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PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Postemployment Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables and information provide additional disclosures:
(In millions)Pension BenefitsOPEB
Change in benefit obligations:2025202420252024
Benefit obligations — beginning of year$4,248 $4,571 $1,147 $1,036 
Service cost28 28 8 8 
Interest cost210 218 58 50 
Plan amendments— — 3 7 
Actuarial loss (gain)78 (165)181 162 
Benefits paid(435)(429)(161)(155)
Participant contributions— — 33 36 
Acquired through business combinations— 35 — — 
Effect of settlement— (9)— — 
Special termination benefits— — 7 2 
Other2 (1)1 1 
Benefit obligations — end of year$4,131 $4,248 $1,277 $1,147 
Change in plan assets:
Fair value of plan assets — beginning of year$4,237 $4,282 $742 $739 
Actual return on plan assets475 254 63 46 
Participant contributions— — 33 36 
Employer contributions68 119 86 76 
Benefits paid(435)(429)(161)(155)
Acquired through business combinations— 21 — — 
Effect of settlement— (9)— — 
Other1 (1)— — 
Fair value of plan assets — end of year$4,346 $4,237 $763 $742 
Funded status$215 $(11)$(514)$(405)
Amounts recognized in Statements of Financial Position:
Non-current assets$287 $239 $182 $188 
Current liabilities1
(14)(7)(99)(85)
Non-current liabilities(58)(243)(597)(508)
Total amount recognized$215 $(11)$(514)$(405)
Amounts recognized in accumulated other comprehensive loss (income):
Net actuarial gain$(472)$(400)$(1,426)$(1,720)
Prior service cost (credit)72 89 (92)(109)
Net amount recognized$(400)$(311)$(1,518)$(1,829)
1 Current liabilities are classified within Other current liabilities on the Statements of Consolidated Financial Position.
Company contributions and payments we expect to make in 2026, and made in 2025 and 2024 are as follows:
Pension BenefitsOPEB
(In millions)
VEBA1
Direct PaymentsTotal
2024$119 $— $76 $76 
202568 — 86 86 
2026 (Expected)43 — 83 83 
1 Pursuant to the applicable bargaining agreements, benefits can be paid from certain VEBAs that are at least 70% funded (all VEBAs were over 70% funded as of December 31, 2025). Certain agreements with plans holding VEBA assets have capped healthcare costs. For the Cleveland-Cliffs Steel LLC VEBA, we are required to make contributions based on earnings, and we may withdraw money from the VEBA plan to the extent funds are available for costs in excess of the cap. VEBA withdrawals are represented net of direct payments. There will be no further contributions to the Cleveland-Cliffs Steel LLC VEBA based on earnings for the remainder of the labor agreement with the USW, which expires in September 2026.
The following table summarizes the changes in fair value of the employee benefit commitment:
(In millions)20252024
Beginning balance as of January 1$(188)$— 
Fair value of commitment assumed in connection with Stelco Acquisition5 (197)
Total expense included in earnings(5)(2)
Payments28 5 
Foreign currency translation(9)6 
Ending balance as of December 31$(169)$(188)
The following table summarizes the changes in fair value of the MinnTac option:
(In millions)20252024
Beginning balance as of January 1$95 $— 
Fair value of option acquired in connection with Stelco Acquisition— 110 
Total expense included in earnings(45)(12)
Foreign currency translation4 (3)
Ending balance as of December 31$54 $95 
Components Of Net Periodic Benefit Cost
COMPONENTS OF NET PERIODIC BENEFIT COST (CREDIT)
Pension BenefitsOPEB
