728,937	—	$775,200	$73,718	$5,535,355
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$738,000	—	$3,237,591	—	$673,056	$43,568	$4,774,415
James D. Graham	EVP, Chief Legal and Administrative Officer & Secretary 2025 amounts in columns (c) and (e) reflect the salary and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the NQDC Plan and certain other benefit plans. The 2025 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for our NEOs in 2025: Goncalves	$720,000	—	$2,807,663	—	$547,200	$46,320	$4,272,083

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$2,201,000	—	$11,469,565	—	$880,400	$121,632	$15,248,897
Clifford T. Smith	EVP, COO	$893,000	—	$3,490,106	—	$214,320	$52,660	$4,771,686
Celso L. Goncalves Jr	EVP, CFO	$850,000	—	$3,322,043	—	$204,000	$62,339	$4,494,082
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$738,000	—	$2,884,320	—	$177,120	$47,305	$3,945,645
James D. Graham	EVP, Chief Legal and Administrative Officer & Secretary 2024 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the NQDC Plan and certain other benefit plans. The 2024 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2024: Goncalves	$720,000	—	$2,501,338	—	$144,000	$45,740	$3,502,178

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$2,116,000	—	$11,860,431	—	$10,150,235	$112,655	$26,183,928
Clifford T. Smith	EVP, COO	$859,000	—	$3,611,091	—	$2,479,086	$50,930	$7,808,307
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$710,000	—	$2,984,710	—	$1,921,479	$41,700	$5,897,389
Celso L. Goncalves Jr	EVP, CFO	$750,000	—	$3,152,903	—	$1,555,254	$72,357	$5,740,614
James D. Graham	EVP, Chief Legal and Administrative Officer & Secretary 2024 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the NQDC Plan and certain other benefit plans. The 2024 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2024: Goncalves	$681,000	—	$2,544,728	—	$1,598,460	$43,810	$5,383,273

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$2,035,000	—	$9,260,335	—	$6,924,868	$236,575	$18,457,351
Maurice D. Harapiak	Former EVP, HR & Chief Administration Officer 2022 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2022 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2022: Goncalves	$196,875	—	$1,733,872	—	$733,956	$4,426,247	$7,091,054
Clifford T. Smith	EVP, COO	$826,000	—	$2,364,331	—	$1,699,684	$62,659	$4,952,674
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$683,000	—	$2,167,293	—	$1,103,769	$49,839	$4,003,901
Celso L. Goncalves Jr	EVP, CFO	$660,000	—	$2,167,293	—	$714,669	$71,197	$3,613,159
James D. Graham	EVP, Chief Legal and Administrative Officer & Secretary 2024 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the NQDC Plan and certain other benefit plans. The 2024 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2024: Goncalves	$647,083	—	$1,733,872	—	$948,324	$48,614	$3,378,033

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$1,938,000	$3,876,000	$7,060,185	—	$10,760,320	$439,333	$24,494,731
Clifford T. Smith	EVP & President, Cleveland-Cliffs Steel	$765,000	$918,000	$1,741,806	—	$2,521,100	$84,870	$6,116,476
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$590,667	$780,000	$1,021,860	—	$1,645,636	$34,976	$4,192,839
Terry G. Fedor	EVP, Operations, East	$600,000	$600,000	$1,092,923	—	$1,602,410	$114,191	$4,034,224
Maurice D. Harapiak	Former EVP, HR & Chief Administration Officer 2022 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2022 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2022: Goncalves	$561,000	$561,000	$1,021,860	—	$1,532,210	$77,899	$3,817,840
Celso L. Goncalves Jr	EVP, CFO	$404,667	$550,000	$453,563	—	$862,493	$46,229	$2,359,852
James D. Graham	EVP, HR, Chief Legal and Administrative Officer & Secretary 2023 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2023 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2023: Goncalves	—	—	—	—	—	—	—

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$1,810,016	$3,800,000	$4,127,534	—	$7,472,000	$616,957	$18,511,405
Clifford T. Smith	EVP & President, Cleveland-Cliffs Steel	$706,218	$900,000	$1,018,304	—	$1,406,940	$65,180	$4,330,842
Terry G. Fedor	EVP, Operations, East	$531,699	$550,000	$597,410	—	$1,056,940	$208,629	$3,165,278
Maurice D. Harapiak	Former EVP, HR & Chief Administration Officer 2022 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2022 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2022: Goncalves	$531,699	$550,000	$597,410	—	$1,056,940	$59,305	$2,958,623
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$489,006	$500,000	$543,095	—	$500,000	$28,110	$2,225,711
James D. Graham	EVP, HR, Chief Legal and Administrative Officer & Secretary	—	—	—	—	—	—	—
Celso L. Goncalves Jr	EVP, CFO	—	—	—	—	—	—	—

