CLEVELAND-CLIFFS Business Summary

Cleveland-Cliffs Inc. (CLF) operates as the largest vertically integrated flat-rolled steel producer in North America, generating revenue through a "mine-to-mill" model that encompasses iron ore mining, pelletization, and the manufacturing of advanced high-strength steels. The company’s primary revenue driver is its Steelmaking segment, which serves critical sectors including automotive (28% of sales), infrastructure, and energy. Following the 2024 acquisition of Stelco and the early 2026 finalization of a strategic partnership with POSCO, Cliffs has solidified its control over the Great Lakes basin supply chain, transitioning away from raw slab sales to focus on high-margin electrical and galvanized products. It competes directly with Nucor Corporation, Steel Dynamics, Inc., and the merged Nippon Steel-U.S. Steel entity, distinguishing itself as the only domestic producer of grain-oriented electrical steel and the primary supplier to the North American automotive OEM market. The leadership team is anchored by Chairman, President, and CEO Lourenco Goncalves, a veteran industrialist who has directed the firm’s aggressive M&A strategy since 2014. Key executives include Executive VP and CFO Celso Goncalves, who manages the company’s capital structure and recent debt-reduction initiatives, and Executive VP and COO Clifford Smith, who oversees the integrated operations of the legacy AK Steel and ArcelorMittal USA assets. Founded in 1847, the company’s governance was recently updated in February 2026 with the appointment of Ralph S. Michael III as Lead Independent Director, succeeding Douglas Taylor. The board, which includes members such as Edilson Camara (Compensation Chair), currently prioritizes internal transformation and share buybacks over further large-scale acquisitions as the company integrates its expanded Canadian and American footprint.