Cleveland-Cliffs Announces Ribbon Cutting Ceremony at its Northshore Mining in Minnesota

CLEVELAND–(BUSINESS WIRE)–Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it will host a
ribbon cutting ceremony for its expansion at Northshore Mining in Silver
Bay, Minnesota on August 7. The Company will be celebrating the startup
of the new production equipment, including supporting infrastructure,
which will be completed on schedule and within a total investment budget
of $100 million. Cleveland-Cliffs invested in upgrading the concentrator
building, a new scavenger building, new conveyor systems, a limestone
tank and a steam generating plant to support large-scale commercial
production of DR-grade pellets.

The Company broke ground for the project in March 2018, and the
execution of the project will conclude after nearly 300,000 labor hours
of work. Construction jobs created for the project included 150 people
employed at peak construction, which included management, craft and
labor. With the conclusion of the project, Northshore Mining will be the
only U.S. based iron ore processing facility to produce low silica
DR-grade pellets. The Northshore operation will immediately start to
produce DR-grade pellet feedstock for Cliffs’ Hot Briquetted Iron Plant
in Toledo, OH, a $830 million investment that will be commissioned in
mid-2020, as well as DR-grade pellets to be exported to a new clientele
of DRI producers outside the United States.

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