(In millions)202520242023202520242023
Service cost$28 $28 $31 $8 $8 $10 
Interest cost210 218 235 58 50 64 
Expected return on plan assets(317)(320)(315)(43)(43)(43)
Amortization:
Net actuarial loss (gain)(8)(1)3 (134)(154)(145)
Prior service costs (credits)17 18 18 (13)(15)(17)
Settlements and special termination benefits— (2)(4)7 2 — 
Net periodic benefit cost (credit)$(70)$(59)$(32)$(117)$(152)$(131)
For 2026, we estimate net periodic benefit cost (credit) as follows:
(In millions)
Defined benefit pension plans$(118)
OPEB plans(104)
Total$(222)
Components of Accumulated Other Comprehensive Income (Loss)
The following includes details on the significant actuarial losses (gains) impacting the benefit obligation and other components of other comprehensive loss (income):
Pension BenefitsOPEB
(In millions)2025202420252024
Discount rates$109 $(146)$34 $(43)
Demographic updates22 (14)23 26 
Mortality(50)— — — 
Per capita healthcare costs and healthcare trend1
— — 124 179 
Other(3)(5)— — 
Actuarial loss (gain) on benefit obligation78 (165)181 162 
Actual returns on assets under (over) expected(158)67 (20)(3)
Amortization of net actuarial gain (loss)8 1 134 154 
Amortization of prior service credits (costs)(17)(18)13 15 
Settlements— 2 — — 
Plan amendments— — 3 7 
Total recognized in other comprehensive loss (income)$(89)$(113)$311 $335 
1 The loss in per capita healthcare costs relating to our OPEB plans is primarily due to unfavorable Medicare Advantage Prescription Drug healthcare rates, which are effective January for each year. Additionally, we increased our short-term Medicare Advantage Prescription Drug trend rate assumption.
Estimated Future Benefit Payments
(In millions)Pension Benefits
OPEB1
2026$466 $128 
2027420 124 
2028403 120 
2029380 114 
2030364 110 
2031-20351,577 492 
1 OPEB benefit payments are displayed net of participant contributions.
Defined Benefit Plan, Assumptions
The following represents weighted-average assumptions used to determine benefit obligations:
Pension BenefitsOPEB
December 31,December 31,
2025202420252024
Discount rate5.18%5.55%5.22%5.59%
Interest crediting rate5.615.58N/AN/A
Compensation rate increase3.003.00N/AN/A
The following represents weighted-average assumptions used to determine net benefit cost:
Pension BenefitsOPEB
December 31,December 31,
202520242023202520242023
Obligation discount rate5.56 %5.08 %5.47 %5.59 %5.15 %5.52 %
Service cost discount rate5.80 5.29 5.61 5.83 5.28 5.65 
Interest cost discount rate5.26 5.05 5.34 5.28 5.08 5.38 
Interest crediting rate5.58 5.46 5.46 N/AN/AN/A
Expected return on plan assets7.85 7.85 7.66 5.89 5.95 5.87 
Compensation rate increase3.00 3.00 3.00 N/AN/AN/A
Assumed Health Care Cost Trend Rates
The following represents assumed weighted-average health care cost trend rates:
December 31,
20252024
Health care cost trend rate assumed for next year1
7.00 %11.43 %
Ultimate health care cost trend rate4.50 %4.50 %
Year that the ultimate rate is reached20362032
1 The health care trend rate is weighted for all of our OPEB plans and factors in our Medicare Advantage Prescription Drug pricing arrangements. As of December 31, 2025, we reset our initial trend rate to 7.00% grading down by 0.25% per year to an ultimate rate of 4.50% in 2036. While the risk scoring and third-party funding changes associated with the Inflation Reduction Act may potentially impact costs and trends in future years, the impact is expected to be minimal or unmeasurable at this time.
