Cleveland-Cliffs (CLF) 10-Q 24 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-8944
Entity Registrant Name	CLEVELAND-CLIFFS INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-1464672
Entity Address, Address Line One	200 Public Square,
Entity Address, City or Town	Cleveland,
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44114-2315
City Area Code	216
Local Phone Number	694-5700
Title of 12(b) Security	Common shares, par value $0.125 per share
Trading Symbol	CLF
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		468,040,431
Entity Central Index Key	0000764065
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Statements Of Unaudited Condens

Statements Of Unaudited Condensed Consolidated Financial Position - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 110	$ 198
Accounts receivable, net	1,773	1,840
Inventories	4,199	4,460
Other current assets	110	138
Total current assets	6,192	6,636
Non-current assets:
Property, plant and equipment, net	8,728	8,895
Goodwill	1,005	1,005
Pension and OPEB assets	354	329
Other non-current assets	649	672
TOTAL ASSETS	16,928	17,537
Current liabilities:
Accounts payable	2,080	2,099
Accrued employment costs	431	511
Accrued expenses	296	380
Other current liabilities	511	518
Total current liabilities	3,318	3,508
Non-current liabilities:
Long-term debt	3,507	3,137
Pension and OPEB liabilities	757	821
Deferred income taxes	621	639
Other non-current liabilities	1,353	1,310
TOTAL LIABILITIES	9,556	9,415
Commitments and contingencies (See Note 17)
SHAREHOLDERS' EQUITY
Common shares - par value $0.125 per share	66	66
Capital in excess of par value of shares	4,864	4,861
Retained earnings	1,668	1,733
Cost of 63,012,691 common shares in treasury (2023 - 26,164,757 shares)	(1,154)	(430)
Accumulated other comprehensive income	1,666	1,657
Total Cliffs shareholders' equity	7,110	7,887
Noncontrolling interests	262	235
TOTAL EQUITY	7,372	8,122
TOTAL LIABILITIES AND EQUITY	$ 16,928	$ 17,537

Statements Of Unaudited Conde_2

Statements Of Unaudited Condensed Consolidated Financial Position (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.125
Common shares, authorized (in shares)	1,200,000,000	1,200,000,000
Common shares, issued (in shares)	531,051,530	531,051,530
Common shares, outstanding (in shares)	468,038,839	504,886,773
Common shares in treasury (in shares)	63,012,691	26,164,757

Statements Of Unaudited Conde_3

Statements Of Unaudited Condensed Consolidated Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues	$ 5,092	$ 5,984	$ 10,291	$ 11,279
Operating costs:
Cost of goods sold	(4,930)	(5,340)	(9,844)	(10,536)
Selling, general and administrative expenses	(103)	(149)	(235)	(276)
Restructuring and other charges	(25)	0	(129)	0
Asset impairment	(15)	0	(79)	0
Miscellaneous – net	(13)	(12)	(36)	(15)
Total operating costs	(5,086)	(5,501)	(10,323)	(10,827)
Operating income (loss)	6	483	(32)	452
Other income (expense):
Interest expense, net	(69)	(79)	(133)	(156)
Loss on extinguishment of debt	(6)	0	(27)	0
Net periodic benefit credits other than service cost component	62	50	122	100
Other non-operating income	1	4	3	6
Total other expense	(12)	(25)	(35)	(50)
Income (loss) from continuing operations before income taxes	(6)	458	(67)	402
Income tax benefit (expense)	15	(102)	23	(89)
Income (loss) from continuing operations	9	356	(44)	313
Income from discontinued operations, net of tax	0	0	0	1
Net income (loss)	9	356	(44)	314
Income attributable to noncontrolling interests	(7)	(9)	(21)	(24)
Net income (loss) attributable to Cliffs shareholders	$ 2	$ 347	$ (65)	$ 290
Earnings (loss) per common share attributable to Cliffs shareholders - basic
Continuing operations (in dollars per share)	$ 0	$ 0.68	$ (0.13)	$ 0.56
Discontinued operations (in dollars per share)	0	0	0	0
Earnings per Common Share - Basic (in dollars per share)	0	0.68	(0.13)	0.56
Earnings (loss) per common share attributable to Cliffs shareholders - diluted
Continuing operations (in dollars per share)	0	0.67	(0.13)	0.56
Discontinued operations (in dollars per share)	0	0	0	0
Earnings per Common Share - Diluted (in dollars per share)	$ 0	$ 0.67	$ (0.13)	$ 0.56

Statements Of Unaudited Conde_4

Statements Of Unaudited Condensed Consolidated Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9	$ 356	$ (44)	$ 314
Other comprehensive income (loss):
Changes in pension and OPEB, net of tax	(29)	(26)	(57)	(53)
Changes in derivative financial instruments, net of tax	47	18	67	(134)
Changes in foreign currency translation	0	0	(1)	0
Total other comprehensive income (loss)	18	(8)	9	(187)
Comprehensive income (loss)	27	348	(35)	127
Comprehensive loss attributable to noncontrolling interests	(7)	(9)	(21)	(24)
Comprehensive income (loss) attributable to Cliffs shareholders	$ 20	$ 339	$ (56)	$ 103

Statements Of Unaudited Conde_5

Statements Of Unaudited Condensed Consolidated Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income (loss)	$ (44)	$ 314
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	458	489
Restructuring and other charges	129	0
Asset impairments	79	0
Pension and OPEB credits	(104)	(79)
Loss on extinguishment of debt	27	0
Other	47	90
Changes in operating assets and liabilities:
Accounts receivable, net	67	(333)
Inventories	227	403
Income taxes	(12)	169
Pension and OPEB payments and contributions	(62)	(58)
Payables, accrued employment and accrued expenses	(176)	(78)
Other, net	25	(69)
Net cash provided by operating activities	661	848
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(339)	(319)
Other investing activities	8	9
Net cash used by investing activities	(331)	(310)
FINANCING ACTIVITIES
Repurchase of common shares	(733)	(94)
Proceeds from issuance of senior notes	825	750
Repayments of senior notes	(845)	0
Borrowings (repayments) under credit facilities, net	370	(1,031)
Debt issuance costs	(13)	(34)
Other financing activities	(22)	(121)
Net cash used by financing activities	(418)	(530)
Net increase (decrease) in cash and cash equivalents	(88)	8
Cash and cash equivalents at beginning of period	198	26
Cash and cash equivalents at end of period	$ 110	$ 34

Statements of Unaudited Conde_6

Statements of Unaudited Condensed Consolidated Changes in Equity Statement - USD ($) $ in Millions	Total	Common Stock	Capital in Excess of Par Value of Shares	Retained Earnings	Common Shares in Treasury	AOCI	Non-controlling Interests
Balance, beginning of period (in shares) at Dec. 31, 2022		513,300,000
Balance, beginning of period at Dec. 31, 2022	$ 8,042	$ 66	$ 4,871	$ 1,334	$ (310)	$ 1,830	$ 251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(221)			(57)		(179)	15
Stock and other incentive plans (in shares)		1,800,000
Stock and other incentive plans			(39)
Stock and other incentive plans	(9)				30
Net distributions to noncontrolling interests	(19)						(19)
Balance, end of period (in shares) at Mar. 31, 2023		515,100,000
Balance, end of period at Mar. 31, 2023	7,793	$ 66	4,832	1,277	(280)	1,651	247
Balance, beginning of period (in shares) at Dec. 31, 2022		513,300,000
Balance, beginning of period at Dec. 31, 2022	8,042	$ 66	4,871	1,334	(310)	1,830	251
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	127
Common stock repurchases (shares)		(6,500,000)
Balance, end of period (in shares) at Jun. 30, 2023		508,700,000
Balance, end of period at Jun. 30, 2023	8,044	$ 66	4,841	1,624	(372)	1,643	242
Balance, beginning of period (in shares) at Mar. 31, 2023		515,100,000
Balance, beginning of period at Mar. 31, 2023	7,793	$ 66	4,832	1,277	(280)	1,651	247
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	348			347		(8)	9
Common stock repurchases (shares)		(6,500,000)
Common stock repurchases	(95)				(95)
Stock and other incentive plans (in shares)		100,000
Stock and other incentive plans			9
Stock and other incentive plans	12				3
Net distributions to noncontrolling interests	(14)						(14)
Balance, end of period (in shares) at Jun. 30, 2023		508,700,000
Balance, end of period at Jun. 30, 2023	$ 8,044	$ 66	4,841	1,624	(372)	1,643	242
Balance, beginning of period (in shares) at Dec. 31, 2023	504,886,773	504,900,000
Balance, beginning of period at Dec. 31, 2023	$ 8,122	$ 66	4,861	1,733	(430)	1,657	235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(62)			(67)		(9)	14
Common stock repurchases (shares)		(30,400,000)
Common stock repurchases	(615)				(615)
Stock and other incentive plans (in shares)		1,000,000
Stock and other incentive plans			(10)
Stock and other incentive plans	5				15
Net distributions to noncontrolling interests	(8)						(8)
Balance, end of period (in shares) at Mar. 31, 2024		475,500,000
Balance, end of period at Mar. 31, 2024	$ 7,442	$ 66	4,851	1,666	(1,030)	1,648	241
Balance, beginning of period (in shares) at Dec. 31, 2023	504,886,773	504,900,000
Balance, beginning of period at Dec. 31, 2023	$ 8,122	$ 66	4,861	1,733	(430)	1,657	235
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	$ (35)
Common stock repurchases (shares)		(37,900,000)
Balance, end of period (in shares) at Jun. 30, 2024	468,038,839	468,000,000
Balance, end of period at Jun. 30, 2024	$ 7,372	$ 66	4,864	1,668	(1,154)	1,666	262
Balance, beginning of period (in shares) at Mar. 31, 2024		475,500,000
Balance, beginning of period at Mar. 31, 2024	7,442	$ 66	4,851	1,666	(1,030)	1,648	241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	27			2		18	7
Common stock repurchases (shares)		(7,500,000)
Common stock repurchases	(125)				(125)
Stock and other incentive plans (in shares)		0
Stock and other incentive plans			13
Stock and other incentive plans	14				1
Net contributions to noncontrolling interests	$ 14						14
Balance, end of period (in shares) at Jun. 30, 2024	468,038,839	468,000,000
Balance, end of period at Jun. 30, 2024	$ 7,372	$ 66	$ 4,864	$ 1,668	$ (1,154)	$ 1,666	$ 262

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS, CONSOLIDATION AND PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 or any other future period. Certain prior period amounts have been reclassified to conform with the current year presentation. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. NATURE OF BUSINESS We are a leading North America-based steel producer with focus on value-added sheet products, particularly for the automotive industry. We are also a leading producer of electrical steels referred to as GOES and NOES in the U.S. We are vertically integrated from the mining of iron ore, production of pellets and direct reduced iron, and processing of ferrous scrap through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, we employ approximately 28,000 people across our operations in the United States and Canada. BUSINESS OPERATIONS We are organized into four operating segments based on differentiated products – Steelmaking, Tubular, Tooling and Stamping, and European Operations. We primarily operate through one reportable segment – the Steelmaking segment. BASIS OF CONSOLIDATION The unaudited condensed consolidated financial statements consolidate our accounts and the accounts of our wholly owned subsidiaries, all subsidiaries in which we have a controlling interest and VIEs for which we are the primary beneficiary. All intercompany transactions and balances are eliminated upon consolidation. INVESTMENTS IN AFFILIATES We have investments in several businesses accounted for using the equity method of accounting. These investments are included within our Steelmaking segment. Our investment in affiliates of $118 million and $123 million as of June 30, 2024 and December 31, 2023, respectively, was classified in Other non-current assets. SIGNIFICANT ACCOUNTING POLICIES A detailed description of our significant accounting policies can be found in the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. There have been no material changes in our significant accounting policies and estimates from those disclosed therein. RECENT ACCOUNTING PRONOUNCEMENTS AND LEGISLATION In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This guidance requires annual and interim disclosure of the key terms of outstanding supplier finance programs and a roll-forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. We have adopted this standard, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This guidance requires additional annual and interim disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024.

