Keith Koci - 18 Feb 2026 Form 4 Insider Report for CLEVELAND-CLIFFS INC. (CLF)

Role: EVP & President, CC Services
Signature: /s/ James D. Graham by Power of Attorney
Issuer symbol: CLF
Transactions as of: 18 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 20 Feb 2026, 17:08:52 UTC
Previous filing: 07 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Koci Keith	EVP & President, CC Services	200 PUBLIC SQUARE, SUITE 3300, CLEVELAND	/s/ James D. Graham by Power of Attorney	20 Feb 2026	0001316514

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	Restricted Stock Units	Award	$0	+163,791		$0.000000	163,791	18 Feb 2026	Common Shares	163,791		Direct	F1, F2
transaction	CLF	Market Stock Units	Award	$0	+163,791		$0.000000	163,791	18 Feb 2026	Common Shares	163,791		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Each of the restricted stock units reported in this row represents a contingent right to receive a value in cash relating to the price of the Issuer's common shares.
F2	The restricted stock units generally vest on the third anniversary of the date of grant of February 18, 2026, subject to the other terms of the award.
F3	Each of the target market stock units reported in this row represents a contingent right to receive one Issuer common share.
F4	In general, the target market stock units can be earned from 50% to 150% based on Issuer stock price performance achievement during a three-year performance period starting February 18, 2026, subject to the other terms of the award.