On this page of StockholderLetter.com we present the latest annual shareholder letter from CLEVELAND-CLIFFS INC. — ticker symbol CLF. Reading current and past CLF letters to shareholders can bring important insights into the investment thesis.
ANNUAL REPORT 2024
A manufacturing renaissance in the United States is underway, and Cleveland-Cliffs is at the foundation of this bold new era of domestic manufacturing and industrial excellence. As a proud American-owned and operated steel company, we are ready to support the resurgence of domestic manufacturing, strengthen our economy, and drive American prosperity for all workers. Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO
LETTER FROM LOURENCO Dear Fellow Cleveland-Cliffs Shareholders: 2024 was one of the most challenging years in memory for the domestic steel market. Undeterred by these marketdriven challenges, Cleveland-Cliffs remained focused on operational and strategic excellence. While steel demand in 2024 hit the lowest point since 2010 (excluding COVID-19 impacted 2020), we prepared our business and our workforce for the exciting opportunities we see ahead of us, in 2025 and beyond. Employee safety remains paramount for us, and 2024 marked our safest year since becoming a steel company. Thanks to the hard work of our 30,000 employees and strong partnerships with our unions, we achieved in 2024 our lowest ever Total Recordable Incident Rate of 0.9. This number is now the new benchmark in the steel industry. Our most transformational event of 2024 was the acquisition of Stelco, the largest Canadian steel company and the lowest-cost flat-rolled steel producer on the continent. As we have done a couple times before, we used the same battle tested playbook and, once again, proved that M&A is for the ones that can actually close the deals they announce, like Cliffs always does. The Stelco transaction was executed flawlessly, with strong support from the United Steelworkers (USW), and spending less than four months on the entire process, from approaching the target to closing the deal. Through this acquisition, we further diversified our customer base, expanded our presence in Canada, strengthened our commitment to integrated steelmaking, and reinforced our dedication to good-paying union jobs. Also, we have full conviction that we will over-deliver on synergies. Among the growth projects announced in 2024, our $150 million total investment in a state-of-the-art transformer production plant in Weirton, West Virginia stands out as a game changer. With a significant portion of $50 million co-investment coming from the West Virginia Economic Development Authority, Cliffs is entering the high growth and undersupplied electrical transformer market, with Made in USA state-of-the-art transformers. Upon start up in early 2026, we will be creating 600 good-paying middle class jobs, providing reemployment opportunities for former Cliffs employees residing in West Virginia and Ohio displaced by illegally dumped imports of tinplate from foreign countries, such as Germany and Japan. We will also be boosting demand for our grain-oriented electrical steel (GOES), produced in-house by Cliffs in Butler, Pennsylvania. As we embark in a new era of domestic manufacturing and industrial excellence in the United States, concrete signs of improvement in steel demand are already visible in 2025. Supported by President Donald Trump s AmericaFirst agenda and steel tariffs to level the playing field against perpetrators of unfair trade practices, we fully expect that 2025 will be the first of a number of good years ahead of us. To our shareholders, thank you for your trust and confidence. Sincerely, LOURENCO GONCALVES Chairman, President and Chief Executive Officer Cleveland-Cliffs Inc. Annual Report 2024 1
2024 FINANCIAL PERFORMANCE 2024 FULL-YEAR HIGHLIGHTS $19.2 billion revenues 15.6 million net tons steel shipments $780 million Adjusted EBITDA1 Record safety with lowest Total Recordable Incident Rate (0.9) since becoming a steel company2 Completed the Stelco acquisition during the fourth quarter of 2024 Further reduced unit costs year-over-year Returned $733 million in capital to shareholders through share repurchases Announced new GHG emissions reduction goals Announced new state-of-the-art electrical transformer production plant in Weirton, West Virginia Completed successful hydrogen injection trial at Indiana Harbor s #7 blast furnace A reconciliation of non-GAAP financial measures to their most directly comparable respective GAAP measures can be found under NonGAAP Financial Measures in Item 7, Management s Discussion and Analysis of Financial Condition and Results of Operations included within our Annual Report on Form 10-K for the year ended December 31, 2024. 1 2 Based on 200,000 hours worked including employees and contractors but does not include newly acquired Stelco Inc. 2 Cleveland-Cliffs Inc. Annual Report 2024
NEW BUSINESS 2024 LEADING THE WAY IN NORTH AMERICAN STEEL Welcoming Stelco to the Cleveland-Cliffs Family As an industry icon for over 100 years, Stelco has been a pillar of the Canadian steel industry, built on a foundation of innovation, quality, and resilience. Now, as a wholly owned subsidiary, Stelco will continue to thrive while benefiting from Cliffs expansive reach as a leading flat-rolled steel producer in North America. Stelco Lake Erie Works Aerial View ~$120 million of annual cost synergies via complementary capabilities across raw materials and primary steel producing along with operational optimization and procurement savings opportunities Immediately accretive to GAAP earnings per share and Adjusted EBITDA margin, while enhancing financial stability through-the-cycle Expanded Cleveland-Cliffs existing footprint in Canada by adding 2,500 total employees with 1,800 USW-represented jobs Diversified customer base across service centers, construction and other industrial end markets with higher spot sales A Transformational Investment in Supporting American Infrastructure To meet the increasing demand for energy and support the modernization of America s electrical grid, Cleveland-Cliffs is investing in a state-of-the-art electrical transformer production plant in Weirton, West Virginia. American-made distribution transformers that support the growing needs of AI-driven data centers, businesses, homes, solar and wind across the country. Creating 600 new jobs and re-employment opportunities for USW-represented workers from the indefinitely idled Weirton tinplate mill. Expanding production of American-made grainGrain-oriented electrical steel (GOES) oriented electrical steels (GOES) at Butler Works, Butler, Pennsylvania and stainless and carbon steel produced by Cliffs in several other of its steel plants in Ohio, Michigan and Indiana. Cleveland-Cliffs Inc. Annual Report 2024 3
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CLF Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2024

