a20241008-8xkxex991

© 2024 Cleveland-Cliffs Inc. 版权所有。21 预付债务计划金额 2024 2025 2026 2027 2028 2029 2030+ 未偿债务到期日第四季度第一季度第二季度第四季度第二季度第三季度第四季度第一季度第三季度第四季度第一季度第三季度第四季度第四季度第四季度第一季度第三季度第四季度——当前：所有时间均可全额预付当前：2025年3月：按101.167％看涨面值2027年3月15日当前：2025年3月：101.167％看涨面值2027年3月15日当前：2025年6月：100.979％看涨面值6月21日当前：2025年3月：2026年3月：102.313％看涨101.156％面值到期日看涨 3/1/2029 当前：2028 年 11 月：两年内不可赎回按面值看涨期限 11/1/2029 当前：2026 年 4 月：2028 年 4 月：2028 年 4 月：103.375% 的不可赎回看涨期权 101.688% 按面值到期日看涨 4/15/2030 当前：2026 年 3 月：2028 年 3 月：2029 年 3 月：不可赎回看涨期权为 102.438% 看涨价格 101.15% 当前看涨期权：2026年3月：2029年3月：不可赎回看涨期权为101.438％ 625% 看涨率 100.813% 面值到期日看涨期权 3/1/2031 当前：2027 年 3 月：2028 年 3 月：2029 年 3 月：不可赎回看涨 103.500% 看涨价格 101.750% 面值到期日：2030 年 5 月：3.5 年不可赎回票面值到期日 2028 年 5 月 1 日：5 月2029 年：2033 年 5 月到期的 800 美元新票据按面值看涨 50% 加上面值的 25% 的息票 3/2031 美元 3254.875% 3/2032 美元 1,4257.000% 556 6/2027 4.625% 368 4/2030 美元 7506.750% 2026 年 3 月 2029 年 11 月：2029 年 11 月到期的 800 美元新票据 ABL 543 6/2028 年看涨价格 25% 按面值看涨的息票加上50％的息率 7.000% 56 美元 3/2027 7.000% 73 3/2027 5.875% 到25年第二季度通过ABL融资机制和债券看涨时间表按面值预付的超过12亿美元注意：2040年到期的6.250％优先票据在任何时候均按整体溢价预付

© 2024 Cleveland-Cliffs Inc. 版权所有。22 营运资本管理库存余额演变（百万美元）5,562 美元 5,784 美元 5,542 美元 5,130 美元 4,923 美元 4,727 美元 4,460 美元 4,449 美元 4,449 美元 4,449 美元第一季度 22 第二季度 22 第二季度 23 第二季度 23 Q3 23 Q4 23 Q4 23 Q4 24 Q2 24 Q2 持续关注减少库存使现金流的产生更具弹性 ✓ 又有机会减少库存和提取更多现金 ✓

© 2024 Cleveland-Cliffs Inc. 版权所有。23 $4,207 $4,007 $3,931 $3,847 $2,872 $2,784 2,495 $813 778 747 717 586 $496 $496 2021 年第四季度 2021 年第一季度 2021 年第一季度 2023 年第三季度 2023 年第三季度 2023 年第四季度 2023 年第三季度 2023 年第三季度 2023 年第一季度 2024 年第二季度养老金和 OpeB 负债减少自美国航空收购以来，养老金/OpeB 净负债减少了 37 亿美元 N e t L ia b ili i i e s i n m 百万美元将自2021年以来减少 88% 历史净养老金和开放式负债通过规模经济谈判降低医疗保费

© 2024 Cleveland-Cliffs Inc. 版权所有。24 MIDDLETOWN WORKS-DRI 工厂和电熔炉降低碳排放对产品质量没有影响净资本成本1 来自 D.O.E 的年度成本节省 13 美元（亿美元）500 美元（百万美元）450（百万美元）预计完工2029 用最先进的 DRI-EMF 结构取代高炉 1扣除政府对现有高炉和焦炭厂阶段的资金避免 1：合同谈判、工程、许可证准备、初始场地准备（1 年）第 2 阶段：详细设计，批准许可证，现场工作（1年）第三阶段：建筑和设备安装。DRI/EMF 的制造和交付（27 个月）第 4 阶段：调试、启动和升级活动

