CLEVELAND-CLIFFS INC.

The performance comparator group focuses on steel, metals and commodity mineral mining companies that generally will be affected by the same long-term market conditions that affect us. The Compensation Committee evaluates this comparator group for each new cycle of the performance cash and performance share program based on recommendations made by its independent compensation consultant and makes adjustments as needed based on changes in the industry makeup and relevance of our specific comparators. The performance comparator group used to assess performance for performance cash and share incentive awards is not the same as the comparator group used to assess the competitiveness of our compensation, because the latter is limited to those companies who are more similar in revenue and industry. Compared to the performance comparator group used for the 2024 performance cash incentive and performance share awards that are tied to relative TSR, this group added Centrus Energy, Gatos Silver, Ivanhoe Electric, Mcewen Mining and Warrior Met Coal, and it removed Haynes International Inc and Piedmont Lithium Inc.

2025 – 2027 Performance Cash Incentive Awards, Performance Share Awards and Restricted Stock Unit Grants. On February 19, 2025, the Compensation Committee approved target performance cash incentive awards, performance share awards and restricted stock unit awards for our NEOs under the 2021 Equity Plan. The number of shares subject to the awards granted to each NEO was determined by dividing the applicable grant values by the 60-day average closing price of our common shares ending on the date of grant ($10.70 for grants made in February 2025). The use of the 60-day average price to calibrate the number of units granted limits the potential to grant an unusually high or low number of units due to an exceptionally low or high share price on the date of grant. The following amounts of performance cash incentive awards, performance share awards and restricted stock units granted at the closing share price of $11.85 per share on February 19, 2025, the date of grant, were awarded to our NEOs for the 2025 – 2027 performance period:

2024– 2026 Performance Cash Incentive Awards, Performance Share Awards and Restricted Stock Unit Grants. In 2024, the Compensation Committee approved target performance cash incentive awards, performance share awards and restricted stock unit awards under the 2021 Equity Plan for our NEOs. The restricted stock unit awards generally vest on December 31, 2026, and are payable in our common shares. The performance awards utilize essentially the same payout matrix as designed for the 2025 performance awards and will pay out, to the extent earned, in common shares and cash in early 2027, but they are not yet earned or determinable.

Payout Determined for the 2023 – 2025 Long-Term Incentive Grant – Performance Cash and Shares; Restricted Stock Unit Vesting. Our 2023 performance awards, under the 2021 Equity Plan, utilized essentially the same payout matrix as designed for the 2025 performance awards. In January 2026, the Compensation Committee determined that, for the three-year performance period ended on December 31, 2025, we achieved relative TSR performance below threshold goal (7.6 percentile) of our constituent companies in the SPDR S&P Metals and Mining ETF at the beginning of the three-year performance period, which started on January 1, 2023, resulting in a payout level of 0.0% for the performance cash and performance share awards. In addition, the 2023 restricted stock unit awards vested according to their terms on December 31, 2025.