Lourenco Goncalves - 11 Feb 2026 Form 4 Insider Report for CLEVELAND-CLIFFS INC. (CLF)

Role: Chairman, President & CEO, Director
Signature: /s/ James D. Graham by Power of Attorney
Issuer symbol: CLF
Transactions as of: 11 Feb 2026
Net transactions value: -$37,257,300
Form type: 4
Filing time: 11 Feb 2026, 18:52:03 UTC
Previous filing: 07 Jan 2026
Next filing: 20 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
GONCALVES LOURENCO	Chairman, President & CEO, Director	200 PUBLIC SQUARE, SUITE 3300, CLEVELAND	/s/ James D. Graham by Power of Attorney	11 Feb 2026	0001236128

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CLF	Common Shares	Sale	$37,257,300	-3,000,000	-100%	$12.42	0	11 Feb 2026	By 2025 grantor retained annuity trust	F1
holding	CLF	Common Shares						3,015,486	11 Feb 2026	Direct

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

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.20 to $12.96, 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, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

Content

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.20 to $12.96, 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, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.