Financial Analysis

NOTE 3 - ACQUISITIONS STELCO ACQUISITION OVERVIEW On November 1, 2024, pursuant to the Arrangement Agreement, we completed the Stelco Acquisition, in which we were the acquirer. The Stelco Acquisition expands our existing presence in Canada and diversifies our customer base across service centers, construction and other industrial end markets with higher volumes of spot sales. Following the Stelco Acquisition, the operating results of Stelco are included in our consolidated financial statements. For the period subsequent to the acquisition (November 1, 2024 through December 31, 2024), Stelco generated Revenues of $329 million and a loss of $58 million included within Net income (loss) attributable to Cliffs shareholders. Additionally, we incurred acquisition related costs of $1 million and $42 million for the years ended December 31, 2025 and 2024, respectively, in connection with the Stelco Acquisition, which were recorded in Acquisition-related costs on the Statements of Consolidated Operations. The Stelco Acquisition was accounted for under the acquisition method of accounting for business combinations. The fair value of the total purchase consideration was determined as follows: (In millions) Total cash consideration $ 2,450 Total share exchange consideration 343 Total debt consideration 415 Total purchase consideration $ 3,208 Total consideration shares are calculated as follows: Number of outstanding Stelco shares 54,448,388 Number of outstanding share-based compensatio …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 20 - COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS We purchase portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our operations. We negotiate most of our purchases of chrome, industrial gases and a portion of our electricity under multi-year agreements. Our purchases of coke and iron ore are made under annual or multi-year agreements with periodic price adjustments. We typically purchase coal under annual fixed price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements. Unconditional purchase obligations, including take-or-pay agreements, are as follows (in millions): 2026 2027 2028 2029 2030 Thereafter $ 2,911 $ 1,936 $ 1,520 $ 1,266 $ 1,191 $ 5,130 OTHER COMMERCIAL COMMITMENTS We use surety bonds and letters of credit to provide financial assurance for certain obligations and statutory requirements. As of December 31, 2025, we had $278 million of surety-backed letters of credit and surety bonds outstanding. Additionally, as of December 31, 2025, we had $65 million of outstanding letters of credit issued under our ABL Facility. CONTINGENCIES We are currently the subject of, or party to, various claims and legal proceedings incidental to our current and historical operations. These claims and le …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"NOTE 8 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In Millions) Debt Instrument Issuer 1 Annual Effective Interest Rate December 31, 2025 December 31, 2024 Senior Unsecured Notes: 7.000% 2027 Senior Notes Cliffs 9.240% $ $ 73 7.000% 2027 AK Senior Notes AK Steel 9.240% 56 5.875% 2027 Senior Notes Cliffs 6.490% 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 7.516% 1,125 6.250% 2040 Senior Notes Cliffs 6.340% 235 235 ABL Facility Cliffs 2 Variable 3 452 1,560 Total debt 7,330 7,148 Unamortized discounts and issuance costs (77) (83) Total long-term debt $ 7,253 $ 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 5.327% as of December 31, 2025. OUTSTANDING SENIOR UNSECURED NOTES CLEVELAND-CLIFFS INC. 7.625% 2034 SENIOR NOTES - 2025 OFFERING On September 8, 2025, we entered into an indenture amon …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents our Revenues by market: Year Ended December 31, (In millions) 2025 2024 2023 Steelmaking: Automotive $ 5,047 $ 5,571 $ 7,440 Infrastructure and manufacturing 5,377 5,208 5,612 Distributors and converters 5,195 5,281 5,330 Steel producers 2,334 2,469 2,949 Total Steelmaking 17,953 18,529 21,331 Other Businesses: Automotive 537 540 545 Infrastructure and manufacturing 43 39 38 Distributors and converters 77 77 82 Total Other Businesses 657 656 665 Total revenues $ 18,610 $ 19,185 $ 21,996 The following table represents our Revenues by product line: Year Ended December 31, (In millions) 2025 2024 2023 Steelmaking: Hot-rolled steel $ 4,770 $ 4,276 $ 4,864 Cold-rolled steel 2,402 2,712 2,658 Coated steel 5,431 5,773 6,661 Stainless and electrical steel 1,748 1,807 2,281 Plate 1,079 1,119 1,444 Slab and other steel products 881 1,178 1,329 Other 1,642 1,664 2,094 Total Steelmaking 17,953 18,529 21,331 Other Businesses: Other 657 656 665 Total revenues $ 18,610 $ 19,185 $ 21,996