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$1,391,000	—	$5,891,147	—	$7,367,984	$255,931	$16,066,089
Clifford T. Smith	EVP & President, Cleveland-Cliffs Steel	$511,000	—	$1,352,622	—	$1,392,921	$38,881	$3,714,724
Terry G. Fedor	EVP, Operations, East	$439,000	—	$813,422	—	$1,110,020	$32,737	$2,749,779
Maurice D. Harapiak	EVP, HR & Chief Administration Officer 2021 amounts in columns (c), (d) and (g) reflect the salary, bonus and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2021 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2021: Goncalves	$439,000	—	$813,422	—	$1,096,592	$39,489	$2,637,785
Timothy K. Flanagan	Former EVP, CFO 2019 amounts in columns (c) and (g) reflect the salary and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2019 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2019:	$53,000	—	—	—	$266,428	$1,964,283	$2,468,984
Keith A. Koci	EVP & President, Cleveland-Cliffs Services	$378,413	—	$787,478	—	$611,517	$224,843	$2,002,251
Celso L. Goncalves Jr	EVP, CFO	—	—	—	—	—	—	—

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$1,350,000	—	$4,776,554	—	$8,280,000	$697,352	$15,443,927
Maurice D. Harapiak	EVP, HR & Chief Administration Officer 2020 amounts in columns (c), (d) and (g) reflect the salary, bonus, and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2020 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2020: 401(k) CONTRIBUTION ($) Goncalves Koci Smith (a) Fedor (a) Harapiak (a) Messrs. Smith and Fedor's total 401(k) contribution exceeds the IRS 2020 contribution limit of 19,500. Individuals who are age 50 or over at the end of the calendar year can make an annual catch-up contribution up to 6,500.	$426,000	—	$659,422	—	$1,243,866	$40,680	$2,411,740
Terry G. Fedor	EVP, COO, Steel Mills	$426,000	—	$659,422	—	$1,275,466	$36,442	$2,405,930
Clifford T. Smith	EVP, COO	$426,000	—	$659,422	—	$1,275,466	$31,455	$2,392,343
Timothy K. Flanagan	Former EVP, CFO 2019 amounts in columns (c) and (g) reflect the salary and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2019 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2019:	$412,000	—	$637,763	—	$1,014,800	$31,435	$2,095,998
Keith A. Koci	EVP, CFO	—	—	—	—	—	—	—

Fiscal 2017

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Lourenco Goncalves	Chairman, President and CEO	$1,300,000	$4,650,000	$11,858,417	—	$4,565,940	$536,946	$23,561,505
Clifford T. Smith	EVP, COO	$414,000	$673,350	$787,575	—	$588,939	$36,888	$2,658,552
Terry G. Fedor	EVP, Operations	$414,000	$673,350	$787,575	—	$588,939	$24,258	$2,627,922
Maurice D. Harapiak	EVP, HR & Chief Administration Officer	$400,000	$623,100	$760,951	—	$566,791	$39,124	$2,390,031
Timothy K. Flanagan	Former EVP, CFO 2019 amounts in columns (c) and (g) reflect the salary and non-equity incentive plan compensation for each NEO, respectively, before pre-tax reductions for contributions to the 401(k) Savings Plan, the 2012 NQDC Plan and certain other benefit plans. The 2019 salary for each of the NEOs includes his base salary before the employee's contributions to the 401(k) Savings Plan. The following table summarizes salary contributions for the 401(k) Savings Plan for NEOs in 2019:	$400,000	$318,000	$760,951	—	$540,829	$30,553	$2,194,333
Keith A. Koci	EVP, CFO	—	—	—	—	—	—	—

Executive changes

Person	Role	Change	Effective	Filed
Celso L. Goncalves Jr.	member of the Board	Appointed	2026-07-21	2026-07-24
Edilson T. Camara	Chairman of the Compensation and Organization Committee of the Board	Appointed	2026-02-22	2026-02-23
Ralph S. Michael, III	Lead Director of the Board	Appointed	2026-02-22	2026-02-23
Douglas C. Taylor	Lead Director of the Board of Directors	Resigned	2026-02-22	2026-02-23
Edilson Camara	Board	Appointed	2025-11-12	2025-11-12
Jane M. Cronin	Director	Appointed	2025-01-03	2025-01-03
Janet L. Miller	member of the Board of Directors	Resigned	2024-06-28	2024-06-28
Ron A. Bloom	member of the Board of Directors	Appointed	2024-01-03	2024-01-03

Key facts CIK 764065 CUSIP 185899101 13F (30d) 12 filings 12 filers Visit website Investor relations