SUPPLEMENTARY FINANCIAL STATEME

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION	NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION ALLOWANCE FOR CREDIT LOSSES The following is a roll-forward of our allowance for credit losses associated with Accounts receivable, net : (In millions) 2024 2023 Allowance for credit losses as of January 1 $ (5) $ (4) Decrease (increase) in allowance — (3) Allowance for credit losses as of June 30 $ (5) $ (7) INVENTORIES The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position: (In millions) June 30, December 31, Product inventories Finished and semi-finished goods $ 2,275 $ 2,573 Raw materials 1,508 1,476 Total product inventories 3,783 4,049 Manufacturing supplies and critical spares 416 411 Inventories $ 4,199 $ 4,460 SUPPLY CHAIN FINANCE PROGRAMS We negotiate payment terms directly with our suppliers for the purchase of goods and services. We currently offer voluntary supply chain finance programs that enable our suppliers to sell their Cliffs receivables to financial intermediaries, at the sole discretion of both the suppliers and financial intermediaries. No guarantees are provided by us or our subsidiaries under the supply chain finance programs. The supply chain finance programs allow our suppliers to be paid by the financial intermediaries earlier than the due date on the applicable invoice. Supply chain finance programs that extend terms or provide us an economic benefit are classified as short-term financings. As of June 30, 2024 and December 31, 2023, we had $27 million and $21 million, respectively, deemed as short-term financings that are classified in Other current liabilities . Additionally , as of June 30, 2024 and December 31, 2023, we had $80 million and $91 million, respectively, classified as Accounts payable. WEIRTON INDEFINITE IDLE On February 15, 2024, we announced the indefinite idle of our tinplate production plant located in Weirton, West Virginia. As of June 30, 2024, we have incurred $210 million of charges related to the idle and estimate that we will incur an additional $2 million in Restructuring and other charges, primarily related to employee related costs which are expected to be incurred by the end of 2024. The following table represents a reconciliation of our accrued liabilities related to the Weirton Indefinite Idle: (In millions) Employee- Related Costs Exit Costs Asset Impairment Total Balance as of December 31, 2023 $ — $ — $ — $ — Costs incurred 1 58 48 64 170 Cash payments — (2) — (2) Non-cash — — (64) (64) Balance as of March 31, 2024 $ 58 $ 46 $ — $ 104 Costs incurred 2 23 2 15 40 Cash payments (8) (10) — (18) Non-cash — — (15) (15) Balance as of June 30, 2024 $ 73 $ 38 $ — $ 111 1 Of the $170 million of cost incurred, $104 million was recorded in Restructuring and other charges, $64 million was recorded in Asset impairments and $2 million was recorded in Net periodic benefit credits other than service cost component . 2 Of the $40 million of costs incurred, $25 million was recorded in Restructuring and other charges and $15 million was recorded in Asset impairments. CASH FLOW INFORMATION A reconciliation of capital additions to cash paid for capital expenditures is as follows: Six Months Ended (In millions) 2024 2023 Capital additions $ 346 $ 290 Less: Non-cash accruals (47) (89) Right-of-use assets - finance leases 54 60 Cash paid for capital expenditures including deposits $ 339 $ 319 Cash payments (receipts) for income taxes and interest are as follows: Six Months Ended (In millions) 2024 2023 Income taxes paid $ 10 $ 37 Income tax refunds (4) (138) Interest paid on debt obligations net of capitalized interest 1 134 142 1 Capitalized interest was $8 million and $6 million for the six months ended June 30, 2024 and 2023, respectively.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUES	NOTE 3 - REVENUES We generate our revenue through product sales, in which shipping terms indicate when we have fulfilled our performance obligations and transferred control of products to our customer. Our revenue transactions consist of a single performance obligation to transfer promised goods. Our contracts with customers define the mechanism for determining the sales price, which is generally fixed upon transfer of control, but the contracts generally do not impose a specific quantity on either party. Quantities to be delivered to the customer are determined at a point near the date of delivery through purchase orders or other written instructions we receive from the customer. Spot market sales are made through purchase orders or other written instructions. We consider our performance obligation to be complete and recognize revenue when control transfers in accordance with shipping terms. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring product. We reduce the amount of revenue recognized for estimated returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized. Payment terms are consistent with terms standard to the markets we serve. Sales taxes collected from customers are excluded from revenues. The following table represents our Revenues by market: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Steelmaking: Direct automotive $ 1,460 $ 1,980 $ 3,077 $ 3,850 Infrastructure and manufacturing 1,421 1,591 2,813 2,888 Distributors and converters 1,402 1,441 2,814 2,699 Steel producers 632 796 1,238 1,497 Total Steelmaking 4,915 5,808 9,942 10,934 Other Businesses: Direct automotive 148 143 288 282 Infrastructure and manufacturing 10 10 20 20 Distributors and converters 19 23 41 43 Total Other Businesses 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279 The following tables represent our Revenues by product line: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Steelmaking: Hot-rolled steel $ 1,115 $ 1,357 $ 2,243 $ 2,478 Cold-rolled steel 711 748 1,460 1,387 Coated steel 1,546 1,789 3,169 3,406 Stainless and electrical steel 480 615 941 1,189 Plate 317 399 650 730 Slab and other steel products 318 366 653 693 Other 428 534 826 1,051 Total Steelmaking 4,915 5,808 9,942 10,934 Other Businesses: Other 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 4 - SEGMENT REPORTING We are vertically integrated from mined raw materials and direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing. We are organized into four operating segments based on our differentiated products – Steelmaking, Tubular, Tooling and Stamping, and European Operations. We have one reportable segment – Steelmaking. The operating segment results of our Tubular, Tooling and Stamping, and European Operations that do not constitute reportable segments are combined and disclosed in the Other Businesses category. Our Steelmaking segment operates as a leading North America-based steel producer supported by being the largest iron ore pellet producer as well as a leading prime scrap processor, primarily serving the automotive, distributors and converters, and infrastructure and manufacturing markets. Our Other Businesses primarily include the operating segments that provide customer solutions with carbon and stainless steel tubing products, advanced-engineered solutions, tool design and build, hot- and cold-stamped steel components, and complex assemblies. All intersegment transactions were eliminated in consolidation. We allocate Corporate Selling, general and administrative expenses to our operating segments. We evaluate performance on an operating segment basis, as well as a consolidated basis, based on Adjusted EBITDA, which is a non-GAAP measure. This measure is used by management, investors, lenders and other external users of our financial statements to assess our operating performance and to compare operating performance to other companies in the steel industry. In addition, management believes Adjusted EBITDA is a useful measure to assess the earnings power of the business without the impact of capital structure and can be used to assess our ability to service debt and fund future capital expenditures in the business. Our results by segment are as follows: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Revenues: Steelmaking $ 4,915 $ 5,808 $ 9,942 $ 10,934 Other Businesses 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279 Adjusted EBITDA: Steelmaking $ 306 $ 765 $ 701 $ 1,005 Other Businesses 18 15 35 23 Eliminations (1) (5) 1 (10) Total Adjusted EBITDA $ 323 $ 775 $ 737 $ 1,018 The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Net income (loss) $ 9 $ 356 $ (44) $ 314 Less: Interest expense, net (69) (79) (133) (156) Income tax benefit (expense) 15 (102) 23 (89) Depreciation, depletion and amortization (228) (247) (458) (489) 291 784 524 1,048 Less: EBITDA of noncontrolling interests 1 15 17 36 40 Weirton indefinite idle 2 (40) — (217) — Loss on extinguishment of debt (6) — (27) — Other, net (1) (8) (5) (10) Total Adjusted EBITDA $ 323 $ 775 $ 737 $ 1,018 1 EBITDA of noncontrolling interests includes the following: Net income attributable to noncontrolling interests $ 7 $ 9 $ 21 $ 24 Depreciation, depletion and amortization 8 8 15 16 EBITDA of noncontrolling interests $ 15 $ 17 $ 36 $ 40 2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. The following table summarizes our depreciation, depletion and amortization and capital additions by segment: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Depreciation, depletion and amortization: Steelmaking $ (219) $ (239) $ (441) $ (470) Other Businesses (9) (8) (17) (19) Total depreciation, depletion and amortization $ (228) $ (247) $ (458) $ (489) Capital additions 1 : Steelmaking $ 187 $ 159 $ 343 $ 286 Other Businesses 2 2 3 3 Corporate — 1 — 1 Total capital additions $ 189 $ 162 $ 346 $ 290 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information. The following summarizes our assets by segment: (In millions) June 30, December 31, Assets: Steelmaking $ 16,362 $ 16,880 Other Businesses 666 657 Intersegment eliminations (506) (507) Total segment assets 16,522 17,030 Corporate 406 507 Total assets $ 16,928 $ 17,537

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	NOTE 5 - PROPERTY, PLANT AND EQUIPMENT The following table indicates the carrying value of each of the major classes of our depreciable assets: (In millions) June 30, December 31, Land, land improvements and mineral rights $ 1,389 $ 1,389 Buildings 937 946 Equipment 9,822 9,680 Other 314 302 Construction in progress 645 590 Total property, plant and equipment 1 13,107 12,907 Allowance for depreciation and depletion (4,379) (4,012) Property, plant and equipment, net $ 8,728 $ 8,895 1 Includes right-of-use assets related to finance leases of $347 million and $306 million as of June 30, 2024 and December 31, 2023, respectively. We recorded depreciation and depletion expense of $227 million and $454 million for the three and six months ended June 30, 2024, respectively, and $246 million and $485 million for the three and six months ended June 30, 2023, respectively. During the first quarter of 2024, we announced the indefinite idle of our Weirton tinplate production plant, which resulted in a $46 million impairment charge to Property, plant and equipment, net .