© 2024 Cleveland-Cliffs Inc. 版权所有。26 下游变压器生产西弗吉尼亚州威尔顿被选为配电变压器生产厂的制造基地，净投资1亿美元，预计将获得西弗吉尼亚州经济发展局的5000万美元支持 600名剩余下岗员工的再就业机会将生产三相配电变压器以支持供应严重不足的市场对Cliffs's Butler Works钢厂生产的美国制造的GOES的需求增加新钢厂的投资计划配电变压器生产工厂

© 2024 Cleveland-Cliffs Inc. 版权所有。28 10 15 20 25 30 30 35 45 1970 1980 1980 1990 1990 2005 2010 2010 2020 年 2020 年钢铁研究协会废料模型与悬崖分析优质废料供应已经萎缩了 50 多年 Pri m e s ra p su p ly i n mill io n g ro s s s t o n s 因子总体供应萎缩产量提高制造业离岸外包

附录

© 2024 Cleveland-Cliffs Inc. 版权所有。30 来源：公司文件 | 注意：截至2024年6月30日的LtM | (1) 使用预计 0.738 倍的 LtM 加元/美元平均值转换为美元 6 月 30 日调整后息税折旧摊销前利润对账净收益（亏损）173 加元折旧（128）财务成本（120）所得税支出（回收）：当前（24）递延费用（29）财务收益和其他 43 加元息税折旧摊销前利润 431 加元衍生资产亏损 (44) 其他成本 (9) 基于交易的成本和其他公司成本 (9) 经调整的息税折旧摊销前利润 (美元) 493 加元调整后的息税折旧摊销前利润 (美元) (1) 364 美元净收益 (亏损) 92 美元所得税支出 (36) 利息支出，净额（266）折旧、损耗和摊销（942）来自NCI 79的息税折旧摊销前利润为1,336美元商誉减值（125）出售业务的非现金收益 28 债务清偿损失（27）其他，净额（32）Weirton 无限期闲置（217）调整后的息税折旧摊销前利润为1,630美元 Cliffs and Stelco LtM 调整后息税折旧摊销前利润对账（百万美元）（以百万加元计）1,630 美元预计 lTM 调整后息税折旧摊销前利润对账 364 美元 (1) 2,114 美元成本协同效应（百万美元）120 美元

© 2024 Cleveland-Cliffs Inc. 版权所有。31 CLEVELAND-CLIFFS 的历史非公认会计准则调整后息税折旧摊销前利润对账来源：公司文件（百万美元）截至12月31日的历史年度，截至6月30日的六个月，2021 LtM 2022 2023 2023 2024 6/30/2024 净收入 3,033 美元 1,376 美元 314 美元（44 美元）减去：利息支出，净额（337）(277) (277) 6) (289) (156) (133) (266) 所得税支出（收益）(773) (423) (148) (89) 23 (36) 折旧、损耗和摊销 (897) (1,034) (973) (489) (458) (942) 息税折旧摊销前利润总额为5,040美元 3,109 美元 1,860 美元 1,048 美元 524 美元 1,336美元：非控股权益的息税折旧摊销前利润 75 74 83 40 36 79 收购相关费用和调整 (197) (1) (12)-(12) 商誉减值-(125)-(125) 出售业务的非现金收益--28--28 威尔顿无限期闲置--(217) (217) 清偿债务损失 (88) (75)-(27) 资产减值-(29)----其他，净额 (27) (29) (25) (10) (5) (20) 调整后的息税折旧摊销前利润总额为5,277美元 3,169美元 1,911美元 1,018美元 737美元 1,630美元

© 2024 Cleveland-Cliffs Inc. 版权所有。32 CLEVELAND-CLIFFS的历史非公认会计准则自由现金流对账来源：公司申报表（百万美元）截至2021年12月31日的历史年度 2022 06/30/2024 经营活动提供的净现金 2,785 美元 2,423 美元 2,267 美元减去：购买不动产、厂房和设备 (705) (943) (646) (646) (666) 自由现金流 2,080 美元 1,480 1,621 美元 1,414 美元

