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2020 Annual Report Cleveland-Cliffs Share Performance Vs 2020 Annual Report Cleveland-Cliffs Share Performance vs. Peers One Year Three Year Five Year (percent change over 2020) (percent change over three years) (percent change over five years) CLF +73% CLF +84% CLF +822% X +47% STLD +47% MT +137% MT +31% NUE +31% X +110% STLD +8% MT +8% STLD +106% NUE – 5% X – 5% NUE +32% Jan Apr Jun Sept Dec Jan-18 Jul Dec Jun-19 Dec Jun-20 Dec Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Message from the CEO Dear Fellow Shareholders: steel. Moreover, with the current scarcity of domestic prime scrap in the marketplace, our timing to bring In the 173 years of our existence this product to market in 2021 could not be better. as a company, 2020 proved Very importantly, our Toledo plant is the first Direct to be the most seminal year in Reduction plant that was built with the capability to our history. In a year that will be utilize hydrogen as reductant, partially replacing natural forever known for the COVID-19 gas when hydrogen becomes commercially available. pandemic, Cleveland-Cliffs transformed itself from a mining company supplying With our leadership position in the steel industry, it is iron ore pellets to North American steel companies very important to acknowledge that climate change into the largest flat-rolled steel producer in North is one of the most important issues impacting our America. This transformation was accomplished industry and our planet, and to take action to mitigate through the acquisitions of AK Steel and ArcelorMittal it. In January 2021, we announced our commitment USA, allowing us to combine many of the best assets, to reduce greenhouse gas emissions by 25% by the capabilities and technology in the domestic steel year 2030. This commitment will cover both Scope industry. With our much larger operational footprint, we 1 and Scope 2 emissions across our company. We anticipate significant synergies from asset optimization, will continue to prioritize the environmentally and economies of scale and streamlining overhead. socially responsible operation of the Cleveland-Cliffs businesses, as we have done in the past. Our competitive advantage as an integrated steel company is based on our ability to operate the As we look back on 2020, we cannot forget the entire production flow from the extraction of iron challenges triggered by the pandemic as it had a ore, to steelmaking, rolling, coating, and all the way significant impact on our business and operations. downstream to the manufacturing of complex auto- At the start of the pandemic, we quickly developed parts and components. These resources provide us proactive company-wide processes and protocols with 100% of our iron ore requirements and maximum that protected our employees while maintaining our control of our costs and over the quality of our productivity. Our decisive action was key in driving products. Another differentiating factor of Cleveland- our business achievements. We experienced minimal Cliffs is that we prioritize value over volume and aim business disruptions during the remainder of the year for Return on Invested Capital. Not tonnage sold; not and actually continued to lay the groundwork for our market share. That is what makes us a shareholder exponential growth. friendly company. On behalf of our 25,000 employees, thank you very We also completed construction and began production much for believing in manufacturing in the United at our new Direct Reduction plant in Toledo, Ohio. States and for supporting Cleveland-Cliffs. This natural-gas-based plant is the most modern of . its kind in the world, and produces high-quality hot briquetted iron (HBI) which is an environmentally friendly alternative to scrap and imported pig iron used in the steelmaking process. Both the production and use of HBI supports our strategy to reduce greenhouse Lourenco Goncalves gas emissions associated with the production of Chairman, President and Chief Executive Officer 1 Acquisitions Position Company for Long-Term Success In 2020, Cleveland-Cliffs transformed into the Our legacy business of producing iron ore pellets, largest flat-rolled steel producer in North America, a primary steelmaking raw material input, enables with 25,000 employees in the United States and us to deliver the lowest cost production in the Canada. Our strategic acquisitions of two major industry, mitigating our exposure to external market steelmakers uniquely position our company for factors and price volatility. Moving forward, we are accelerated growth and long-term success. positioned for lower and more predictable costs throughout the supply chain, enabling consistent Cleveland-Cliffs now has a presence across the performance through market cycles. entire manufacturing process, which begins at the mining phase and goes all the way through Cleveland-Cliffs serves a diverse range of markets the manufacturing of steel products, including due to our expanded portfolio of flat-rolled steel stamping, tooling and tubing. Our operations products. We