CLEVELAND-CLIFFS INC.

This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting. Page references are supplied to help you find further information. Throughout this proxy statement, Cleveland-Cliffs Inc. is referred to as “Cleveland-Cliffs,” “Cliffs,” “the Company,” “we,” “us,” “our” and similar expressions. References in this proxy statement to “$” is to United States currency, unless otherwise stated.

ATTENDANCE AND PARTICIPATION AT THE 2026 ANNUAL MEETING

Our virtual 2026 Annual Meeting will be conducted on the Internet via live audio webcast. Shareholders will be able to participate online and submit questions in advance of the 2026 Annual Meeting by visiting www.virtualshareholdermeeting.com/CLF2026, beginning at 11:00 a.m. EDT on May 14, 2026. Shareholders will be able to vote their shares electronically during the 2026 Annual Meeting.To participate in the 2026 Annual Meeting, you will need the 16-digit control number included on your proxy card or your voting instruction form. The 2026 Annual Meeting will begin promptly at 11:30 a.m. EDT. We encourage you to access the 2026 Annual Meeting prior to the start time. Online access will begin at 11:00 a.m. EDT. Guests may listen to a live audio webcast of the virtual 2026 Annual Meeting by visiting www.virtualshareholdermeeting.com/CLF2026, but guests are not entitled to participate.The virtual 2026 Annual Meeting platform is fully supported across browsers (Edge, Firefox, Chrome and Safari) and devices (desktops, laptops, tablets and smartphones) running the most updated version of applicable software and plugins. Participants should ensure they have a strong Internet connection wherever they intend to participate in the 2026 Annual Meeting. Participants should also allow plenty of time to log in and ensure that they can hear streaming audio prior to the start of the 2026 Annual Meeting. To ensure your shares are properly represented, please vote your proxy promptly even if you plan to join the 2026 Annual Meeting.QUESTIONSAt the conclusion of the 2026 Annual Meeting, Lourenco Goncalves, our Chairman, President and Chief Executive Officer (“CEO”), will be available to answer questions submitted by shareholders. Shareholders may submit questions for the 2026 Annual Meeting after logging in, beginning at 11:00 a.m. EDT on May 14, 2026. If you wish to submit a question, you may do so by logging into the virtual meeting platform at www.virtualshareholdermeeting.com/CLF2026, typing your question into the “Ask a Question” field, and clicking “Submit.” Please submit any questions before the start time of the 2026 Annual Meeting. We will answer as many shareholder-submitted questions as time permits. Additional information regarding the ability of shareholders to ask questions during the 2026 Annual Meeting, related rules of conduct and other materials for the 2026 Annual Meeting will be available at www.virtualshareholdermeeting.com/CLF2026.TECHNICAL DIFFICULTIESTechnical support, including related technical support phone numbers, will be available on the virtual meeting platform at www.virtualshareholdermeeting.com/CLF2026 beginning at 11:00 a.m. EDT on May 14, 2026, through the conclusion of the 2026 Annual Meeting.