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.14 SUBSTANTIAL COST SYNERGY OPPORTUNITIES ~$120 million in annual savings with no impact to union jobs Primary Opportunities ✓ Increased throughput at low-cost Lake Erie Works with HBI use in BF & BOF ✓ Optimization of overlapping capabilities and material flows ✓ Use of excess low-cost coke within U.S. footprint ✓ Procurement savings – raw materials, freight, supplies, insurance, etc ✓ Expansion from single-mill operation into larger footprint ✓ Streamlining of coinciding projects ✓ Public company and overhead savings Synergy estimate of 5% of target revenue in line with precedent Steel M&A transactions History of Outperforming Initial Synergy Estimates Source: Company Filings Additional Opportunities Transaction Value USA Cost Synergies Planned Planned vs. Achieved $3.0 billion $120 million Overachieved $3.3 billion $150 million Overachieved

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.15 STELCO TRANSACTION CLOSING TIMELINE Remains on track for a Q4’24 transaction close U.S. DOJ Antitrust Completed Investment Canada Act Expected Q4’24 Stelco Shareholder Vote Completed (99.97%) Stelco Transaction Close Expected Q4’24 Clear Path to Close • Supportive conversations with key political and union officials • ICA Undertakings support net benefit to Canada • No meaningful overlap in product types or markets served • Commitments to maintain employment levels in Canada Competition Canada Act Expected Q4’24

CLEVELAND-CLIFFS CORPORATE AND FINANCIAL OVERVIEW

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.17 TOP PRIORITIES Continue Cost Reduction Maximize commercial strengths Progress value-enhancing projects Reprioritize debt repayment Opportunistic M&A Significant year-over-year cost reductions and further reductions expected into 2025 $600 million+ annual EBITDA improvement from Middletown, Butler & Weirton Quickly deleverage balance sheet following Stelco acquisition close Close the Stelco acquisition in the fourth quarter of 2024 Five key management focus items Continue to emphasize automotive market while diversifying geographically NEAR TERM PRIORITIES

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.18 BALANCE SHEET STRENGTH POST-ACQUISITION Flexibility to execute strategic, operational and financial opportunities PF Leverage Liquidity $3.5 Billion 2.8x Note: All metrics based on pro-forma company post Stelco acquisition. Leverage ratio based on LTM 6/30/24 Adj. EBITDA. $685 $543 2024 2025 2026 2027 2028 Pro-Forma 5-Year Debt Maturity No near-term maturities with clear runway until 2027 ABL Facility In M ill io n s Secured Capacity Over $3 Billion

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.19 Cliffs’ Standalone Capex LOWER 2025 CAPEX TARGET 2025 Capex Target D o lla rs i n M ill io n s ▪ $600 million targeted total standalone capex ▪ Updated strategic capital timeline and refined spend estimates ▪ Reduced sustaining capex due to catch-up maintenance cycle ▪ Sustaining capex avoidance related to strategic projects ▪ Inclusive of capital spend for Middletown, Butler and Weirton strategic projects 2021 2022 2023 2024E 2025E $705 $943 $646 $675 $100 $500 Strategic Projects Sustaining $600 Significant Repair & Maintenance Cycle Completed Target 2025

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.20 Cliffs’ Annual Free Cash Flow FREE CASH FLOW HISTORY More than $1.4 billion of FCF each year since transformation Proven ability to generate free cash flow through the cycle Track record of quickly deleveraging following acquisitions Note: Free Cash Flow is a non-GAAP financial measure. For a reconciliation to the nearest GAAP financial measure see the Appendix to this presentation $2,080 $1,480 $1,621 $1,414 2021 2022 2023 TTM D o lla rs i n M ill io n s