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES	NOTE 6 - GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES GOODWILL The following is a summary of Goodwill by segment: (In millions) June 30, December 31, Steelmaking $ 956 $ 956 Other Businesses 49 49 Total goodwill $ 1,005 $ 1,005 INTANGIBLE ASSETS AND LIABILITIES The following is a summary of our intangible assets and liabilities: June 30, 2024 December 31, 2023 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 90 $ (21) $ 69 $ 90 $ (18) $ 72 Developed technology 60 (16) 44 60 (14) 46 Trade names and trademarks 18 (6) 12 18 (5) 13 Mining permits 72 (28) 44 72 (28) 44 Supplier relationships 29 (4) 25 29 (3) 26 Total intangible assets $ 269 $ (75) $ 194 $ 269 $ (68) $ 201 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 27 $ (44) $ (71) $ 24 $ (47) 1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses. 2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold . Amortization expense related to intangible assets was $3 million for both the three months ended June 30, 2024 and 2023, and $7 million for both the six months ended June 30, 2024 and 2023. Estimated future amortization expense is $6 million for the remainder of 2024 and $13 million annually for the years 2025 through 2029. Income from amortization related to the intangible liabilities was $2 million for both the three months ended June 30, 2024 and 2023, and $3 million for both the six months ended June 30, 2024 and 2023. Estimated future income from amortization is $2 million for the remainder of 2024 and $5 million annually for the years 2025 through 2029.

DEBT AND CREDIT FACILITIES

DEBT AND CREDIT FACILITIES	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT AND CREDIT FACILITIES	NOTE 7 - DEBT AND CREDIT FACILITIES The following represents a summary of our long-term debt: (In millions) Debt Instrument Issuer 1 Annual Effective June 30, December 31, Senior Secured Notes: 6.750% 2026 Senior Secured Notes Cliffs 6.990% $ — $ 829 Senior Unsecured Notes: 7.000% 2027 Senior Notes Cliffs 9.240% 73 73 7.000% 2027 AK Senior Notes AK Steel 9.240% 56 56 5.875% 2027 Senior Notes Cliffs 6.490% 556 556 4.625% 2029 Senior Notes Cliffs 4.625% 368 368 6.750% 2030 Senior Notes Cliffs 6.750% 750 750 4.875% 2031 Senior Notes Cliffs 4.875% 325 325 7.000% 2032 Senior Notes Cliffs 7.000% 825 — 6.250% 2040 Senior Notes Cliffs 6.340% 235 235 ABL Facility Cliffs 2 Variable 3 370 — Total principal amount 3,558 3,192 Unamortized discounts and issuance costs (51) (55) Total long-term debt $ 3,507 $ 3,137 1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation). 2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility. 3 Our ABL Facility annual effective interest rate was 6.690% as of June 30, 2024. 7.000% 2032 SENIOR NOTES OFFERING On March 18, 2024, we entered into an indenture among Cliffs, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee, relating to the issuance of $825 million aggregate principal amount of our 7.000% 2032 Senior Notes, which were issued at par. The 7.000% 2032 Senior Notes were issued in a private placement transaction exempt from the registration requirements of the Securities Act. The 7.000% 2032 Senior Notes bear interest at a rate of 7.000% per annum, payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2024. The 7.000% 2032 Senior Notes mature on March 15, 2032. The 7.000% 2032 Senior Notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The 7.000% 2032 Senior Notes are guaranteed on a senior unsecured basis by our material direct and indirect wholly owned domestic subsidiaries. The 7.000% 2032 Senior Notes are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries that do not guarantee the 7.000% 2032 Senior Notes. The 7.000% 2032 Senior Notes may be redeemed, in whole or in part, at any time at our option not less than 10 days nor more than 60 days after prior notice is sent to the holders of the 7.000% 2032 Senior Notes. The 7.000% 2032 Senior Notes are redeemable prior to March 15, 2027, at a redemption price equal to 100% of the principal amount thereof plus a "make-whole" premium set forth in the indenture. We may also redeem up to 35% of the aggregate principal amount of the 7.000% 2032 Senior Notes prior to March 15, 2027, at a redemption price equal to 107.000% of the principal amount thereof with the net cash proceeds of one or more equity offerings. The 7.000% 2032 Senior Notes are redeemable beginning on March 15, 2027, at a redemption price equal to 103.500% of the principal amount thereof, decreasing to 101.750% on March 15, 2028, and are redeemable at par beginning on March 15, 2029. In each case, we pay the applicable redemption or "make-whole" premiums plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, if a change in control triggering event, as defined in the indenture, occurs with respect to the 7.000% 2032 Senior Notes, we will be required to offer to repurchase the notes at a purchase price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. The terms of the 7.000% 2032 Senior Notes contain certain customary covenants; however, there are no financial covenants. DEBT EXTINGUISHMENTS On March 18, 2024, we used a portion of the net proceeds from the 7.000% 2032 Senior Notes issuance to repurchase $640 million in aggregate principal amount of our 6.750% 2026 Senior Secured Notes pursuant to a tender offer. On April 3, 2024, we redeemed the remaining $189 million in aggregate principal amount of our then-outstanding 6.750% 2026 Senior Secured Notes with the remaining portion of the net proceeds from the 7.000% 2032 Senior Notes issuance and available liquidity. ABL FACILITY As of June 30, 2024, we were in compliance with the ABL Facility liquidity requirements and, therefore, the springing financial covenant requiring a minimum fixed charge coverage ratio of 1.0 to 1.0 was not applicable. The following represents a summary of our borrowing capacity under the ABL Facility: (In millions) June 30, Available borrowing base on ABL Facility 1 $ 4,050 Borrowings (370) Letter of credit obligations 2 (46) Borrowing capacity available $ 3,634 1 As of June 30, 2024, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations. DEBT MATURITIES The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at June 30, 2024 (in millions): 2024 2025 2026 2027 2028 Thereafter Total $ — $ — $ — $ 685 $ 370 $ 2,503 $ 3,558

PENSIONS AND OTHER POSTRETIREME

PENSIONS AND OTHER POSTRETIREMENT BENEFITS	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
PENSIONS AND OTHER POSTRETIREMENT BENEFITS	NOTE 8 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS We offer defined benefit pension plans, defined contribution pension plans and OPEB plans to a significant portion of our employees and retirees. Benefits are also provided through multiemployer plans for certain union members. The following are the components of defined benefit pension and OPEB costs (credits): DEFINED BENEFIT PENSION COSTS (CREDITS) Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 7 $ 8 $ 14 $ 16 Interest cost 54 58 109 117 Expected return on plan assets (80) (78) (160) (157) Amortization: Prior service costs 4 4 8 8 Net actuarial loss — 1 — 2 Net periodic benefit credits $ (15) $ (7) $ (29) $ (14) OPEB COSTS (CREDITS) Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 13 16 25 32 Expected return on plan assets (10) (10) (21) (21) Termination benefits 1 — — 2 — Amortization: Prior service credits (4) (4) (8) (8) Net actuarial gain (39) (37) (77) (73) Net periodic benefit credits $ (38) $ (32) $ (75) $ (65) 1 The termination benefits relate to the announcement of the indefinite idle of our Weirton tinplate production plant.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 - INCOME TAXES Our income tax benefit for the three and six months ended June 30, 2024 is $15 million and $23 million, respectively, compared to income tax expense of $102 million and $89 million for the three and six months ended June 30, 2023, respectively, primarily due to depletion in excess of state income tax expense and the impact of immaterial discrete items relative to changes in pre-tax income.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation [Abstract]
ASSET RETIREMENT OBLIGATIONS	NOTE 10 - ASSET RETIREMENT OBLIGATIONS The accrued closure obligation provides for contractual and legal obligations related to our indefinitely idled and closed operations and for the eventual closure of our active operations. The closure date for each of our active mine sites was determined based on the exhaustion date of the remaining mineral reserves, and the amortization of the related asset and accretion of the liability is recognized over the estimated mine lives. The closure date and expected timing of the capital requirements to meet our obligations for our indefinitely idled or closed mines is determined based on the unique circumstances of each property. For indefinitely idled or closed mines, the accretion of the liability is recognized over the anticipated timing of remediation. Asset retirement obligations at our active steelmaking operations primarily include the closure and post-closure care for on-site landfills and other waste containment facilities. Asset retirement obligations have been recorded at present values using settlement dates based on when we expect these facilities to reach capacity and close. The following is a summary of our asset retirement obligations: (In millions) June 30, December 31, Asset retirement obligations 1 $ 506 $ 459 Less: current portion 51 15 Long-term asset retirement obligations $ 455 $ 444 1 Includes $266 million and $259 million related to our active operations as of June 30, 2024 and December 31, 2023, respectively. The following is a roll-forward of our asset retirement obligations: (In millions) 2024 2023 Asset retirement obligations as of January 1 $ 459 $ 520 Accretion expense 11 13 Revision in estimated cash flows 50 1 Remediation payments (14) (9) Asset retirement obligations as of June 30 $ 506 $ 525 During the first quarter of 2024, we announced the indefinite idle of our Weirton tinplate production plant, resulting in an increase to our asset retirement obligations as a result of acceleration of the timing and refinement in the cost of required remediation.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 11 - FAIR VALUE MEASUREMENTS The carrying values of certain financial instruments (e.g., Accounts receivable, net , Accounts payable and Other current liabilities ) approximate fair value and, therefore, have been excluded from the table below. See NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING for information on our derivative instruments, which are accounted for at fair value on a recurring basis. A summary of the carrying value and fair value of other financial instruments were as follows: June 30, 2024 December 31, 2023 (In millions) Valuation Hierarchy Classification Carrying Fair Carrying Fair Senior notes Level 1 $ 3,137 $ 3,083 $ 3,137 $ 3,118 ABL Facility - outstanding balance Level 2 370 370 — — Total $ 3,507 $ 3,453 $ 3,137 $ 3,118 The valuation of the financial asset classified in Level 2 was determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable.

