ACCUMULATED OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME

NOTE 15 - ACCUMULATED OTHER COMPREHENSIVE INCOME

The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below:

	Three Months Ended March 31,
(In millions)	2026		2025
Foreign Currency Translation
Beginning balance	$	17	$	(70)
Other comprehensive income (loss) before reclassifications	(23)		1
Income tax	3		—
Other comprehensive income (loss) before reclassifications, net of tax	(20)		1
Ending balance	$	(3)	$	(69)
Derivative Instruments
Beginning balance	$	(15)	$	(53)
Other comprehensive income (loss) before reclassifications	(21)		101
Income tax	5		(24)
Other comprehensive income (loss) before reclassifications, net of tax	(16)		77
Losses (gains) reclassified from AOCI to Revenues	6		—
Losses (gains) reclassified from AOCI to Cost of goods sold	(17)		32
Income tax expense (benefit)1	3		(8)
Net losses (gains) reclassified from AOCI to net income	(8)		24
Ending balance	$	(39)	$	48
Pension and OPEB
Beginning balance	$	1,490	$	1,660
Losses (gains) reclassified from AOCI to net income2	(31)		(35)
Income tax expense (benefit)1	8		8
Net losses (gains) reclassified from AOCI to net income	(23)		(27)
Ending balance	$	1,467	$	1,633
Total AOCI Ending Balance	$	1,425	$	1,612
1 Amounts recognized in Income tax benefit in the Statements of Unaudited Condensed Consolidated Operations.
2 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.