DisaggregationOfRevenueTableTextBlock

NOTE 10 - STOCK COMPENSATION PLANS As of December 31, 2025, we had outstanding awards under two share-based compensation plans: the 2021 Equity Plan and the A&R 2015 Equity Plan. As of December 31, 2025, there were 17.0 million remaining shares available for grant under the 2021 Equity Plan. No additional grants were issued from the A&R 2015 Equity Plan after the date of approval of the 2021 Equity Plan; however, all awards previously granted under predecessor plans will continue in accordance with the terms of the outstanding awards. Upon vesting of share-based compensation awards, we issue shares from treasury shares before issuing new shares. Forfeitures are recognized when they occur. STOCK-BASED COMPENSATION EXPENSE The following table summarizes the total compensation expense recognized for stock-based compensation awards: Year Ended December 31, (In millions, except per share amounts) 2025 2024 2023 Cost of goods sold $ (11) $ (11) $ (9) Selling, general and administrative expenses (46) (39) (32) Stock based compensation expense (57) (50) (41) Income tax benefit 14 13 10 Stock based compensation expense, net of tax $ (43) $ (37) $ (31) Decrease in basic earnings per common share $ (0.08) $ (0.08) $ (0.06) Decrease in diluted earnings per common share $ (0.08) $ (0.08) $ (0.06) The total compensation cost related to outstanding awards not yet recognized is $62 million as of December 31, 2025. This expense is expected to be recognized over the remaining weighted- …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 14 - FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying values of certain financial instruments (e.g. Accounts receivable, net , Accounts payable and Other current liabilities ) approximate fair value and, therefore, have been excluded from the table below. See NOTE 15 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis. The following table summarizes the carrying value and fair value of other financial instruments: December 31, 2025 December 31, 2024 (In millions) Classification Carrying Value Fair Value Carrying Value Fair Value Senior notes Level 1 $ 6,801 $ 7,037 $ 5,505 $ 5,496 ABL Facility - outstanding balance Level 2 452 452 1,560 1,560 Total $ 7,253 $ 7,489 $ 7,065 $ 7,056 The valuation of financial assets classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. EMPLOYEE BENEFIT COMMITMENT In connection with the Stelco Acquisition, we have acquired funding commitments to employee life and health trusts. These obligations pertain to plans previously sponsored by Stelco prior to its emergence from bankruptcy. The commitments primarily involve fixed scheduled payments that will continue until 2042, with an additional variable component tied to Stelco's standalone operating performance. The financial liability is recorded at fair value on a recurring basis using a discounted c …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 7 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES GOODWILL The following table summarizes the changes in Goodwill by segment: December 31, 2025 December 31, 2024 (In millions) Steelmaking Other Businesses Total Steelmaking Other Businesses Total Beginning balance $ 1,719 $ 49 $ 1,768 $ 956 $ 49 $ 1,005 Stelco Acquisition 1 16 16 786 786 Sale of business (6) (6) Foreign currency translation 36 36 (23) (23) Ending balance $ 1,765 $ 49 $ 1,814 $ 1,719 $ 49 $ 1,768 1 Refer to NOTE 3 - ACQUISITIONS for further details. INTANGIBLE ASSETS AND LIABILITIES The following is a summary of our intangible assets and liabilities: December 31, 2025 December 31, 2024 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 1,058 $ (104) $ 954 $ 1,015 $ (34) $ 981 Developed technology 60 (21) 39 60 (17) 43 Trade names and trademarks 91 (14) 77 87 (8) 79 Mining permits 72 (30) 42 72 (29) 43 Supplier relationships 29 (6) 23 29 (5) 24 Total intangible assets $ 1,310 $ (175) $ 1,135 $ 1,263 $ (93) $ 1,170 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 35 $ (36) $ (71) $ 30 $ (41) 1 Amortization related to mining permits is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses . 2 Intangible liabilities are classified as Other non-current liabilities . Amortization of all intangible liabi …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 11 - INCOME TAXES Income (loss) from continuing operations before income taxes includes the following components: Year Ended December 31, (In millions) 2025 2024 2023 United States $ (1,546) $ (901) $ 582 Foreign (458) (49) (3) Total $ (2,004) $ (950) $ 579 The components of the income tax expense (benefit) from continuing operations consist of the following: Year Ended December 31, (In millions) 2025 2024 2023 Current provision: United States federal $ (70) $ (38) $ 4 United States state & local (5) (6) 25 Foreign 3 4 (75) (41) 33 Deferred provision (benefit): United States federal (324) (153) 94 United States state & local (58) (33) 7 Foreign (124) (9) 10 Total income tax expense (benefit) from continuing operations $ (581) $ (236) $ 144 Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate as required by the newly adopted ASU No. 2023-09 for the year ended December 31, 2025 is as follows: (In millions) 2025 Tax at U.S. statutory rate $ (421) 21 % Increase (decrease) due to: State and local income taxes, net of federal income tax 1 (50) 3 % Foreign tax effects Canada Statutory rate difference (19) 1 % Tax credits (7) % Change in valuation allowance (3) % Other adjustments (1) % Other foreign jurisdictions 1 % Non-taxable or nondeductible items Depletion (1) % Changes in unrecognized tax benefits (70) 3 % Other adjustments Provision to return (10) 1 % Noncontrolling interest (10) 1 % Other 10 (1) % Pro …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

