DEBT AND CREDIT FACILITIES (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following represents a summary of our long-term debt:

(In millions)
Debt Instrument	Issuer1	Annual Effective Interest Rate	September 30, 2025		December 31, 2024
Senior Unsecured Notes:
7.000% 2027 Senior Notes4	Cliffs	9.240%	$	73	$	73
7.000% 2027 AK Senior Notes4	AK Steel	9.240%	56		56
5.875% 2027 Senior Notes4	Cliffs	6.490%	556		556
4.625% 2029 Senior Notes	Cliffs	4.625%	368		368
6.875% 2029 Senior Notes	Cliffs	6.875%	900		900
6.750% 2030 Senior Notes	Cliffs	6.750%	750		750
4.875% 2031 Senior Notes	Cliffs	4.875%	325		325
7.500% 2031 Senior Notes	Cliffs	7.500%	850		—
7.000% 2032 Senior Notes	Cliffs	7.054%	1,425		1,425
7.375% 2033 Senior Notes	Cliffs	7.375%	900		900
7.625% 2034 Senior Notes	Cliffs	7.625%	850		—
6.250% 2040 Senior Notes	Cliffs	6.340%	235		235
ABL Facility	Cliffs2	Variable3	847		1,560
Total principal amount			8,135		7,148
Unamortized discounts and issuance costs			(96)		(83)
Total long-term debt			$	8,039	$	7,065
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 Our ABL Facility annual effective interest rate was 5.87% as of September 30, 2025.
4 On September 3, 2025, we issued (a) a conditional notice to redeem, in full, all $73 million aggregate principal amount outstanding of the 7.000% 2027 Senior Notes, (b) a notice to redeem, in full, all $56 million aggregate principal amount outstanding of the 7.000% 2027 AK Senior Notes, and (c) a conditional notice to redeem, in full, all $556 million aggregate principal amount outstanding of the 5.875% 2027 Senior Notes, in each case on October 3, 2025 at a redemption price of 100.000% plus accrued and unpaid interest. Refer to NOTE 19 - SUBSEQUENT EVENTS for further details.

The following represents a summary of our borrowing capacity under the ABL Facility:

(In millions)	September 30, 2025
Available borrowing base on ABL Facility1	$	3,972
Borrowings	(847)
Letter of credit obligations2	(63)
Borrowing capacity available	$	3,062
1 As of September 30, 2025, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.

Schedule of Maturities of Long-term Debt

The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2025 (in millions):

2025		2026		2027		2028		2029		Thereafter		Total
$	—	$	—	$	685	$	847	$	1,268	$	5,335	$	8,135