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Cleveland-Cliffs completes $850 million Senior Unsecured Notes offering

September 2025

Client(s) Cleveland-Cliffs Inc.

Jones Day represented Cleveland-Cliffs Inc. in connection with its Rule 144A and Regulation S offering of $850 million aggregate principal amount of 7.625% Senior Unsecured Guaranteed Notes due 2034.

Cleveland-Cliffs is a leading North America-based steel producer with a focus on value-added sheet products, particularly for the automotive industry. The Company is 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. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada.

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