EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

The following table summarizes the computation of basic and diluted EPS:


	Three Months Ended March 31,
(In millions, except per share amounts)		2026		2025
Loss from continuing operations		$	(226)	$	(486)
Net income from continuing operations attributable to noncontrolling interest		(8)		(12)
Net loss from continuing operations attributable to Cliffs shareholders		(234)		(498)
Loss from discontinued operations, net of tax		(3)		—
Net loss attributable to Cliffs shareholders		$	(237)	$	(498)

Weighted average number of shares:
Basic		570		495
Employee stock plans1		—		—
Diluted		570		495

Loss per common share attributable to Cliffs shareholders - basic:
Continuing operations		$	(0.42)	$	(1.01)
Discontinued operations		—		—
		$	(0.42)	$	(1.01)

Loss per common share attributable to Cliffs shareholders - diluted:
Continuing operations		$	(0.42)	$	(1.01)
Discontinued operations		—		—
		$	(0.42)	$	(1.01)


1 For both the three months ended March 31, 2026 and 2025, 2 million potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.