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Cleveland-Cliffs obtains $1 billion incremental increase to existing credit facility with Bank of America, N.A.

December 2021

Client(s) Cleveland-Cliffs Inc.

Jones Day represented Cleveland-Cliffs Inc., the largest flat-rolled steel producer and the largest supplier of iron ore pellets in North America, in connection with a $1 billion incremental increase to its existing asset-based revolving credit facility with Bank of America, N.A., as administrative agent, bringing the total size of the facility to $4.5 billion. The incremental increase is a result of a larger projected borrowing base driven by favorable market conditions.

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