   A manufacturing renaissance in the United States is underway, and
Cleveland-Cliffs is at the foundation of this bold new era of domestic
manufacturing and industrial excellence. As a proud American-owned
and operated steel company, we are ready to support the resurgence of
domestic manufacturing, strengthen our economy, and drive American
prosperity for all workers.   
Lourenco Goncalves, Cleveland-Cliffs    Chairman, President and CEO

LETTER FROM
LOURENCO
Dear Fellow Cleveland-Cliffs Shareholders:
2024 was one of the most challenging years in memory for
the domestic steel market. Undeterred by these marketdriven challenges, Cleveland-Cliffs remained focused
on operational and strategic excellence. While steel
demand in 2024 hit the lowest point since 2010 (excluding
COVID-19 impacted 2020), we prepared our business and
our workforce for the exciting opportunities we see ahead
of us, in 2025 and beyond.
Employee safety remains paramount for us, and 2024
marked our safest year since becoming a steel company.
Thanks to the hard work of our 30,000 employees and
strong partnerships with our unions, we achieved in 2024
our lowest ever Total Recordable Incident Rate of 0.9. This
number is now the new benchmark in the steel industry.
Our most transformational event of 2024 was the
acquisition of Stelco, the largest Canadian steel company
and the lowest-cost flat-rolled steel producer on the
continent. As we have done a couple times before, we
used the same battle tested playbook and, once again,
proved that M&A is for the ones that can actually close the
deals they announce, like Cliffs always does. The Stelco
transaction was executed flawlessly, with strong support
from the United Steelworkers (USW), and spending less
than four months on the entire process, from approaching
the target to closing the deal. Through this acquisition,
we further diversified our customer base, expanded our
presence in Canada, strengthened our commitment to
integrated steelmaking, and reinforced our dedication to
good-paying union jobs. Also, we have full conviction that
we will over-deliver on synergies.
Among the growth projects announced in 2024, our $150
million total investment in a state-of-the-art transformer
production plant in Weirton, West Virginia stands out as
a game changer. With a significant portion of $50 million
co-investment coming from the West Virginia Economic
Development Authority, Cliffs is entering the high growth
and undersupplied electrical transformer market, with
Made in USA state-of-the-art transformers. Upon start up
in early 2026, we will be creating 600 good-paying middle
class jobs, providing reemployment opportunities for
former Cliffs employees residing in West Virginia and Ohio
displaced by illegally dumped imports of tinplate from
foreign countries, such as Germany and Japan. We will
also be boosting demand for our grain-oriented electrical
steel (GOES), produced in-house by Cliffs in Butler,
Pennsylvania.
As we embark in a new era of domestic manufacturing
and industrial excellence in the United States, concrete
signs of improvement in steel demand are already visible
in 2025. Supported by President Donald Trump   s AmericaFirst agenda and steel tariffs to level the playing field
against perpetrators of unfair trade practices, we fully
expect that 2025 will be the first of a number of good
years ahead of us.
To our shareholders, thank you for your trust and
confidence.
Sincerely,
LOURENCO GONCALVES
Chairman, President and Chief Executive Officer
Cleveland-Cliffs Inc.     Annual Report 2024
1

