CLEVELAND-CLIFFS INC.

Cleveland-Cliffs Inc. announced the appointment of Celso L. Goncalves Jr. as President and Chief Financial Officer, effective July 21, 2026. He was also appointed to the company's Board of Directors. His father, Lourenco Goncalves, will continue as Chairman and CEO, relinquishing the President title. In connection with his new role, Celso Goncalves' annual base salary was increased to $1,000,000, and his severance multiple was extended from two to three years.

Cleveland-Cliffs Inc. reported a significant narrowing of its net loss for the second quarter of 2026, with net loss attributable to shareholders at $145 million, a substantial improvement from $486 million in Q2 2025. Revenues for the quarter increased by 6% to $5,226 million. Adjusted EBITDA also saw a strong rebound, reaching $286 million compared to $94 million in the prior year period. The company also noted an immaterial error correction for prior periods and discussed a new accounting pronouncement.

Cleveland-Cliffs Inc. reported second-quarter 2026 financial results, with revenues of $5.2 billion and an adjusted EBITDA of $286 million, marking a significant sequential improvement. Despite a GAAP net loss of $134 million, the company's CEO highlighted a return to positive free cash flow and initiated debt reduction. The outlook for the second half of 2026 is optimistic, with expectations for continuous earnings improvement, strong domestic market demand, and a projected Q3 adjusted EBITDA of $575 million.

CLEVELAND-CLIFFS INC. filed its Quarterly Report on Form 10-Q for the period ended March 31, 2026. The company confirmed its status as a large accelerated filer and reported 570,414,657 common shares outstanding as of April 21, 2026. The filing includes unaudited condensed consolidated financial statements and management's discussion and analysis.