RECENT ACCOUNTING PRONOUNCEMENTS AND LEGISLATION ACCOUNTING PRONOUNCEMENTS - ISSUED AND ADOPTED In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This guidance requires additional annual and interim disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. As of December 31, 2025, we had adopted this standard and applied the amendment prospectively. Refer to NOTE 11 - INCOME TAXES for further information. ACCOUNTING PRONOUNCEMENTS - ISSUED AND NOT EFFECTIVE In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new standard does not affect the recognition, measurement or financial statement presentation. However, this guidance does require additional annual and interim disclosures related to the disaggregation of various income statement expense captions. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 4 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Revenue by market and product are presented net of intersegment revenues, which are entirely related to the Steelmaking segment. The following table represents our Revenu …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 5 - SEGMENT REPORTING We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products - Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment - Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer with focus on value-added sheet products, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. Corporate assets and capital additions are primarily related to and support the operations of the Steelmaking segment and therefore have been incorporated within the Steelmaking segment total assets and capital additions below. We allocate Corporate Selling, general and administrative expenses to our operating segments. Our CODM, Lourenco Gonc …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 16 - CAPITAL STOCK SHARE REPURCHASE PROGRAMS During the first quarter of 2024, we fully utilized the remaining portion of our prior $1 billion share repurchase program, which was approved by our Board of Directors on February 10, 2022. On April 22, 2024, our Board of Directors authorized a new program to repurchase our outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1.5 billion . We are not obligated to make any repurchases, and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. For the year ended December 31, 2025, we did not repurchase any common shares, as compared to 2024, during which we repurchased 37.9 million common shares at a cost of $733 million in the aggregate. The cost of our share repurchases excludes the excise tax due under the Inflation Reduction Act. As of December 31, 2025, there was $1.4 billion remaining authorization under our active share repurchase program. STOCK ISSUANCE On October 31, 2025, we sold 75 million of our common shares in an underwritten public offering for $12.69 per share. We used the net proceeds from the offering to repay borrowings under our ABL Facility. PREFERRED STOCK We have 3 million shares of Serial Preferred Stock, Class A, without par value, authorized, and 4 million shares of Serial Preferred Sto …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 21 - SUBSEQUENT EVENTS We have evaluated subsequent events through the date of financial statement issuance.