Plan Assets and Asset Allocation The following table reflects the actual asset allocations for pension and VEBA assets as of December 31, 2025 and 2024, as well as the 2026 weighted average target asset allocations:
Pension AssetsVEBA Assets
Asset Category2026
Target
Allocation		Actual Asset Allocation as of December 31,2026
Target
Allocation		Actual Asset Allocation as of December 31,
2025202420252024
Equity securities34.2 %34.5 %32.7 %17.2 %18.9 %17.6 %
Fixed income40.6 39.0 38.9 78.4 76.0 76.6 
Hedge funds9.4 9.8 9.6 1.0 1.4 1.2 
Private equity3.3 3.3 3.6 — — — 
Structured credit2.5 3.2 4.0 0.3 0.3 0.5 
Real estate10.0 10.2 11.2 3.1 3.4 4.1 
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Fair Value of Pension Assets by Asset Category
The fair value of our pension assets by asset category is as follows:
(In millions)Quoted Prices in Active Markets for Identical Assets (Level 1)Significant  Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Investments Measured at Net Asset ValueTotal
Asset Category2025202420252024202520242025202420252024
Equity securities:
U.S. equities$861 $816 $— $— $— $— $— $— $861 $816 
Global equities555 501 — — — — 85 69 640 570 
Fixed income:
U.S. government securities1
41 32 526 577 — — 212 146 779 755 
U.S. corporate bonds616 583 — — — — 110 115 726 698 
Non U.S. and other bonds10 9 — — — — 179 185 189 194 
Hedge funds— — — — 144 128 282 280 426 408 
Private equity— — — — 145 151 — — 145 151 
Structured credit— — — — 139 171 — — 139 171 
Real estate— — — — 191 242 250 232 441 474 
Total$2,083 $1,941 $526 $577 $619 $692 $1,118 $1,027 $4,346 $4,237 
1 Includes cash equivalents.
The fair value of our VEBA assets by asset category is as follows:
(In millions)Quoted Prices  in Active Markets for Identical Assets
(Level 1)		Significant  Other Observable Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Investments Measured at Net Asset ValueTotal
Asset Category2025202420252024202520242025202420252024
Equity securities:
U.S. equities$108 $99 $— $— $— $— $— $— $108 $99 
Global equities3 3 — — — — 33 28 36 31 
Fixed income:
U.S. government securities1
134 130 26 50 — — 76 44 236 224 
U.S. corporate bonds98 216 71 74 — — 34 52 203 342 
Non U.S. and other bonds66 2 — — — — 75 — 141 2 
Hedge funds— — — — 11 10 — — 11 10 
Structured credit— — — — 2 4 — — 2 4 
Real estate— — — — 2 5 24 25 26 30 
Total$409 $450 $97 $124 $15 $19 $242 $149 $763 $742 
1 Includes cash equivalents.
Effect of Fair Value Measurements Using Significant Unobservable Inputs on Changes in Plan Assets
The following represents the fair value measurements of changes in plan assets using significant unobservable inputs (Level 3):
Pension AssetsVEBA Assets
(In millions)2025202420252024
Beginning balance — January 1$692 $770 $19 $27 
Actual return on plan assets:
Relating to assets still held at the reporting date18 18 1 1 
Relating to assets sold during the period12 7 1 — 
Purchases13 31 — — 
Sales(116)(134)(6)(9)
Ending balance — December 31$619 $692 $15 $19 
Multiemployer Plan
Information with respect to multiemployer plans in which we participate follows:
Pension FundEIN/Pension Plan Number
Pension Protection Act Zone Status1
FIP/RP Status Pending/Implemented2
Contributions
(in millions)
Surcharge Imposed3
Expiration Date of Collective Bargaining Agreement4
20252024202520242023
Steelworkers Pension Trust
23-6648508/499
GreenGreenNo$112 $117 $119 No9/1/2026 to 7/31/2029
IAM National Pension Fund’s National Pension Plan
51-6031295/002
RedRedYes22 22 23 Yes5/15/2027 to 6/30/2028
Other Plans5
1 1 1 
Total$135 $140 $143 
1 The most recent Pension Protection Act zone status available in 2025 and 2024 is for each plan's year-end as of December 31, 2024 and 2023. The plan's actuary certifies the zone status. Generally, plans in the red zone are less than 65% funded, plans in the yellow zone are between 65% and 80% funded, and plans in the green zone are at least 80% funded. The IAM National Pension Fund's National Pension Plan voluntarily elected to place itself in the "Red Zone" in April 2019 and has implemented a rehabilitation plan to address its underfunded status. Additional contributions will be required as part of the rehabilitation plan until the plan exits the "Red Zone".
2 The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented, as defined by ERISA.
3 The surcharge represents an additional required contribution due as a result of the critical funding status of the plan.
4 We are party to six collective bargaining agreements that require contributions to the Steelworkers Pension Trust and three collective bargaining agreements that require contributions to the IAM National Pension Fund's National Pension Plan.
5 Plans that are not individually significant to our Company are presented in aggregate.