CLEVELAND-CLIFFS INC. 10-K

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES STOCK EXCHANGE INFORMATION Our common shares (ticker symbol CLF) are listed on the NYSE (New York Stock Exchange). HOLDERS At February 13, 2023, we had 2,528 shareholders of record. SHAREHOLDER RETURN PERFORMANCE The following graph shows changes over the past five-year period in the value of $100 invested in: (1) Cliffs' common shares; (2) S&P 500 Index; (3) S&P Metals and Mining Select Industry Index; and (4) S&P MidCap 400 Index. The values of each investment are based on price change plus reinvestment of all dividends reported to shareholders, based on monthly granularity. 2017 2018 2019 2020 2021 2022 Cleveland-Cliffs Inc. Return % — 6.66 12.60 77.46 49.52 (26.00) Cumulative $ 100.00 106.66 120.09 213.12 318.65 235.81 S&P 500 Index Return % — (4.39) 31.48 18.39 28.68 (18.13) Cumulative $ 100.00 95.61 125.70 148.81 191.48 156.77 S&P Metals and Mining Select Industry Index Return % — (26.76) 14.70 15.97 34.94 13.12 Cumulative $ 100.00 73.24 84.01 97.42 131.46 148.70 S&P MidCap 400 Index Return % — (11.10) 26.17 13.65 24.73 (13.10) Cumulative $ 100.00 88.90 112.17 127.48 159.01 138.18 41 | CLF 2022 FORM 10-K Table of Contents ISSUER PURCHASES OF EQUITY SECURITIES The following table presents information with respect to repurchases by the Company of our common shares during the periods indicated: Period Total Number of Shares (or Units) Purchased 1 Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet be Purchased Under the Plans or Programs 2 October 1 - 31, 2022 894 $ 19.54 — $ 790,302,500 November 1 - 30, 2022 28,208 28.79 — 790,302,500 December 1 - 31, 2022 2,000,054 15.06 2,000,000 760,216,700 Total 2,029,156 $ 15.25 2,000,000 1 Includes 894 shares that were delivered to us in October 2022, 28,208 shares that were delivered to us in November 2022, and 54 shares that were delivered to us in December 2022 to satisfy tax withholding obligations due upon the vesting or payment of stock awards. 2 On February 10, 2022, our Board of Directors authorized a 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 billion. We are not obligated to make any purchases, and the program may be suspended or discontinued at any time. The share repurchase program does not have a specific expiration date. ITEM 6. [Reserved]