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING	NOTE 12 - DERIVATIVE INSTRUMENTS AND HEDGING We are exposed to fluctuations in market prices of raw materials and energy sources. We may use cash-settled commodity swaps to hedge the market risk associated with the purchase of certain of our raw materials and energy requirements. Our hedging strategy is to reduce the effect on earnings from the price volatility of these various commodity exposures. Our commodity contracts are designated as cash flow hedges for accounting purposes, and we record the gains and losses for the derivatives in Accumulated other comprehensive income until we reclassify them into Cost of goods sold when we recognize the associated underlying operating costs. Refer to NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME for further information. Our commodity contracts are classified as Level 2 as values were determined using a market approach based upon quoted prices for similar assets in active markets or other inputs that were observable. The following table presents the notional amount of our outstanding hedge contracts: Notional Amount Commodity Contracts Unit of Measure Maturity Dates June 30, December 31, Natural Gas MMBtu July 2024 - May 2027 158,920,000 168,590,000 Electricity Megawatt hours July 2024 - July 2027 3,527,025 3,501,898 At June 30, 2024, we estimate $98 million of net losses related to our hedge contracts will reclassify from Accumulated other comprehensive income into Cost of goods sold during the next 12 months. These estimates are based on June 30, 2024 fair values, some of which will change before their actual reclassification into Cost of goods sold. The following table presents the fair value of our outstanding cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position: Balance Sheet Location (In millions) June 30, December 31, Other current assets $ 1 $ — Other non-current assets 1 1 Other current liabilities (69) (105) Other non-current liabilities (25) (52)

CAPITAL STOCK

CAPITAL STOCK	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
CAPITAL STOCK	NOTE 13 - CAPITAL STOCK SHARE REPURCHASE PROGRAM During the first quarter of 2024, we fully utilized the remaining portion of our prior $1 billion share repurchase program, which was approved by our Board of Directors on February 10, 2022. On April 22, 2024, our Board of Directors authorized a new program to repurchase our outstanding common shares in the open market or in privately negotiated transactions, which may include purchases pursuant to Rule 10b5-1 plans or accelerated share repurchases, up to a maximum of $1.5 billion. We are not obligated to make any repurchases, and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. During the three and six months ended June 30, 2024, we repurchased 7.5 million and 37.9 million common shares, respectively, at a cost of $124 million and $733 million, respectively, excluding any excise tax due under the Inflation Reduction Act. During both the three and six months ended June 30, 2023, we repurchased 6.5 million common shares at a cost of $94 million. As of June 30, 2024, there was approximately $1.4 billion remaining authorization under our active share repurchase program. PREFERRED STOCK We have 3 million shares of Serial Preferred Stock, Class A, without par value, authorized and 4 million shares of Serial Preferred Stock, Class B, without par value, authorized. No preferred shares are issued or outstanding.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME	NOTE 14 - ACCUMULATED OTHER COMPREHENSIVE INCOME The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Foreign Currency Translation Beginning balance $ (1) $ (1) $ — $ (1) Other comprehensive loss before reclassifications — — (1) — Ending balance $ (1) $ (1) $ (1) $ (1) Derivative Instruments Beginning balance $ (150) $ (168) $ (170) $ (16) Other comprehensive gain (loss) before reclassifications 2 (31) (31) (208) Income tax benefit — 7 8 51 Other comprehensive gain (loss) before reclassifications, net of tax 2 (24) (23) (157) Losses reclassified from AOCI to net income (loss) 1 61 55 120 30 Income tax benefit 2 (16) (13) (30) (7) Net losses reclassified from AOCI to net income (loss) 45 42 90 23 Ending balance $ (103) $ (150) $ (103) $ (150) Pension and OPEB Beginning balance $ 1,799 $ 1,820 $ 1,827 $ 1,847 Gains reclassified from AOCI to net income (loss) 3 (39) (36) (77) (71) Income tax expense 2 10 10 20 18 Net gains reclassified from AOCI to net income (loss) (29) (26) (57) (53) Ending balance $ 1,770 $ 1,794 $ 1,770 $ 1,794 Total AOCI Ending Balance $ 1,666 $ 1,643 $ 1,666 $ 1,643 1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations. 2 Amounts recognized in Income tax benefit (expense) in the Statements of Unaudited Condensed Consolidated Operations. 3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 15 - VARIABLE INTEREST ENTITIES SUNCOKE MIDDLETOWN We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements and have committed to purchase all the expected production from the facility through 2032. We consolidate SunCoke Middletown as a VIE because we are the primary beneficiary despite having no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $9 million and $24 million for the three and six months ended June 30, 2024, respectively, compared to $10 million and $27 million for the three and six months ended June 30, 2023, respectively, that was included in our consolidated income before income taxes. Additionally, SunCoke Middletown had cash used for capital expenditures of $8 million and $12 million for the three and six months ended June 30, 2024, respectively, compared to $7 million and $12 million for the three and six months ended June 30, 2023, respectively. Cash used for capital expenditures are included in our consolidated Purchase of property, plant and equipment on the Statements of Unaudited Condensed Consolidated Cash Flows. The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not obligations of the Company. The creditors of SunCoke Middletown do not have recourse to the assets or general credit of the Company to satisfy liabilities of the VIE. The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown: (In millions) June 30, December 31, Inventories $ 33 $ 29 Property, plant and equipment, net 291 288 Accounts payable (21) (26) Other assets (liabilities), net (24) (39) Noncontrolling interests (279) (252)

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 16 - EARNINGS PER SHARE The following table summarizes the computation of basic and diluted EPS: Three Months Ended Six Months Ended (In millions, except per share amounts) 2024 2023 2024 2023 Income (loss) from continuing operations $ 9 $ 356 $ (44) $ 313 Income from continuing operations attributable to noncontrolling interests (7) (9) (21) (24) Net income (loss) from continuing operations attributable to Cliffs shareholders 2 347 (65) 289 Income from discontinued operations, net of tax — — — 1 Net income (loss) attributable to Cliffs shareholders $ 2 $ 347 $ (65) $ 290 Weighted average number of shares: Basic 473 513 483 514 Employee stock plans 1 1 1 — 1 Diluted 474 514 483 515 Earnings (loss) per common share attributable to Cliffs shareholders - basic: Continuing operations $ — $ 0.68 $ (0.13) $ 0.56 Discontinued operations — — — — $ — $ 0.68 $ (0.13) $ 0.56 Earnings (loss) per common share attributable to Cliffs shareholders - diluted: Continuing operations $ — $ 0.67 $ (0.13) $ 0.56 Discontinued operations — — — — $ — $ 0.67 $ (0.13) $ 0.56 1 Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For the three and six months ended June 30, 2024, 2 million and 2 million shares, respectively, were excluded. For the three and six months ended June 30, 2023, 3 million and 2 million shares, respectively, were excluded.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 17 - COMMITMENTS AND CONTINGENCIES PURCHASE COMMITMENTS We purchase portions of the principal raw materials required for our steel manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. We also use large volumes of natural gas, electricity and industrial gases in our steel manufacturing operations. We negotiate most of our purchases of chrome, industrial gases and a portion of our electricity under multi-year agreements. Our purchases of coke are made under annual or multi-year agreements with periodic price adjustments. We typically purchase coal under annual fixed-price agreements. We also purchase certain transportation services under multi-year contracts with minimum quantity requirements. OTHER COMMERCIAL COMMITMENTS We use surety bonds and letters of credit to provide financial assurance for certain obligations and statutory requirements. As of June 30, 2024, we had $273 million of surety-backed letters of credit and surety bonds outstanding. Additionally, as of June 30, 2024, we had $46 million of outstanding letters of credit issued under our ABL Facility. CONTINGENCIES We are currently the subject of, or party to, various claims and legal proceedings incidental to our current and historical operations. These claims and legal proceedings are subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages, additional funding requirements or an injunction. If an unfavorable ruling were to occur, there exists the possibility of a material adverse effect on our financial position and results of operations for the period in which the ruling occurs or future periods. However, based on currently available information, we do not believe that any pending claims or legal proceedings will result in a material adverse effect in relation to our consolidated financial statements. ENVIRONMENTAL CONTINGENCIES Although we believe our operating practices have been consistent with prevailing industry standards, hazardous materials may have been released at operating sites or third-party sites in the past, including operating sites that we no longer own. If we reasonably can, we estimate potential remediation expenditures for those sites where future remediation efforts are probable based on identified conditions, regulatory requirements, or contractual obligations arising from the sale of a business or facility. For sites involving government required investigations, we typically make an estimate of potential remediation expenditures only after the investigation is complete and when we better understand the nature and scope of the remediation. In general, the material factors in these estimates include the costs associated with investigations, delineations, risk assessments, remedial work, governmental response and oversight, site monitoring, and preparation of reports to the appropriate environmental agencies. The following is a summary of our environmental obligations: (In millions) June 30, December 31, Environmental obligations $ 131 $ 134 Less: current portion 21 21 Long-term environmental obligations $ 110 $ 113 We cannot predict the ultimate costs for each site with certainty because of the evolving nature of the investigation and remediation process. Rather, to estimate the probable costs, we must make certain assumptions. The most significant of these assumptions is for the nature and scope of the work that will be necessary to investigate and remediate a particular site and the cost of that work. Other significant assumptions include the cleanup technology that will be used, whether and to what extent any other parties will participate in paying the investigation and remediation costs, reimbursement of past response costs and future oversight costs by governmental agencies, and the reaction of the governing environmental agencies to the proposed work plans. Costs for future investigation and remediation are not discounted to their present value, unless the amount and timing of the cash disbursements are readily known. To the extent that we have been able to reasonably estimate future liabilities, we do not believe that there is a reasonable possibility that we will incur a loss or losses that exceed the amounts we accrued for the environmental matters discussed below that would, either individually or in the aggregate, have a material adverse effect on our consolidated financial condition, results of operations or cash flows. However, since we recognize amounts in the consolidated financial statements in accordance with GAAP that exclude potential losses that are not probable or that may not be currently estimable, the ultimate costs of these environmental matters may be higher than the liabilities we currently have recorded in our consolidated financial statements. Pursuant to the Resource Conservation and Recovery Act, which governs the treatment, handling and disposal of hazardous waste, the EPA and authorized state environmental agencies may conduct inspections of Resource Conservation and Recovery Act-regulated facilities to identify areas where there have been releases of hazardous waste or hazardous constituents into the environment and may order the facilities to take corrective action to remediate such releases. Likewise, the EPA or the states may require closure or post-closure care of residual, industrial and hazardous waste management units. Environmental regulators have the authority to inspect all of our facilities. While we cannot predict the future actions of these regulators, it is possible that they may identify conditions in future inspections of these facilities that they believe require corrective action. Pursuant to the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the EPA and state environmental authorities have conducted site investigations at some of our facilities and other third-party facilities, portions of which previously may have been used for disposal of materials that are currently regulated. The results of certain of these investigations are still pending, and we could be directed to spend funds for remedial activities at the former disposal areas. Because of the uncertain status of these investigations, however, we cannot reasonably predict whether or when such spending might be required or its magnitude. In addition to the foregoing matters, we are or may be involved in proceedings with various regulatory authorities that may require us to pay fines, comply with more rigorous standards or other requirements or incur capital and operating expenses for environmental compliance. We believe that the ultimate disposition of any such proceedings will not have, individually or in the aggregate, a material adverse effect on our consolidated financial condition, results of operations or cash flows. TAX MATTERS The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues based on our estimate of whether, and the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We also recognize tax benefits to the extent that it is more likely than not that our positions will be sustained when challenged by the taxing authorities. To the extent we prevail in matters for which liabilities have been established, or are required to pay amounts in excess of our liabilities, our effective tax rate in a given period could be materially affected. An unfavorable tax settlement would require use of our cash and result in an increase in our effective tax rate in the year of resolution. A favorable tax settlement would be recognized as a reduction in our effective tax rate in the year of resolution. OTHER CONTINGENCIES In addition to the matters discussed above, there are various pending and potential claims against us and our subsidiaries involving product liability, personal injury, commercial, employee benefits and other matters arising in the ordinary course of business. Because of the considerable uncertainties that exist for any claim, it is difficult to reliably or accurately estimate what the amount of a loss would be if a claimant prevails. If material assumptions or factual understandings we rely on to evaluate exposure for these contingencies prove to be inaccurate or otherwise change, we may be required to record a liability for an adverse outcome. If, however, we have reasonably evaluated potential future liabilities for all of these contingencies, including those described more specifically above, it is our opinion, unless we otherwise noted, that the ultimate liability from these contingencies, individually or in the aggregate, should not have a material adverse effect on our consolidated financial position, results of operations or cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18 - SUBSEQUENT EVENTS We have evaluated subsequent events through the date of financial statement issuance. On July 14, 2024, we entered into the Arrangement Agreement, pursuant to which we will acquire all of the issued and outstanding common shares of Stelco from the holders thereof. Under the terms of the Arrangement Agreement, Stelco shareholders will receive CAD $60.00 per Stelco common share in cash and a fixed exchange ratio of 0.454 shares of Cliffs common stock per share of Stelco common stock (or CAD $10.00 per share as of July 12, 2024), representing a total consideration of CAD $70.00 per Stelco share. The Arrangement Agreement implies a total enterprise value of approximately $2.5 billion (CAD $3.4 billion) for Stelco as of July 12, 2024. Completion of the Stelco Acquisition is subject to various customary closing conditions, including, among others, approval by Stelco shareholders and the receipt of required regulatory clearances in both the U.S. and Canada, and it is possible that factors outside of our control could result in the Stelco Acquisition being completed at a later time or not at all. The Arrangement Agreement also contains certain termination rights that may be exercised by either us or Stelco. We expect to complete the Stelco Acquisition in the fourth quarter of 2024 following the satisfaction or waiver of all applicable conditions.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2	$ 347	$ (65)	$ 290