2024     FINANCIAL PERFORMANCE

2024 FULL-YEAR
HIGHLIGHTS
    $19.2 billion revenues
    15.6 million net tons steel shipments
    $780 million Adjusted EBITDA1
    Record safety with lowest Total Recordable Incident Rate (0.9) since
becoming a steel company2
    Completed the Stelco acquisition during the fourth quarter of 2024
    Further reduced unit costs year-over-year
    Returned $733 million in capital to shareholders through share repurchases
    Announced new GHG emissions reduction goals
    Announced new state-of-the-art electrical transformer production plant in
Weirton, West Virginia
    Completed successful hydrogen injection trial at Indiana Harbor   s #7 blast
furnace
A reconciliation of non-GAAP financial measures to their most directly comparable respective GAAP measures can be found under NonGAAP Financial Measures in Item 7, Management   s Discussion and Analysis of Financial Condition and Results of Operations included within
our Annual Report on Form 10-K for the year ended December 31, 2024.
1
2
Based on 200,000 hours worked including employees and contractors but does not include newly acquired Stelco Inc.
2
Cleveland-Cliffs Inc.     Annual Report 2024


NEW BUSINESS     2024
LEADING THE WAY IN
NORTH AMERICAN STEEL
Welcoming Stelco to the Cleveland-Cliffs Family
As an industry icon for over 100 years, Stelco has been a
pillar of the Canadian steel industry, built on a foundation of
innovation, quality, and resilience. Now, as a wholly owned
subsidiary, Stelco will continue to thrive while benefiting from
Cliffs    expansive reach as a leading flat-rolled steel producer
in North America.
Stelco Lake Erie Works     Aerial View

~$120 million of annual cost synergies via
complementary capabilities across raw materials
and primary steel producing along with operational
optimization and procurement savings opportunities

Immediately accretive to GAAP earnings per share
and Adjusted EBITDA margin, while enhancing
financial stability through-the-cycle

Expanded Cleveland-Cliffs    existing footprint in
Canada by adding 2,500 total employees with 1,800
USW-represented jobs

Diversified customer base across service centers,
construction and other industrial end markets with higher
spot sales
A Transformational Investment in Supporting
American Infrastructure
To meet the increasing demand for energy and support the
modernization of America   s electrical grid, Cleveland-Cliffs is
investing in a state-of-the-art electrical transformer production
plant in Weirton, West Virginia.
    American-made distribution transformers that support
the growing needs of AI-driven data centers, businesses,
homes, solar and wind across the country.
    Creating 600 new jobs and re-employment
opportunities for USW-represented workers from the
indefinitely idled Weirton tinplate mill.
    Expanding production of American-made grainGrain-oriented electrical steel (GOES)
oriented electrical steels (GOES) at Butler Works, Butler,
Pennsylvania and stainless and carbon steel produced
by Cliffs in several other of its steel plants in Ohio,
Michigan and Indiana.
Cleveland-Cliffs Inc.     Annual Report 2024
3



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