EXHIBIT 2.01

Resource Extraction Payment Report

Resource Extraction Issuer: Cleveland-Cliffs Inc.

Reporting Year: Fiscal Year ended December 31, 2025

Currency of the report: USD

Date submitted: September 18, 2026

Payments by Payee

Figures in thousands
Country			Payee						Taxes1			Royalties			Fees			Production entitlements			Bonuses			Dividends			Payments for infrastructure improvements			Community and social responsibility payments that are required by law or contract						Totals
United States			US Federal Government						$	483		$	—		$	207		$	—		$	—		$	—		$	—		$	—					$	690
Total									$	483		$	—		$	207		$	—		$	—		$	—		$	—		$	—					$	690

Payments by Project

Figures in thousands
Country			Project			Business Segment			Subnational Jurisdiction			Resource			Method of Extraction						Taxes1			Royalties			Fees			Production entitlements			Bonuses			Dividends			Payments for infrastructure improvements			Community and social responsibility payments that are required by law or contract						Totals
United States			Michigan Iron Ore			Steelmaking			Michigan			Iron Ore			Open Pit						$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—					$	—
United States			Minnesota Iron Ore			Steelmaking			Minnesota			Iron Ore			Open Pit						—			—			—			—			—			—			—			—						—
United States			West Virginia Coal			Steelmaking			West Virginia			Coal			Open Pit / Underground Mine						483			—			207			—			—			—			—			—						690
Total																					$	483		$	—		$	207		$	—		$	—		$	—		$	—		$	—					$	690

Footnote:

1Cleveland-Cliffs Inc. (the “Company”) files a consolidated income tax return and is the entity that makes consolidated tax payments to the US Federal Government. The vast majority of the Company’s taxable income does not relate to our resource extraction activities, as our footprint is predominantly comprised of multiple steelmaking operations that use iron ore and coal as raw materials in the steel production process. If any federal income tax payments are made, the total amount is included within payments made to the US Federal Government, but is not allocated to any specific project. During 2025, the Company did not make any income tax payments to the US Federal Government. The amount disclosed for the West Virginia Coal project is related to excise taxes.