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Consolidation	The unaudited condensed consolidated financial statements consolidate our accounts and the accounts of our wholly owned subsidiaries, all subsidiaries in which we have a controlling interest and VIEs for which we are the primary beneficiary. All intercompany transactions and balances are eliminated upon consolidation.
Investment in Affiliates	We have investments in several businesses accounted for using the equity method of accounting. These investments are included within our Steelmaking segment.
Recent Accounting Pronouncements	In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . This guidance requires annual and interim disclosure of the key terms of outstanding supplier finance programs and a roll-forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of the supplier finance program obligations. We have adopted this standard, except for the amendment on roll-forward information, which is effective for fiscal years beginning after December 15, 2023. Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This guidance requires additional annual and interim disclosures for reportable segments. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This guidance requires additional annual and interim disclosures for income taxes. This new standard does not affect the recognition, measurement or financial statement presentation. The amendments are effective for fiscal years beginning after December 15, 2024.

SUPPLEMENTARY FINANCIAL STATE_2

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Allowance for Credit Losses	The following is a roll-forward of our allowance for credit losses associated with Accounts receivable, net : (In millions) 2024 2023 Allowance for credit losses as of January 1 $ (5) $ (4) Decrease (increase) in allowance — (3) Allowance for credit losses as of June 30 $ (5) $ (7)
Schedule of Inventory	The following table presents the detail of our Inventories on the Statements of Unaudited Condensed Consolidated Financial Position: (In millions) June 30, December 31, Product inventories Finished and semi-finished goods $ 2,275 $ 2,573 Raw materials 1,508 1,476 Total product inventories 3,783 4,049 Manufacturing supplies and critical spares 416 411 Inventories $ 4,199 $ 4,460
Schedule of Reconciliation of Accrued Liabilities	The following table represents a reconciliation of our accrued liabilities related to the Weirton Indefinite Idle: (In millions) Employee- Related Costs Exit Costs Asset Impairment Total Balance as of December 31, 2023 $ — $ — $ — $ — Costs incurred 1 58 48 64 170 Cash payments — (2) — (2) Non-cash — — (64) (64) Balance as of March 31, 2024 $ 58 $ 46 $ — $ 104 Costs incurred 2 23 2 15 40 Cash payments (8) (10) — (18) Non-cash — — (15) (15) Balance as of June 30, 2024 $ 73 $ 38 $ — $ 111 1 Of the $170 million of cost incurred, $104 million was recorded in Restructuring and other charges, $64 million was recorded in Asset impairments and $2 million was recorded in Net periodic benefit credits other than service cost component . 2 Of the $40 million of costs incurred, $25 million was recorded in Restructuring and other charges and $15 million was recorded in Asset impairments.
Schedule of Supplemental Cash Flow Information	A reconciliation of capital additions to cash paid for capital expenditures is as follows: Six Months Ended (In millions) 2024 2023 Capital additions $ 346 $ 290 Less: Non-cash accruals (47) (89) Right-of-use assets - finance leases 54 60 Cash paid for capital expenditures including deposits $ 339 $ 319 Cash payments (receipts) for income taxes and interest are as follows: Six Months Ended (In millions) 2024 2023 Income taxes paid $ 10 $ 37 Income tax refunds (4) (138) Interest paid on debt obligations net of capitalized interest 1 134 142 1 Capitalized interest was $8 million and $6 million for the six months ended June 30, 2024 and 2023, respectively.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenues by Market and Product Line	The following table represents our Revenues by market: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Steelmaking: Direct automotive $ 1,460 $ 1,980 $ 3,077 $ 3,850 Infrastructure and manufacturing 1,421 1,591 2,813 2,888 Distributors and converters 1,402 1,441 2,814 2,699 Steel producers 632 796 1,238 1,497 Total Steelmaking 4,915 5,808 9,942 10,934 Other Businesses: Direct automotive 148 143 288 282 Infrastructure and manufacturing 10 10 20 20 Distributors and converters 19 23 41 43 Total Other Businesses 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279 The following tables represent our Revenues by product line: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Steelmaking: Hot-rolled steel $ 1,115 $ 1,357 $ 2,243 $ 2,478 Cold-rolled steel 711 748 1,460 1,387 Coated steel 1,546 1,789 3,169 3,406 Stainless and electrical steel 480 615 941 1,189 Plate 317 399 650 730 Slab and other steel products 318 366 653 693 Other 428 534 826 1,051 Total Steelmaking 4,915 5,808 9,942 10,934 Other Businesses: Other 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule Of Segment Reporting Information	Our results by segment are as follows: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Revenues: Steelmaking $ 4,915 $ 5,808 $ 9,942 $ 10,934 Other Businesses 177 176 349 345 Total revenues $ 5,092 $ 5,984 $ 10,291 $ 11,279 Adjusted EBITDA: Steelmaking $ 306 $ 765 $ 701 $ 1,005 Other Businesses 18 15 35 23 Eliminations (1) (5) 1 (10) Total Adjusted EBITDA $ 323 $ 775 $ 737 $ 1,018 The following table provides a reconciliation of our consolidated Net income (loss) to total Adjusted EBITDA: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Net income (loss) $ 9 $ 356 $ (44) $ 314 Less: Interest expense, net (69) (79) (133) (156) Income tax benefit (expense) 15 (102) 23 (89) Depreciation, depletion and amortization (228) (247) (458) (489) 291 784 524 1,048 Less: EBITDA of noncontrolling interests 1 15 17 36 40 Weirton indefinite idle 2 (40) — (217) — Loss on extinguishment of debt (6) — (27) — Other, net (1) (8) (5) (10) Total Adjusted EBITDA $ 323 $ 775 $ 737 $ 1,018 1 EBITDA of noncontrolling interests includes the following: Net income attributable to noncontrolling interests $ 7 $ 9 $ 21 $ 24 Depreciation, depletion and amortization 8 8 15 16 EBITDA of noncontrolling interests $ 15 $ 17 $ 36 $ 40 2 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for further information. The following table summarizes our depreciation, depletion and amortization and capital additions by segment: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Depreciation, depletion and amortization: Steelmaking $ (219) $ (239) $ (441) $ (470) Other Businesses (9) (8) (17) (19) Total depreciation, depletion and amortization $ (228) $ (247) $ (458) $ (489) Capital additions 1 : Steelmaking $ 187 $ 159 $ 343 $ 286 Other Businesses 2 2 3 3 Corporate — 1 — 1 Total capital additions $ 189 $ 162 $ 346 $ 290 1 Refer to NOTE 2 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION for additional information.
Reconciliation of Assets from Segment to Consolidated	The following summarizes our assets by segment: (In millions) June 30, December 31, Assets: Steelmaking $ 16,362 $ 16,880 Other Businesses 666 657 Intersegment eliminations (506) (507) Total segment assets 16,522 17,030 Corporate 406 507 Total assets $ 16,928 $ 17,537

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Value Of Each Of The Major Classes Of Consolidated Depreciable Assets	The following table indicates the carrying value of each of the major classes of our depreciable assets: (In millions) June 30, December 31, Land, land improvements and mineral rights $ 1,389 $ 1,389 Buildings 937 946 Equipment 9,822 9,680 Other 314 302 Construction in progress 645 590 Total property, plant and equipment 1 13,107 12,907 Allowance for depreciation and depletion (4,379) (4,012) Property, plant and equipment, net $ 8,728 $ 8,895 1 Includes right-of-use assets related to finance leases of $347 million and $306 million as of June 30, 2024 and December 31, 2023, respectively.