have increased our industry-leading include 21 steelmaking and finishing plants; market share in the automotive sector and are the five iron ore mining and pelletizing operations; largest supplier of automotive-grade steel in the one direct reduction facility; one coal mining United States. complex and five cokemaking operations; three We offer the most comprehensive flat-rolled tube manufacturing plants; and ten tooling and steel product selection in the industry, along with stamping operations. We have the scale and several complementary products and services. Our technical capabilities necessary to compete in an portfolio includes flat-rolled carbon steel, stainless, increasingly quality-focused marketplace. electrical, plate, tinplate and Flat-Rolled Pelletizing long steel products; carbon Revenue Shipments Capabilities and stainless steel tubing; +750% +33% and hot and cold stamping and tooling. With such an $17B 16.5 expansive product mix, our mm tons 28 customers can frequently mm tons find the solutions they need 21 mm from our offering and we tons have the capacity to extend our reach in new markets like $2B 0 never before. FY 2019 Pro-Forma FY 2019 Pro-Forma FY 2019 Pro-Forma 2 Direct Reduction Plant, Toledo, Ohio Our Enduring Climate Commitment At Cleveland-Cliffs, we acknowledge that one of We are happy to report that the much-anticipated the most important issues impacting our planet HBI plant in Toledo, Ohio was completed in is climate change. We also recognize that as a November and is now operational. With the major steel company, we are looked upon for our opening of this facility, we have the distinction leadership in this area. of being the only company in the region with the capability to produce high-quality HBI. As a company with a strong track record of environment stewardship, it is a role that we Our commitment to HBI helps us meet our embrace fully. In January 2021, we announced environmental objectives on two fronts. First, our an ambitious plan to reduce our greenhouse gas Direct Reduction Plant uses natural gas. In fact, (GHG) emissions by 25 percent by 2030. natural gas and direct reduction-grade (DR-grade) iron ore pellets are the main raw materials used Renewing our pledge to operate our business in in the process. Using natural gas—both as the a disciplined, environmentally responsible, and reducing gas for the process, as well as providing socially conscious manner, we have identified five heat for the process—allows our Direct Reduction strategic priorities to reach our 2030 objectives: Plant to produce significantly less GHG emissions. • Develop domestically sourced, high quality iron ore feedstock and utilize natural gas in the Second, the use of high quality HBI over scrap production of hot briquetted iron (HBI) during our production of steel will help us reduce emissions by as much one-third. As we begin • Implement energy efficiency and clean energy to sell this product to other manufacturers, the projects positive environmental impact of this product will • Invest in the development of carbon capture broaden even further. technology • Enhance our GHG emissions transparency and At Cleveland-Cliffs, our commitment to sustainability focus sustainability is core to our values and business operations. This commitment extends to our • Support public policies that facilitate GHG partnerships with stakeholders and the steel value reduction in the domestic steel industry creation chain. We remain committed to developing Already, we have made substantial progress sustainable solutions in the communities where we towards these goals, especially as it relates to HBI. operate, and we will continue to make investments to reduce our environmental footprint. 5 Innovation: Essential to our Transformation For more than a century, our company has been collaboration, new products and processes are committed to innovation. From upstream research being developed more efficiently and are being and development to downstream applications, launched faster. we have dedicated our technical and engineering For the mining segment, the Cliffs Technology resources to anticipating our customers’ ever- Group is spearheading efforts in product evolving needs. development, process improvements, ore reserve We fully understand that to maintain and expand optimization, and cost reduction, to name a few. our leadership status in this industry, we must be The best example of our commitment to innovation the technological leader as well. in the year 2020 is the completion of the Direct Our Research and Innovation Center (RIC), which Reduction Plant. State of the art by every measure, we acquired through AK Steel, is a shining example this new facility is the most modern, efficient and of our commitment. We continue to expand the environmentally friendly Direct Reduction Plant in capabilities of our 135,000 square foot state-of- the world. With its opening, it makes Cleveland- the-art facility to bring new steel products to the Cliffs the only company in the Great Lakes region marketplace.
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