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© 2024 Cleveland-Cliffs Inc. 版權所有。21 預付債務計劃金額 2024 2025 2026 2027 2028 2029 2030+ 未償債務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——當前：所有時間均可全額預付當前：2025年3月：按101.167％看漲面值2027年3月15日當前：2025年3月：101.167％看漲面值2027年3月15日當前：2025年6月：100.979％看漲面值6月21日當前：2025年3月：2026年3月：102.313％看漲101.156％面值到期日看漲 3/1/2029 當前：2028 年 11 月：兩年內不可贖回按面值看漲期限 11/1/2029 當前：2026 年 4 月：2028 年 4 月：2028 年 4 月：103.375% 的不可贖回看漲期權 101.688% 按面值到期日看漲 4/15/2030 當前：2026 年 3 月：2028 年 3 月：2029 年 3 月：不可贖回看漲期權爲 102.438% 看漲價格 101.15% 當前看漲期權：2026年3月：2029年3月：不可贖回看漲期權爲101.438％ 625% 看漲率 100.813% 面值到期日看漲期權 3/1/2031 當前：2027 年 3 月：2028 年 3 月：2029 年 3 月：不可贖回看漲 103.500% 看漲價格 101.750% 面值到期日：2030 年 **** 年不可贖回票面值到期日 2028 年 5 月 1 日：5 月2029 年：2033 年 5 月到期的 800 美元新票據按面值看漲 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 美元新票據 ABL 543 6/2028 年看漲價格 25% 按面值看漲的息票加上50％的息率 7.000% 56 美元 3/2027 7.000% 73 3/2027 5.875% 到25年第二季度通過ABL融資機制和債券看漲時間表按面值預付的超過12億美元注意：2040年到期的6.250％優先票據在任何時候均按整體溢價預付

© 2024 Cleveland-Cliffs Inc. 版權所有。22 營運資本管理庫存餘額演變（百萬美元）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 持續關注減少庫存使現金流的產生更具彈性 ✓ 又有機會減少庫存和提取更多現金 ✓

© 2024 Cleveland-Cliffs Inc. 版權所有。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 年第二季度養老金和 OpeB 負債減少自美國航空收購以來，養老金/OpeB 淨負債減少了 37 億美元 N e t L ia b ili i i e s i n m 百萬美元將自2021年以來減少 88% 歷史淨養老金和開放式負債通過規模經濟談判降低醫療保費

© 2024 Cleveland-Cliffs Inc. 版權所有。24 MIDDLETOWN WORKS-DRI 工廠和電熔爐降低碳排放對產品質量沒有影響淨資本成本1 來自 D.O.E 的年度成本節省 13 美元（億美元）500 美元（百萬美元）450（百萬美元）預計完工2029 用最先進的 DRI-EMF 結構取代高爐 1扣除政府對現有高爐和焦炭廠階段的資金避免 1：合同談判、工程、許可證準備、初始場地準備（1 年）第 2 階段：詳細設計，批准許可證，現場工作（1年）第三階段：建築和設備安裝。DRI/EMF 的製造和交付（27 個月）第 4 階段：調試、啓動和升級活動

© 2024 Cleveland-Cliffs Inc. 版權所有。26 下游變壓器生產西弗吉尼亞州威爾頓被選爲配電變壓器生產廠的製造基地，淨投資1億美元，預計將獲得西弗吉尼亞州經濟發展局的5000萬美元支持 600名剩餘下崗員工的再就業機會將生產三相配電變壓器以支持供應嚴重不足的市場對Cliffs's Butler Works鋼廠生產的美國製造的GOES的需求增加新鋼廠的投資計劃配電變壓器生產工廠

© 2024 Cleveland-Cliffs Inc. 版權所有。28 10 15 20 25 30 30 35 45 1970 1980 1980 1990 1990 2005 2010 2010 2020 年 2020 年鋼鐵研究協會廢料模型與懸崖分析優質廢料供應已經萎縮了 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 因子總體供應萎縮產量提高製造業離岸外包

附錄

© 2024 Cleveland-Cliffs Inc. 版權所有。30 來源：公司文件 | 注意：截至2024年6月30日的LtM | (1) 使用預計 0.738 倍的 LtM 加元/美元平均值轉換爲美元 6 月 30 日調整後息稅折舊攤銷前利潤對賬淨收益（虧損）173 加元折舊（128）財務成本（120）所得稅支出（回收）：當前（24）遞延費用（29）財務收益和其他 43 加元息稅折舊攤銷前利潤 431 加元衍生資產虧損 (44) 其他成本 (9) 基於交易的成本和其他公司成本 (9) 經調整的息稅折舊攤銷前利潤 (美元) 493 加元調整後的息稅折舊攤銷前利潤 (美元) (1) 364 美元淨收益 (虧損) 92 美元所得稅支出 (36) 利息支出，淨額（266）折舊、損耗和攤銷（942）來自NCI 79的息稅折舊攤銷前利潤爲1,336美元商譽減值（125）出售業務的非現金收益 28 債務清償損失（27）其他，淨額（32）Weirton 無限期閒置（217）調整後的息稅折舊攤銷前利潤爲1,630美元 Cliffs and Stelco LtM 調整後息稅折舊攤銷前利潤對賬（百萬美元）（以百萬加元計）1,630 美元預計 lTM 調整後息稅折舊攤銷前利潤對賬 364 美元 (1) 2,114 美元成本協同效應（百萬美元）120 美元

© 2024 Cleveland-Cliffs Inc. 版權所有。31 CLEVELAND-CLIFFS 的歷史非公認會計准則調整後息稅折舊攤銷前利潤對賬來源：公司文件（百萬美元）截至12月31日的歷史年度，截至6月30日的六個月，2021 LtM 2022 2023 2023 2024 6/30/2024 淨收入 3,033 美元 1,376 美元 314 美元（44 美元）減去：利息支出，淨額（337）(277) (277) 6) (289) (156) (133) (266) 所得稅支出（收益）(773) (423) (148) (89) 23 (36) 折舊、損耗和攤銷 (897) (1,034) (973) (489) (458) (942) 息稅折舊攤銷前利潤總額爲5,040美元 3,109 美元 1,860 美元 1,048 美元 524 美元 1,336美元：非控股權益的息稅折舊攤銷前利潤 75 74 83 40 36 79 收購相關費用和調整 (197) (1) (12)-(12) 商譽減值-(125)-(125) 出售業務的非現金收益--28--28 威爾頓無限期閒置--(217) (217) 清償債務損失 (88) (75)-(27) 資產減值-(29)----其他，淨額 (27) (29) (25) (10) (5) (20) 調整後的息稅折舊攤銷前利潤總額爲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. 版權所有。32 CLEVELAND-CLIFFS的歷史非公認會計准則自由現金流對賬來源：公司申報表（百萬美元）截至2021年12月31日的歷史年度 2022 06/30/2024 經營活動提供的淨現金 2,785 美元 2,423 美元 2,267 美元減去：購買不動產、廠房和設備 (705) (943) (646) (646) (666) 自由現金流 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