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following is a summary of Goodwill by segment: (In millions) June 30, December 31, Steelmaking $ 956 $ 956 Other Businesses 49 49 Total goodwill $ 1,005 $ 1,005
Schedule of Intangible Assets and Liabilities	The following is a summary of our intangible assets and liabilities: June 30, 2024 December 31, 2023 (In millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Intangible assets 1 : Customer relationships $ 90 $ (21) $ 69 $ 90 $ (18) $ 72 Developed technology 60 (16) 44 60 (14) 46 Trade names and trademarks 18 (6) 12 18 (5) 13 Mining permits 72 (28) 44 72 (28) 44 Supplier relationships 29 (4) 25 29 (3) 26 Total intangible assets $ 269 $ (75) $ 194 $ 269 $ (68) $ 201 Intangible liabilities 2 : Above-market supply contracts $ (71) $ 27 $ (44) $ (71) $ 24 $ (47) 1 Intangible assets are classified as Other non-current assets. Amortization related to mining permits is recognized in Cost of goods sold . Amortization of all other intangible assets is recognized in Selling, general and administrative expenses. 2 Intangible liabilities are classified as Other non-current liabilities. Amortization of all intangible liabilities is recognized in Cost of goods sold .

DEBT AND CREDIT FACILITIES (Tab

DEBT AND CREDIT FACILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	The following represents a summary of our long-term debt: (In millions) Debt Instrument Issuer 1 Annual Effective June 30, December 31, Senior Secured Notes: 6.750% 2026 Senior Secured Notes Cliffs 6.990% $ — $ 829 Senior Unsecured Notes: 7.000% 2027 Senior Notes Cliffs 9.240% 73 73 7.000% 2027 AK Senior Notes AK Steel 9.240% 56 56 5.875% 2027 Senior Notes Cliffs 6.490% 556 556 4.625% 2029 Senior Notes Cliffs 4.625% 368 368 6.750% 2030 Senior Notes Cliffs 6.750% 750 750 4.875% 2031 Senior Notes Cliffs 4.875% 325 325 7.000% 2032 Senior Notes Cliffs 7.000% 825 — 6.250% 2040 Senior Notes Cliffs 6.340% 235 235 ABL Facility Cliffs 2 Variable 3 370 — Total principal amount 3,558 3,192 Unamortized discounts and issuance costs (51) (55) Total long-term debt $ 3,507 $ 3,137 1 Unless otherwise noted, references in this column and throughout this NOTE 7 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation). 2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility. 3 Our ABL Facility annual effective interest rate was 6.690% as of June 30, 2024. The following represents a summary of our borrowing capacity under the ABL Facility: (In millions) June 30, Available borrowing base on ABL Facility 1 $ 4,050 Borrowings (370) Letter of credit obligations 2 (46) Borrowing capacity available $ 3,634 1 As of June 30, 2024, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment. 2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.
Schedule of Maturities of Long-term Debt	The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at June 30, 2024 (in millions): 2024 2025 2026 2027 2028 Thereafter Total $ — $ — $ — $ 685 $ 370 $ 2,503 $ 3,558

PENSIONS AND OTHER POSTRETIRE_2

PENSIONS AND OTHER POSTRETIREMENT BENEFITS (Tables)	6 Months Ended
	Jun. 30, 2024
Postemployment Benefits [Abstract]
Schedule of Net Benefit Costs	The following are the components of defined benefit pension and OPEB costs (credits): DEFINED BENEFIT PENSION COSTS (CREDITS) Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 7 $ 8 $ 14 $ 16 Interest cost 54 58 109 117 Expected return on plan assets (80) (78) (160) (157) Amortization: Prior service costs 4 4 8 8 Net actuarial loss — 1 — 2 Net periodic benefit credits $ (15) $ (7) $ (29) $ (14) OPEB COSTS (CREDITS) Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Service cost $ 2 $ 3 $ 4 $ 5 Interest cost 13 16 25 32 Expected return on plan assets (10) (10) (21) (21) Termination benefits 1 — — 2 — Amortization: Prior service credits (4) (4) (8) (8) Net actuarial gain (39) (37) (77) (73) Net periodic benefit credits $ (38) $ (32) $ (75) $ (65) 1 The termination benefits relate to the announcement of the indefinite idle of our Weirton tinplate production plant.

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Asset Retirement Obligation [Abstract]
Summary of Asset Retirement Obligations	The following is a summary of our asset retirement obligations: (In millions) June 30, December 31, Asset retirement obligations 1 $ 506 $ 459 Less: current portion 51 15 Long-term asset retirement obligations $ 455 $ 444 1 Includes $266 million and $259 million related to our active operations as of June 30, 2024 and December 31, 2023, respectively.
Schedule of Change in Asset Retirement Obligation	The following is a roll-forward of our asset retirement obligations: (In millions) 2024 2023 Asset retirement obligations as of January 1 $ 459 $ 520 Accretion expense 11 13 Revision in estimated cash flows 50 1 Remediation payments (14) (9) Asset retirement obligations as of June 30 $ 506 $ 525

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Fair Value Of Financial Instruments	A summary of the carrying value and fair value of other financial instruments were as follows: June 30, 2024 December 31, 2023 (In millions) Valuation Hierarchy Classification Carrying Fair Carrying Fair Senior notes Level 1 $ 3,137 $ 3,083 $ 3,137 $ 3,118 ABL Facility - outstanding balance Level 2 370 370 — — Total $ 3,507 $ 3,453 $ 3,137 $ 3,118

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The following table presents the notional amount of our outstanding hedge contracts: Notional Amount Commodity Contracts Unit of Measure Maturity Dates June 30, December 31, Natural Gas MMBtu July 2024 - May 2027 158,920,000 168,590,000 Electricity Megawatt hours July 2024 - July 2027 3,527,025 3,501,898
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table presents the fair value of our outstanding cash flow hedges and the classification in the Statements of Unaudited Condensed Consolidated Financial Position: Balance Sheet Location (In millions) June 30, December 31, Other current assets $ 1 $ — Other non-current assets 1 1 Other current liabilities (69) (105) Other non-current liabilities (25) (52)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of Accumulated other comprehensive income within Cliffs shareholders’ equity and related tax effects allocated to each are shown below: Three Months Ended Six Months Ended (In millions) 2024 2023 2024 2023 Foreign Currency Translation Beginning balance $ (1) $ (1) $ — $ (1) Other comprehensive loss before reclassifications — — (1) — Ending balance $ (1) $ (1) $ (1) $ (1) Derivative Instruments Beginning balance $ (150) $ (168) $ (170) $ (16) Other comprehensive gain (loss) before reclassifications 2 (31) (31) (208) Income tax benefit — 7 8 51 Other comprehensive gain (loss) before reclassifications, net of tax 2 (24) (23) (157) Losses reclassified from AOCI to net income (loss) 1 61 55 120 30 Income tax benefit 2 (16) (13) (30) (7) Net losses reclassified from AOCI to net income (loss) 45 42 90 23 Ending balance $ (103) $ (150) $ (103) $ (150) Pension and OPEB Beginning balance $ 1,799 $ 1,820 $ 1,827 $ 1,847 Gains reclassified from AOCI to net income (loss) 3 (39) (36) (77) (71) Income tax expense 2 10 10 20 18 Net gains reclassified from AOCI to net income (loss) (29) (26) (57) (53) Ending balance $ 1,770 $ 1,794 $ 1,770 $ 1,794 Total AOCI Ending Balance $ 1,666 $ 1,643 $ 1,666 $ 1,643 1 Amounts recognized in Cost of goods sold in the Statements of Unaudited Condensed Consolidated Operations. 2 Amounts recognized in Income tax benefit (expense) in the Statements of Unaudited Condensed Consolidated Operations. 3 Amounts recognized in Net periodic benefit credits other than service cost component in the Statements of Unaudited Condensed Consolidated Operations.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown: (In millions) June 30, December 31, Inventories $ 33 $ 29 Property, plant and equipment, net 291 288 Accounts payable (21) (26) Other assets (liabilities), net (24) (39) Noncontrolling interests (279) (252)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share Computation	The following table summarizes the computation of basic and diluted EPS: Three Months Ended Six Months Ended (In millions, except per share amounts) 2024 2023 2024 2023 Income (loss) from continuing operations $ 9 $ 356 $ (44) $ 313 Income from continuing operations attributable to noncontrolling interests (7) (9) (21) (24) Net income (loss) from continuing operations attributable to Cliffs shareholders 2 347 (65) 289 Income from discontinued operations, net of tax — — — 1 Net income (loss) attributable to Cliffs shareholders $ 2 $ 347 $ (65) $ 290 Weighted average number of shares: Basic 473 513 483 514 Employee stock plans 1 1 1 — 1 Diluted 474 514 483 515 Earnings (loss) per common share attributable to Cliffs shareholders - basic: Continuing operations $ — $ 0.68 $ (0.13) $ 0.56 Discontinued operations — — — — $ — $ 0.68 $ (0.13) $ 0.56 Earnings (loss) per common share attributable to Cliffs shareholders - diluted: Continuing operations $ — $ 0.67 $ (0.13) $ 0.56 Discontinued operations — — — — $ — $ 0.67 $ (0.13) $ 0.56 1 Excluded from the diluted EPS calculation are anti-dilutive shares related to employee stock plans. For the three and six months ended June 30, 2024, 2 million and 2 million shares, respectively, were excluded. For the three and six months ended June 30, 2023, 3 million and 2 million shares, respectively, were excluded.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Environmental Obligations	The following is a summary of our environmental obligations: (In millions) June 30, December 31, Environmental obligations $ 131 $ 134 Less: current portion 21 21 Long-term environmental obligations $ 110 $ 113

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) Employee in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Employee segment	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of employees | Employee	28
Number of operating segments	4
Number of reportable segments	1
Other non-current assets
Schedule of Equity Method Investments [Line Items]
Investment in affiliates | $	$ 118	$ 123

SUPPLEMENTARY FINANCIAL STATE_3

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Allowance for Credit Losses (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses as of beginning of period	$ (5)	$ (4)
Decrease (increase) in allowance	0	(3)
Allowance for credit losses as of end of period	$ (5)	$ (7)

SUPPLEMENTARY FINANCIAL STATE_4

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished and semi-finished goods	$ 2,275	$ 2,573
Raw materials	1,508	1,476
Total product inventories	3,783	4,049
Manufacturing supplies and critical spares	416	411
Inventories	$ 4,199	$ 4,460

SUPPLEMENTARY FINANCIAL STATE_5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Restructuring charges	$ 210
Expected costs remaining	2
Other current liabilities
Supplier Finance Program [Line Items]
Supplier financings	27	$ 21
Accounts payable
Supplier Finance Program [Line Items]
Supplier financings	$ 80	$ 91