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.21 PREPAYABLE DEBT SCHEDULE Amount in Millions 2024 2025 2026 2027 2028 2029 2030+ Debt Outstanding Maturity Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -- Current: Fully Prepayable at All Times Matures 6/9/2028 Current: March 2025: Call at 101.167% Call at Par Matures 3/15/2027 Current: March 2025: Call at 101.167% Call at Par Matures 3/15/2027 Current: June 2025: Call at 100.979% Call at Par Matures 6/1/2027 Current: March 2025: March 2026: Call at 102.313% Call at 101.156% Call at Par Matures 3/1/2029 Current: November 2028: Non-callable for 2 years Call at Par Matures 11/1/2029 Current: April 2026: April 2027: April 2028: Non-callable Call at 103.375% Call at 101.688% Call at Par Matures 4/15/2030 Current: March 2026: March 2027: March 2028: March 2029: Non-callable Call at 102.438% Call at 101.625% Call at 100.813% Call at Par Matures 3/1/2031 Current: March 2027: March 2028: March 2029: Non-callable Call at 103.500% Call at 101.750% Call at Par Matures 3/15/2032 Current: May 2030: Non-callable for 3.5 years Call at Par Matures 5/1/2033 May 2028: May 2029: New $800 Notes due 5/2033 Call at Par Plus 50% of Coupon Call at Par Plus 25% of Coupon 3/2031$3254.875% 3/2032$1,4257.000% $556 6/2027 4.625% $368 4/2030$7506.750% 3/2029 November 2026: November 2027: New $800 Notes due 11/2029 ABL $543 6/2028 Call at Par Plus 25% of Coupon Call at Par Plus 50% of Coupon 7.000% $56 3/2027 7.000% $73 3/2027 5.875% Over $1.2 billion prepayable at par by Q2’25 via ABL facility and bond call schedule Note: 6.250% Senior Notes due 2040 are prepayable at a make-whole premium at all times

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.22 WORKING CAPITAL MANAGEMENT Inventory Balance Evolution ($ in millions) $5,562 $5,784 $5,542 $5,130 $4,923 $4,727 $4,592 $4,460 $4,449 $4,199 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 ✓ Continued focus on inventory reduction has made cash flow generation more resilient ✓ Further opportunity to reduce inventory and extract more cash

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.23 $4,207 $4,007 $3,931 $3,847 $2,872 $2,784 $2,702 $2,495 $813 $778 $747 $717 $586 $540 $496 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 PENSION AND OPEB LIABILITY REDUCTION $3.7 billion reduction in pension/OPEB net liabilities since AM USA acquisition N e t L ia b ili ti e s i n $ M ill io n s 88% reduction since 2021 Historical Net Pension and OPEB Liabilities Negotiated lower healthcare premiums through economies of scale

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.24 MIDDLETOWN WORKS - DRI PLANT AND ELECTRIC MELTING FURNACES Lower Carbon Emissions No Impact to Product Quality Net Capital Cost1 Award From D.O.E. Annual Cost Savings $1.3 (billion) $500 (million) $450 (million) Expected Completion2029 Replacement of Blast Furnace with State-of-the-Art DRI-EMF structure 1Net of government funding and capital avoidance on the existing blast furnace and coke plants Phase 1: Contract negotiations, engineering, permit preparation, initial site prep (1 year) Phase 2: Detailed design, approval of permits, site work (1 year) Phase 3: Construction and equipment installation. Fabrication and delivery of the DRI/EMFs (27 months) Phase 4: Commissioning, start-up, and ramp-up activities

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.25 BUTLER WORKS - INDUCTION REHEAT FURNACES Lower Carbon Emissions Increased Yield Net Capital Cost1 Award From D.O.E. Annual Cost Savings ~$100 (million) $75 (million) $80 (million) Would replace two existing natural gas fired slab reheat furnaces with four electrified Induction Slab Reheat Furnaces Expected Completion2029 1Net of government funding

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.26 DOWNSTREAM TRANSFORMER PRODUCTION Weirton, WV selected for manufacturing site of distribution transformer production plant $100 million net investment with $50 million in expected support from West Virginia Economic Development Authority Re-employment opportunities for 600 remaining laid off employees Will produce three-phase distribution transformers to support highly undersupplied market Provides increased demand for American-made GOES produced at Cliffs’ Butler Works steel mill Investment Plans for New Electrical Distribution Transformer Production Plant

