[Ferro-Alloys.com] Cleveland-Cliffs Announces Upsizing and Pricing of $850 Million of Senior Unsecured

Cleveland-Cliffs Inc. announced today that it has upsized and priced $850 million aggregate principal amount of Senior Unsecured Guaranteed Notes due 2034 (the “Notes”) in an offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Notes will bear interest at an annual rate of 7.625% and will be issued at par. The Notes will be guaranteed on a senior unsecured basis by Cliffs’ material direct and indirect wholly-owned domestic subsidiaries, other than certain excluded subsidiaries. The Notes offering is expected to close on September 8, 2025, subject to the satisfaction of customary closing conditions.

Cliffs intends to use the net proceeds from the Notes to redeem all of its outstanding 5.875% Senior Guaranteed Notes due 2027, 7.00% Senior Guaranteed Notes due 2027 and AK Steel 7.00% Senior Notes due 2027 (collectively, the “2027 Notes”) and repay borrowings under its asset-based credit facility.

This news release does not constitute a notice of redemption with respect to any series of 2027 Notes or an offer to sell or the solicitation of an offer to buy any securities. The Notes and related guarantees are being offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. The Company is vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.

• [Editor:tianyawei]