Cleveland-Cliffs Inc. (NYSE: CLF) announced today a tentative agreement with the United Steelworkers (USW) for a new 53-month labor contract that is effective as of April 1, 2021. The new contract will cover approximately 300 USW-represented workers.

Lourenco Goncalves, Chairman, President and CEO, stated, “We are pleased to reach a new labor contract with the USW for our employees at Mansfield Works, one of our several EAF steel mills. As we have done in previous Union contract negotiations, once again the Cliffs’ team was able to expeditiously get to a deal that is fair and equitable to both parties.” Mr. Goncalves added, “Cleveland-Cliffs sees the USW as a very important partner with a lot more in common with our Company than disagreements, and that’s why we can get deals done fairly quickly while others often struggle to find common ground with the Union. This agreement provides Cleveland-Cliffs a competitive cost structure for future success, and we look forward to continuing our strong partnership with the USW, providing good paying middle class union jobs to our employees.”

The agreement is pending ratification by USW local union memberships. No additional details will be released at this time pending ratification.

About Cleveland-Cliffs Inc. Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, we are also the largest producer of iron ore pellets in North America. In 2020, we acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating our legacy iron ore business with quality-focused steel production and emphasis on the automotive end market. Our fully integrated portfolio includes custom-made pellets and hot briquetted iron (HBI); flat-rolled carbon steel, stainless, electrical, plate, tinplate and long steel products; as well as carbon and stainless steel tubing, hot and cold stamping and tooling. Headquartered in Cleveland, Ohio, we employ approximately 25,000 people across our mining, steel and downstream manufacturing operations in the United States and Canada.

MEDIA CONTACT:

Patricia Persico Director, Corporate Communications (216) 694-5316

INVESTOR CONTACT:

Paul Finan Vice President, Investor Relations (216) 694-6544

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