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Cleveland-Cliffs completes $825 million Senior Unsecured Notes offering

March 2024

Client(s) Cleveland-Cliffs Inc.

Jones Day represented Cleveland-Cliffs Inc. (the "Company"), the largest flat-rolled steel producer and manufacturer of iron ore pellets in North America, in connection with its Rule 144A and Regulation S offering of $825 million aggregate principal amount of 7.000% Senior Unsecured Guaranteed Notes due 2032 (the "Notes").

The net proceeds from the Notes, along with cash on hand, will be used to repurchase $828.9 million aggregate principal amount of the Company's outstanding 6.750% Senior Secured Notes due in 2026 in a concurrent tender offer and redemption.

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