SubsequentEventsTextBlock

NOTE 18 - COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS We purchase portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our operations. We negotiate most of our purchases of chrome, industrial gases and a portion of our electricity under multi-year agreements. Our purchases of coke and iron ore are made under annual or multi-year agreements with periodic price adjustments. We typically purchase coal under annual fixed price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements. OTHER COMMERCIAL COMMITMENTS We use surety bonds and letters of credit to provide financial assurance for certain obligations and statutory requirements. As of June 30, 2026, we had $307 million of surety-backed letters of credit and surety bonds outstanding. Additionally, as of June 30, 2026, we had $60 million of outstanding letters of credit issued under our ABL Facility. CONTINGENCIES We are currently the subject of, or party to, various claims and legal proceedings incidental to our current and historical operations. These claims and legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunctio …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In millions) Debt Instrument Annual Effective Interest Rate June 30, 2026 December 31, 2025 Senior Unsecured Notes: 4.625% 2029 Senior Notes 4.625% 368 368 6.875% 2029 Senior Notes 6.875% 900 900 6.750% 2030 Senior Notes 6.750% 750 750 4.875% 2031 Senior Notes 4.875% 325 325 7.500% 2031 Senior Notes 7.500% 850 850 7.000% 2032 Senior Notes 7.054% 1,425 1,425 7.375% 2033 Senior Notes 7.375% 900 900 7.625% 2034 Senior Notes 7.516% 1,125 1,125 6.250% 2040 Senior Notes 6.340% 235 235 ABL Facility Variable 1 895 452 Total principal amount 7,773 7,330 Unamortized discounts and issuance costs (70) (77) Total long-term debt $ 7,703 $ 7,253 1 Our ABL Facility annual effective interest rate was 5.143% as of June 30, 2026. ABL FACILITY As of June 30, 2026, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. The following represents a summary of our borrowing capacity under our ABL Facility: (In millions) June 30, 2026 Available borrowing base on ABL Facility 1 $ 3,969 Borrowings (895) Letter of credit obligations 2 (60) Borrowing capacity available $ 3,014 1 As of June 30, 2026, our 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, …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table represents our Revenues by market: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Steelmaking Direct automotive $ 1,461 $ 1,249 $ 2,829 $ 2,546 Infrastructure and manufacturing 1,427 1,489 2,801 2,843 Distributors and converters 1,638 1,433 3,101 2,661 Steel producers 526 600 1,078 1,188 Total Steelmaking 5,052 4,771 9,809 9,238 Other Businesses Direct automotive 147 129 285 259 Infrastructure and manufacturing 11 14 20 24 Distributors and converters 16 20 34 42 Total Other Businesses 174 163 339 325 Total revenues $ 5,226 $ 4,934 $ 10,148 $ 9,563 The following tables represent our Revenues by product line: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Steelmaking Hot-rolled steel $ 1,539 $ 1,332 $ 2,949 $ 2,498 Cold-rolled steel 660 645 1,297 1,236 Coated steel 1,532 1,392 2,963 2,753 Stainless and electrical steel 525 434 990 878 Plate steel 253 275 507 522 Other steel products 16 276 124 523 Other 527 417 979 828 Total Steelmaking 5,052 4,771 9,809 9,238 Other Businesses Other 174 163 339 325 Total revenues $ 5,226 $ 4,934 $ 10,148 $ 9,563

DisaggregationOfRevenueTableTextBlock

NOTE 9 - STOCK COMPENSATION PLANS PERFORMANCE SHARES During the first quarter of 2026, we issued market stock units under our 2021 Equity Plan. The structure and performance metric for these units were modified as compared to prior performance share awards granted under our 2021 Equity Plan. The market stock units granted during the first quarter of 2026 vest over a period of three years and are intended to be paid out in common shares. Performance is measured based on a trailing 30-day volume-weighted average of our stock price at the end of the performance period, measured against the grant-date stock price of $10.55 per share. The number of shares that will ultimately be earned at the end of the performance period will vary based on the level of absolute stock price appreciation or depreciation, subject to a payout range of 50% to 150% of the target number of market stock units granted. Approximately 2.8 million market stock units were granted during the first quarter of 2026. Under the terms of these market stock units, certain retirement-eligible members of management become entitled to accelerated vesting upon retirement on or after December 31, 2026. As a result, the Company will recognize expense for such market stock units granted over the required service period, and these market stock units granted will be treated as fully vested at December 31, 2026. We value our market stock units using a Monte Carlo simulation on the grant date. The simulation models the Company …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