SUPPLEMENTARY FINANCIAL STATE_6

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Reconciliation of Accrued Expenses (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Balance as of beginning of period	$ 104	$ 0		$ 0
Costs incurred	40	170
Cash payments	(18)	(2)
Non-cash	(15)	(64)
Balance as of end of period	111	104		111
Restructuring and other charges	25	104	$ 0	129	$ 0
Defined benefit plan
Restructuring Reserve [Roll Forward]
Termination benefits	0		$ 0	2	$ 0
Asset Impairments
Restructuring Reserve [Roll Forward]
Balance as of beginning of period	0	0		0
Costs incurred	15	64
Cash payments	0	0
Non-cash	(15)	(64)
Balance as of end of period	0	0		0
Employee Severance
Restructuring Reserve [Roll Forward]
Balance as of beginning of period	58	0		0
Costs incurred	23	58
Cash payments	(8)	0
Non-cash	0	0
Balance as of end of period	73	58		73
Other Restructuring
Restructuring Reserve [Roll Forward]
Balance as of beginning of period	46	0		0
Costs incurred	2	48
Cash payments	(10)	(2)
Non-cash	0	0
Balance as of end of period	$ 38	$ 46		$ 38

SUPPLEMENTARY FINANCIAL STATE_7

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capital additions	$ 346	$ 290
Non-cash accruals	(47)	(89)
Right-of-use assets - finance leases	54	60
Cash paid for capital expenditures including deposits	339	319
Income taxes paid	10	37
Income tax refunds	(4)	(138)
Interest paid on debt obligations net of capitalized interest	134	142
Capitalized interest	$ 8	$ 6

REVENUES - Revenues By Market (

REVENUES - Revenues By Market (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 5,092	$ 5,984	$ 10,291	$ 11,279
Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	4,915	5,808	9,942	10,934
Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	177	176	349	345
Direct automotive | Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	1,460	1,980	3,077	3,850
Direct automotive | Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	148	143	288	282
Infrastructure and manufacturing | Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	1,421	1,591	2,813	2,888
Infrastructure and manufacturing | Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	10	10	20	20
Distributors and converters | Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	1,402	1,441	2,814	2,699
Distributors and converters | Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	19	23	41	43
Steel producers | Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	$ 632	$ 796	$ 1,238	$ 1,497

REVENUES - Revenues By Product

REVENUES - Revenues By Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 5,092	$ 5,984	$ 10,291	$ 11,279
Steelmaking
Disaggregation of Revenue [Line Items]
Revenues	4,915	5,808	9,942	10,934
Steelmaking | Hot-rolled steel
Disaggregation of Revenue [Line Items]
Revenues	1,115	1,357	2,243	2,478
Steelmaking | Cold-rolled steel
Disaggregation of Revenue [Line Items]
Revenues	711	748	1,460	1,387
Steelmaking | Coated steel
Disaggregation of Revenue [Line Items]
Revenues	1,546	1,789	3,169	3,406
Steelmaking | Stainless and electrical steel
Disaggregation of Revenue [Line Items]
Revenues	480	615	941	1,189
Steelmaking | Plate
Disaggregation of Revenue [Line Items]
Revenues	317	399	650	730
Steelmaking | Slab and other steel products
Disaggregation of Revenue [Line Items]
Revenues	318	366	653	693
Steelmaking | Other
Disaggregation of Revenue [Line Items]
Revenues	428	534	826	1,051
Other Businesses
Disaggregation of Revenue [Line Items]
Revenues	177	176	349	345
Other Businesses | Other
Disaggregation of Revenue [Line Items]
Revenues	$ 177	$ 176	$ 349	$ 345

SEGMENT REPORTING - Results by

SEGMENT REPORTING - Results by Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			4
Number of reportable segments | segment			1
Segment Reporting Information [Line Items]
Revenues	$ 5,092	$ 5,984	$ 10,291	$ 11,279
Adjusted EBITDA	323	775	737	1,018
Eliminations
Segment Reporting Information [Line Items]
Adjusted EBITDA	(1)	(5)	1	(10)
Steelmaking
Segment Reporting Information [Line Items]
Revenues	4,915	5,808	9,942	10,934
Steelmaking | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	306	765	701	1,005
Other Businesses
Segment Reporting Information [Line Items]
Revenues	177	176	349	345
Other Businesses | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 18	$ 15	$ 35	$ 23

SEGMENT REPORTING - Net Income

SEGMENT REPORTING - Net Income (Loss) to Total Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net income (loss)	$ 9		$ 356	$ (44)	$ 314
Interest expense, net	(69)		(79)	(133)	(156)
Income tax benefit (expense)	15		(102)	23	(89)
Depreciation, depletion and amortization	(228)		(247)	(458)	(489)
EBITDA	291		784	524	1,048
Weirton indefinite idle	(40)	$ (170)
Loss on extinguishment of debt	(6)		0	(27)	0
Adjusted EBITDA	323		775	737	1,018
Net income attributable to noncontrolling interests	7		9	21	24
EBITDA Calculation
Segment Reporting Information [Line Items]
Interest expense, net	(69)		(79)	(133)	(156)
Income tax benefit (expense)	15		(102)	23	(89)
Depreciation, depletion and amortization	(228)		(247)	(458)	(489)
Adjusted EBITDA Calculation
Segment Reporting Information [Line Items]
EBITDA of noncontrolling interests	15		17	36	40
Weirton indefinite idle	(40)		0	(217)	0
Loss on extinguishment of debt	(6)		0	(27)	0
Other, net	(1)		(8)	(5)	(10)
Net income attributable to noncontrolling interests	7		9	21	24
Depreciation, depletion and amortization attributable to noncontrolling interests	$ 8		$ 8	$ 15	$ 16

SEGMENT REPORTING - Segment Rep

SEGMENT REPORTING - Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	$ (228)	$ (247)	$ (458)	$ (489)
Capital additions	189	162	346	290
Steelmaking
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	(219)	(239)	(441)	(470)
Capital additions	187	159	343	286
Other Businesses
Segment Reporting Information [Line Items]
Depreciation, depletion and amortization	(9)	(8)	(17)	(19)
Capital additions	2	2	3	3
Corporate and Other
Segment Reporting Information [Line Items]
Capital additions	$ 0	$ 1	$ 0	$ 1

SEGMENT REPORTING - Segment Ass

SEGMENT REPORTING - Segment Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total assets	$ 16,928	$ 17,537
Corporate
Segment Reporting Information [Line Items]
Total assets	406	507
Operating Segments
Segment Reporting Information [Line Items]
Total assets	16,522	17,030
Operating Segments | Steelmaking
Segment Reporting Information [Line Items]
Total assets	16,362	16,880
Operating Segments | Other Businesses
Segment Reporting Information [Line Items]
Total assets	666	657
Eliminations
Segment Reporting Information [Line Items]
Total assets	$ (506)	$ (507)

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 13,107		$ 13,107		$ 12,907
Allowance for depreciation and depletion	(4,379)		(4,379)		(4,012)
Property, plant and equipment, net	8,728		8,728		8,895
Finance lease, right-of-use asset	347		347		306
Depreciation and depletion expense	227	$ 246	454	$ 485
Asset Impairment Charges	15	$ 0	79	$ 0
Property, plant and equipment, net
Property, Plant and Equipment [Line Items]
Asset Impairment Charges			46
Land, land improvements and mineral rights
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,389		1,389		1,389
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	937		937		946
Equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	9,822		9,822		9,680
Other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	314		314		302
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 645		$ 645		$ 590

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill	$ 1,005	$ 1,005
Steelmaking
Goodwill [Line Items]
Goodwill	956	956
Other Businesses
Goodwill [Line Items]
Goodwill	$ 49	$ 49

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 269	$ 269
Finite-Lived Intangible Assets, Accumulated Amortization	(75)	(68)
Finite-Lived Intangible Assets, Net, Total	194	201
Above-market supply contracts, Gross Amount	(71)	(71)
Above-market supply contracts, Accumulated Amortization	27	24
Above-market supply contracts, Net	(44)	(47)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	90	90
Finite-Lived Intangible Assets, Accumulated Amortization	(21)	(18)
Finite-Lived Intangible Assets, Net, Total	69	72
Developed technology
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	60	60
Finite-Lived Intangible Assets, Accumulated Amortization	(16)	(14)
Finite-Lived Intangible Assets, Net, Total	44	46
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	18	18
Finite-Lived Intangible Assets, Accumulated Amortization	(6)	(5)
Finite-Lived Intangible Assets, Net, Total	12	13
Mining permits
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	72	72
Finite-Lived Intangible Assets, Accumulated Amortization	(28)	(28)
Finite-Lived Intangible Assets, Net, Total	44	44
Supplier relationships
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	29	29
Finite-Lived Intangible Assets, Accumulated Amortization	(4)	(3)
Finite-Lived Intangible Assets, Net, Total	$ 25	$ 26

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Amortization of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 3	$ 3	$ 7	$ 7
Remainder of 2024	6		6
2025	13		13
2026	13		13
2027	13		13
2028	13		13
2029	$ 13		$ 13

GOODWILL AND INTANGIBLE ASSET_6

GOODWILL AND INTANGIBLE ASSETS AND LIABILITIES - Amortization of Intangible Liability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Liabilities	$ (2)	$ (2)	$ (3)	$ (3)
Remainder of 2024	(2)		(2)
2025	(5)		(5)
2026	(5)		(5)
2027	(5)		(5)
2028	(5)		(5)
2029	$ (5)		$ (5)

DEBT AND CREDIT FACILITIES - Sc

DEBT AND CREDIT FACILITIES - Schedule Of Long-Term Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 18, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 3,558		$ 3,192
Unamortized discounts and issuance costs	(51)		(55)
Long-term Debt	3,507		3,137
ABL Facility
Debt Instrument [Line Items]
Long-term Line of Credit	$ 370
Cleveland-Cliffs Inc. | 6.750% 2026 Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate	6.75%
Annual Effective Interest Rate	6.99%
Long-term Debt, Gross	$ 0		829
Cleveland-Cliffs Inc. | 7.000% 2027 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7%
Annual Effective Interest Rate	9.24%
Long-term Debt, Gross	$ 73		73
Cleveland-Cliffs Inc. | 5.875% 2027 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.875%
Annual Effective Interest Rate	6.49%
Long-term Debt, Gross	$ 556		556
Cleveland-Cliffs Inc. | 4.625% 2029 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.625%
Annual Effective Interest Rate	4.625%
Long-term Debt, Gross	$ 368		368
Cleveland-Cliffs Inc. | 6.750% 2030 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.75%
Annual Effective Interest Rate	6.75%
Long-term Debt, Gross	$ 750		750
Cleveland-Cliffs Inc. | 4.875% 2031 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	4.875%
Annual Effective Interest Rate	4.875%
Long-term Debt, Gross	$ 325		325
Cleveland-Cliffs Inc. | 7.000% 2032 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7%
Annual Effective Interest Rate	7%
Long-term Debt, Gross	$ 825	$ 825	0
Cleveland-Cliffs Inc. | 6.250% 2040 Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.25%
Annual Effective Interest Rate	6.34%
Long-term Debt, Gross	$ 235		235
Cleveland-Cliffs Inc. | ABL Facility
Debt Instrument [Line Items]
Annual Effective Interest Rate	6.69%
Long-term Line of Credit	$ 370		0
AK Steel | 7.000% 2027 AK Senior Notes
Debt Instrument [Line Items]
Stated interest rate	7%
Annual Effective Interest Rate	9.24%
Long-term Debt, Gross	$ 56		$ 56

