Terry G. Fedor - Mar 6, 2024 Form 4 Insider Report for CLEVELAND-CLIFFS INC. (CLF)

Role: EVP, Operations
Signature: /s/ James D. Graham by Power of Attorney
Stock symbol: CLF
Transactions as of: Mar 6, 2024
Transactions value $: -$342,601
Form type: 4
Date filed: 3/8/2024, 06:38 PM
Previous filing: Feb 23, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CLF	Common Shares	Options Exercise	$211K	+27.4K	+5.13%	$7.70	562K	Mar 6, 2024	Direct	F1
transaction	CLF	Common Shares	Sale	-$554K	-27.4K	-4.88%	$20.19	535K	Mar 6, 2024	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CLF	Employee Stock Options (right-to-buy)	Options Exercise	$0	-27.4K	-100%	$0.00^*	0	Mar 6, 2024	Common Shares	27.4K	$7.70	Direct	F1

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	This transaction represents the exercise of compensatory stock options, the expiration date of which is January 11, 2025.
F2	The price reported in column four is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.00 to $20.36, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the Staff of the Securities and Exchange Commission, upon request, with full information regarding the number of shares sold at each separate price within this range.

Content

This transaction represents the exercise of compensatory stock options, the expiration date of which is January 11, 2025.

The price reported in column four is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.00 to $20.36, inclusive. The Reporting Person undertakes to provide the Issuer, any security holder of the Issuer or the Staff of the Securities and Exchange Commission, upon request, with full information regarding the number of shares sold at each separate price within this range.