Cleveland-Cliffs Declares Quarterly Cash Dividend on Common Shares

Dividend Increased by 20%

CLEVELAND–(BUSINESS WIRE)–Cleveland-Cliffs Inc. (NYSE: CLF) today announced that its Board
of Directors declared a quarterly cash dividend on the Company’s common
shares of $0.06 per share. This dividend represents a 20% increase on
the dividends previously paid in 2019. The cash dividend will be payable
on July 15, 2019, to shareholders of record as of the close of business
on July 5, 2019.

About Cleveland-Cliffs Inc.

Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest
independent iron ore mining company in the United States. The company is
a major supplier of iron ore pellets to the North American steel
industry from its mines and pellet plants located in Michigan and
Minnesota. By 2020, Cliffs expects to be the sole producer of hot
briquetted iron (HBI) in the Great Lakes region with the development of
its first production plant in Toledo, Ohio. Driven by the core values of
safety, social, environmental and capital stewardship, Cliffs’ employees
endeavor to provide all stakeholders with operating and financial
transparency.

Contacts

MEDIA CONTACT:
Patricia Persico
Director, Corporate
Communications
(216) 694-5316

INVESTOR CONTACT:
Paul Finan
Director, Investor
Relations
(216) 694-6544