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.27 BEST IN CLASS INTEGRATED EMISSIONS PROFILE 2.15(1) 1.98 1.57 1.54 Global Average Stelco to further leverage Cliffs’ industry leading technology to continue to reduce emissions Note: (1) CRU as of 2/22/24 2023 Average Intensity of Integrated Mills (Scope 1 & 2) Metric tons CO2e / metric ton crude steel

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.28 10 15 20 25 30 35 40 45 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Steel Research Associates, LLC Scrap Model & Cliffs Analysis PRIME SCRAP SUPPLY HAS BEEN SHRINKING FOR 50+ YEARS Prime Scrap Supply (including home scrap) P ri m e S c ra p S u p p ly I n M ill io n G ro s s T o n s Factors shrinking prime supply Overall improvements in yield Manufacturing offshoring

APPENDIX

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.30 Source: Company Filings | Note: LTM as of 6/30/2024 | (1) Figures converted to USD using average LTM CAD / USD of 0.738x Pro Forma LTM 6/30/24 ADJUSTED EBITDA RECONCILIATION Net Income (loss) C$173 Depreciation (128) Finance Costs (120) Income Tax Expense (recovery): Current (24) Deferred (29) Finance Income and Other 43 EBITDA C$431 Loss on Derivative Asset (44) Other Costs (9) Transaction-based and Other Corporate Costs (9) Adj. EBITDA C$493 Adj. EBITDA ($USD)(1) $364 Net Income (loss) $92 Income Tax Expense (36) Interest Expense, net (266) Depreciation, Depletion & Amortization (942) EBITDA $1,336 EBITDA from NCI 79 Goodwill Impairment (125) Non-Cash Gain on Sale of Business 28 Loss on Debt Extinguishment (27) Other, Net (32) Weirton Indefinite Idle (217) Adj. EBITDA $1,630 Cliffs and Stelco LTM Adjusted EBITDA Reconciliation ($ in millions) (C$ in millions) $1,630 Pro Forma LTM Adjusted EBITDA Reconciliation $364(1) $2,114 Cost Synergies ($ in millions) $120

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.31 CLEVELAND-CLIFFS’ HISTORICAL NON-GAAP ADJUSTED EBITDA RECONCILIATIONS Source: Company Filings ($ in Millions) Historical Year Ended December 31, Six Months Ended June 30, LTM 2021 2022 2023 2023 2024 6/30/2024 Net Income $3,033 $1,376 $450 $314 ($44) $92 Less: Interest Expense, net (337) (276) (289) (156) (133) (266) Income Tax Expense (benefit) (773) (423) (148) (89) 23 (36) Depreciation, Depletion & Amortization (897) (1,034) (973) (489) (458) (942) Total EBITDA $5,040 $3,109 $1,860 $1,048 $524 $1,336 Less: EBITDA of Noncontrolling Interests 75 74 83 40 36 79 Acquisition-Related Expenses and Adjustments (197) (1) (12) - - (12) Goodwill Impairment - - (125) - - (125) Non-cash Gain on Sale of Business - - 28 - - 28 Wierton Indefinite Idle - - - - (217) (217) Loss on Extinguishment of Debt (88) (75) - - (27) (27) Asset Impairment - (29) - - - - Other, Net (27) (29) (25) (10) (5) (20) Total Adj. EBITDA $5,277 $3,169 $1,911 $1,018 $737 $1,630

© 2024 Cleveland-Cliffs Inc. All Rights Reserved.32 CLEVELAND-CLIFFS’ HISTORICAL NON-GAAP FREE CASH FLOW RECONCILIATIONS Source: Company Filings ($ in Millions) Historical Year Ended December 31, LTM 2021 2022 2023 6/30/2024 Net cash provided by operating activities $2,785 $2,423 $2,267 $2,080 Less: Purchase of property, plant and equipment (705) (943) (646) (666) Free Cash Flow $2,080 $1,480 $1,621 $1,414