DEBT AND CREDIT FACILITIES - De

DEBT AND CREDIT FACILITIES - Debt Redemption (Details) - USD ($) $ in Millions			6 Months Ended
	Apr. 03, 2024	Mar. 18, 2024	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Aggregate principal amount			$ 3,558	$ 3,192
7.000% 2032 Senior Notes | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Aggregate principal amount		$ 825	$ 825	0
Stated interest rate			7%
Repurchase price if triggering event occurs			101%
7.000% 2032 Senior Notes | Cleveland-Cliffs Inc. | Minimum
Debt Instrument, Redemption [Line Items]
Redemption notice period			10 days
7.000% 2032 Senior Notes | Cleveland-Cliffs Inc. | Maximum
Debt Instrument, Redemption [Line Items]
Redemption notice period			60 days
7.000% 2032 Senior Notes | Debt Instrument, Redemption, Period One | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Redemption price percentage			100%
7.000% 2032 Senior Notes | Debt Instrument, Redemption, Period One, Upon Equity Issuance | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Redemption price percentage			107%
Percentage of principal available for redemption			35%
7.000% 2032 Senior Notes | Debt Instrument, Redemption, Period Two | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Redemption price percentage			103.50%
7.000% 2032 Senior Notes | Debt Instrument, Redemption, Period Three | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Redemption price percentage			101.75%
6.750% 2026 Senior Secured Notes | Cleveland-Cliffs Inc.
Debt Instrument, Redemption [Line Items]
Aggregate principal amount			$ 0	$ 829
Stated interest rate			6.75%
Amount of debt extinguished	$ 189	$ 640

DEBT AND CREDIT FACILITIES - AB

DEBT AND CREDIT FACILITIES - ABL Facility (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
ABL Facility
Line of Credit Facility [Line Items]
Available borrowing base on ABL Facility	$ 4,050
Borrowings	(370)
Borrowing capacity available	3,634
Maximum borrowing capacity	$ 4,750
ABL Facility | Line of Credit
Line of Credit Facility [Line Items]
Minimum fixed charge coverage ratio	1
Letter of Credit
Line of Credit Facility [Line Items]
Borrowings	$ (46)

DEBT AND CREDIT FACILITIES - _2

DEBT AND CREDIT FACILITIES - Schedule of Debt Maturities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	0
2027	685
2028	370
Thereafter	2,503
Total maturities of debt	$ 3,558	$ 3,192

PENSIONS AND OTHER POSTRETIRE_3

PENSIONS AND OTHER POSTRETIREMENT BENEFITS - Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 7	$ 8	$ 14	$ 16
Interest cost	54	58	109	117
Expected return on plan assets	(80)	(78)	(160)	(157)
Prior service credits	4	4	8	8
Net actuarial loss (gain)	0	1	0	2
Net periodic benefit costs (credits)	(15)	(7)	(29)	(14)
Defined benefit pension contributions	16	0	16	0
Defined benefit plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	2	3	4	5
Interest cost	13	16	25	32
Expected return on plan assets	(10)	(10)	(21)	(21)
Termination benefits	0	0	2	0
Prior service credits	(4)	(4)	(8)	(8)
Net actuarial loss (gain)	(39)	(37)	(77)	(73)
Net periodic benefit costs (credits)	(38)	(32)	(75)	(65)
OPEB contributions	$ 0	$ 0	$ 0	$ 0

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (15)	$ 102	$ (23)	$ 89

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - Summary Of Asset Retirement Obligations (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Environmental Exit Cost [Line Items]
Asset retirement obligations	$ 506	$ 459	$ 525	$ 520
Less: current portion	51	15
Long-term asset retirement obligations	455	444
Operating Segments
Environmental Exit Cost [Line Items]
Asset retirement obligations	$ 266	$ 259

ASSET RETIREMENT OBLIGATIONS _2

ASSET RETIREMENT OBLIGATIONS - Asset Retirement Obligation Disclosure (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Asset Retirement Obligation [Roll Forward]
Asset retirement obligation at beginning of period	$ 459	$ 520
Accretion expense	11	13
Revision in estimated cash flows	50	1
Remediation payments	(14)	(9)
Asset retirement obligation at end of period	$ 506	$ 525

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Value And Fair Value Of Financial Instruments Disclosure (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 3,507	$ 3,137
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	3,453	3,118
Senior notes | Carrying Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	3,137	3,137
Senior notes | Fair Value | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	3,083	3,118
Line of Credit | Carrying Value | Level 2 | ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	370	0
Line of Credit | Fair Value | Level 2 | ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 370	$ 0

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) MWh MMBtu	Dec. 31, 2023 MWh MMBtu
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Reclassification of net losses | $	$ 98
Commodity Contract | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | MMBtu	158,920,000	168,590,000
Commodity Contract | Electricity
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount | MWh	3,527,025	3,501,898

DERIVATIVE INSTRUMENTS AND HE_4

DERIVATIVE INSTRUMENTS AND HEDGING - Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset	$ 1	$ 0
Other non-current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset	1	1
Other current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability	(69)	(105)
Other non-current liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability	$ (25)	$ (52)

CAPITAL STOCK - Narrative (Deta

CAPITAL STOCK - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 22, 2024	Feb. 10, 2022
Class of Stock [Line Items]
Authorized amount of stock repurchase						$ 1,500	$ 1,000
Repurchase of common shares				$ 733	$ 94
Remaining authorized amount of stock repurchase	$ 1,400			$ 1,400
Common Stock
Class of Stock [Line Items]
Common stock repurchases (shares)	7,500,000	30,400,000	6,500,000	37,900,000	6,500,000
Common Shares in Treasury
Class of Stock [Line Items]
Repurchase of common shares	$ 124		$ 94	$ 733	$ 94
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)	3,000,000			3,000,000
Preferred stock outstanding (in shares)	0			0
Preferred stock issued (in shares)	0			0
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock authorized (in shares)	4,000,000			4,000,000
Preferred stock outstanding (in shares)	0			0
Preferred stock issued (in shares)	0			0

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in AOCI (loss) related to shareholders' equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance			$ 1,657
Ending balance	$ 1,666	$ 1,643	1,666	$ 1,643
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	(1)	0	(1)
Other comprehensive gain (loss) before reclassifications, net of tax	0	0	(1)	0
Ending balance	(1)	(1)	(1)	(1)
Derivative Instruments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(150)	(168)	(170)	(16)
Other comprehensive gain (loss) before reclassifications	2	(31)	(31)	(208)
Income tax benefit	0	7	8	51
Other comprehensive gain (loss) before reclassifications, net of tax	2	(24)	(23)	(157)
(Gains) losses reclassified from AOCI to net income	61	55	120	30
Income tax expense (benefit)	(16)	(13)	(30)	(7)
Net losses (gains) reclassified from AOCI to net income	45	42	90	23
Ending balance	(103)	(150)	(103)	(150)
Pension and OPEB
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	1,799	1,820	1,827	1,847
(Gains) losses reclassified from AOCI to net income	(39)	(36)	(77)	(71)
Income tax expense (benefit)	10	10	20	18
Net losses (gains) reclassified from AOCI to net income	(29)	(26)	(57)	(53)
Ending balance	$ 1,770	$ 1,794	$ 1,770	$ 1,794

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Net income attributable to noncontrolling interests	$ 7	$ 9	$ 21	$ 24
Cash paid for capital expenditures including deposits			339	319
Inventories	4,199		4,199		$ 4,460
Property, plant and equipment, net	8,728		8,728		8,895
Accounts payable	(2,080)		(2,080)		(2,099)
Noncontrolling interests	(262)		(262)		(235)
SunCoke Middletown | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Net income attributable to noncontrolling interests	9	10	24	27
Cash paid for capital expenditures including deposits	8	$ 7	12	$ 12
Inventories	33		33		29
Property, plant and equipment, net	291		291		288
Accounts payable	(21)		(21)		(26)
Other assets (liabilities), net	(24)		(24)		(39)
Noncontrolling interests	$ (279)		$ (279)		$ (252)

EARNINGS PER SHARE - Earnings P

EARNINGS PER SHARE - Earnings Per Share Computation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 9	$ 356	$ (44)	$ 313
Income attributable to noncontrolling interests	(7)	(9)	(21)	(24)
Net income (loss) from continuing operations attributable to Cliffs shareholders	2	347	(65)	289
Income from discontinued operations, net of tax	0	0	0	1
Net income (loss) attributable to Cliffs shareholders	$ 2	$ 347	$ (65)	$ 290
Weighted average number of shares:
Basic (in shares)	473	513	483	514
Employee stock plans (in shares)	1	1	0	1
Diluted (in shares)	474	514	483	515
Earnings (loss) per common share attributable to Cliffs shareholders - basic:
Continuing operations (in dollars per share)	$ 0	$ 0.68	$ (0.13)	$ 0.56
Discontinued operations (in dollars per share)	0	0	0	0
Earnings per Common Share - Basic (in dollars per share)	0	0.68	(0.13)	0.56
Earnings (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations (in dollars per share)	0	0.67	(0.13)	0.56
Discontinued operations (in dollars per share)	0	0	0	0
Earnings per Common Share - Diluted (in dollars per share)	$ 0	$ 0.67	$ (0.13)	$ 0.56

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee stock plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2	3	2	2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Letter of Credit
Other Commitments [Line Items]
Long-term Line of Credit	$ 46
Surety Bond
Other Commitments [Line Items]
Surety-backed letters of credit and surety bonds outstanding	$ 273

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Environmental obligations	$ 131	$ 134
Less: current portion	21	21
Long-term environmental obligations	$ 110	$ 113

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event - Stelco Holdings Inc $ / shares in Units, $ in Billions, $ in Billions	Jul. 12, 2024 USD ($) shares	Jul. 12, 2024 CAD ($) $ / shares shares
Subsequent Event [Line Items]
Price per share (in dollars per share)		$ 70
Shares of Cliffs common shares issued to Stelco Holdings stockholders (in shares) | shares	0.454	0.454
Expected enterprise value of acquisition	$ 2.5	$ 3.4
Stelco Holdings Inc
Subsequent Event [Line Items]
Price per share (in dollars per share)		$ 60
Cleveland-Cliffs Inc.
Subsequent Event [Line Items]
Price per share (in dollars per share)		$ 10