CLEVELAND-CLIFFS INC. For additional factors affecting the business of Cliffs, refer to Part I, Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the U.S. Securities and Exchange Commission. 2 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. 3 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. 3 © 2026 Cleveland-Cliffs Inc. All Rights Reserved. Third-Quarter 2026 Earnings Presentation October 19, 2026 © 2026 Cleveland-Cliffs Inc. All Rights ...