NOTE 12 - FAIR VALUE MEASUREMENTS The carrying values of certain financial instruments (e.g., Accounts receivable, net , Accounts payable and Other current liabilities ) approximate fair value and, therefore, have been excluded from the table below. See NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis. A summary of the carrying value and fair value of other financial instruments were as follows: June 30, 2026 December 31, 2025 (In millions) Valuation Hierarchy Classification Carrying Value Fair Value Carrying Value Fair Value Senior notes Level 1 $ 6,808 $ 6,832 $ 6,801 $ 7,037 ABL Facility - outstanding balance Level 2 895 895 452 452 Total $ 7,703 $ 7,727 $ 7,253 $ 7,489 The valuation of the financial instruments classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. EMPLOYEE BENEFIT COMMITMENT In connection with the acquisition of Stelco, we acquired funding commitments to employee life and health trusts. These obligations pertain to plans previously sponsored by Stelco prior to its emergence from bankruptcy protection. The commitments primarily involve fixed scheduled payments that will continue until 2042, with an additional variable component tied to Stelco's standalone operating performance. The financial liability is recorded at fair value on a recurring basis usi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES GOODWILL The following table summarizes the changes in Goodwill by segment: (In millions) Steelmaking Other Businesses Total Beginning balance January 1, 2026 $ 1,765 $ 49 $ 1,814 Foreign currency translation (30) (30) Ending balance June 30, 2026 $ 1,735 $ 49 $ 1,784 INTANGIBLE ASSETS AND LIABILITIES The following is a summary of our intangible assets and liabilities: June 30, 2026 December 31, 2025 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 1,027 $ (136) $ 891 $ 1,058 $ (104) $ 954 Developed technology 60 (23) 37 60 (21) 39 Trade names and trademarks 88 (17) 71 91 (14) 77 Mining permits 72 (30) 42 72 (30) 42 Supplier relationships 29 (7) 22 29 (6) 23 Total intangible assets $ 1,276 $ (213) $ 1,063 $ 1,310 $ (175) $ 1,135 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 38 $ (33) $ (71) $ 35 $ (36) 1 Amortization related to mining permits and supplier relationships is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses. 2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold . Amortization expense related to Intangible assets, net was $20 million and $21 million for the three months ended June 30, 2026 and …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 10 - INCOME TAXES Our income tax benefit for the three and six months ended June 30, 2026 is $20 million and $101 million, respectively, compared to income tax benefit of $148 million and $297 million for the three and six months ended June 30, 2025, respectively. This decrease is primarily due to a decrease in Loss from continuing operations before income taxes

IncomeTaxDisclosureTextBlock

ACCOUNTING PRONOUNCEMENTS - ISSUED AND NOT EFFECTIVE In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. This new standard does not affect the recognition, measurement or financial statement presentation. However, this guidance does require additional annual and interim disclosures related to the disaggregation of various income statement expense captions. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer benefits through defined benefit pension plans, defined contribution pension plans and OPEB plans to a significant portion of our employees and retirees. Benefits are also provided through multiemployer plans for certain union members. The following are the components of defined benefit pension and OPEB costs (credits): DEFINED BENEFIT PENSION COSTS (CREDITS) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Service cost $ 7 $ 7 $ 14 $ 14 Interest cost 45 52 90 105 Expected return on plan assets (82) (80) (163) (159) Amortization: Prior service costs 5 5 9 9 Net actuarial gain (5) (2) (9) (4) Net periodic benefit credits $ (30) $ (18) $ (59) $ (35) OPEB COSTS (CREDITS) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2026 2025 2026 2025 Service cost $ 1 $ 2 $ 3 $ 4 Interest cost 15 15 29 29 Expected return on plan assets (11) (10) (22) (21) Termination benefits 1 15 15 Amortization: Prior service credits (3) (4) (6) (7) Net actuarial gain (28) (34) (56) (67) Net periodic benefit credits $ (26) $ (16) $ (52) $ (47) Based on funding requirements, we made $3 million and $16 million of defined benefit pension contributions for the three and six months ended June 30, 2026, respectively, and we made $14 million and $29 million of defined benefit pension contributions for the three and six months ended June 30, 2025, respectively. Based on funding requirements, we ma …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 3 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. Revenue by market and product are presented net of intersegment revenues. The following table represents our Revenues by market: Three Months Ended June 30, Six Months En …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

NOTE 4 - SEGMENT REPORTING We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. We are organized into four operating segments based on our differentiated products Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer with focus on value-added sheet products, primarily serving the automotive, infrastructure and manufacturing, and distributors and converters markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. Corporate assets and capital additions are primarily related to and support the operations of the Steelmaking segment and therefore have been incorporated within the Steelmaking segment total assets and capital additions below. We allocate Corporate Selling, general and administrative expenses to our …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

NOTE 14 - CAPITAL STOCK SHARE REPURCHASE PROGRAM During the second quarter of 2024, our Board of Directors authorized a program to repurchase our outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1.5 billion. We are not obligated to make any repurchases, and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. During both the three and six months ended June 30, 2026 and 2025, we did not repurchase any common shares. As of June 30, 2026, there was $1.4 billion remaining authorization under our share repurchase program. PREFERRED STOCK We have 3 million shares of Serial Preferred Stock, Class A, without par value, authorized and 4 million shares of Serial Preferred Stock, Class B, without par value, authorized. No preferred shares are issued or outstanding.

StockholdersEquityNoteDisclosureTextBlock

NOTE 19 - SUBSEQUENT EVENTS

SubsequentEventsTextBlock