Cleveland-Cliffs (CLF) Investor Update summary

Historical context and plant turnaround

• Butler Works plant was slated for closure due to foreign steel dumping but was saved after acquisition and intervention on trade policy.

• The plant is now thriving, with job security and future growth plans, attributed to leadership and union collaboration.

• Grain-oriented electrical steel production at Butler is critical for U.S. power grid and national security.

Trade, national security, and industry consolidation

• Foreign dumping, especially from Japan and China, threatened U.S. electrical steel; trade loopholes were closed with government support.

• U.S. Steel's attempted sale to Nippon Steel was blocked by the President on national security grounds, with bipartisan political support.

• Industry consolidation under American ownership is positioned as essential for national security and job growth.

Acquisition strategy and future plans

• Plans to acquire U.S. Steel focus on an all-American solution, with the combined entity retaining the U.S. Steel name and headquarters in Pittsburgh.

• No intention to shut down existing U.S. Steel assets; instead, plans to expand and invest in facilities.

• Integration aims for operational synergies, not market control, and emphasizes unionized workforce and local investment.