| Schedule of Long-Term Debt |
The following represents a summary of our long-term debt:
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| (In millions) |
| Debt Instrument |
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Issuer1
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Annual Effective
Interest Rate |
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September 30,
2025 |
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December 31,
2024 |
| Senior Unsecured Notes: |
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7.000% 2027 Senior Notes4
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Cliffs |
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9.240% |
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$ |
73
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$ |
73 |
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7.000% 2027 AK Senior Notes4
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AK Steel |
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9.240% |
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56
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56 |
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5.875% 2027 Senior Notes4
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Cliffs |
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6.490% |
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556
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556 |
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4.625% 2029 Senior Notes |
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Cliffs |
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4.625% |
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368
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368 |
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6.875% 2029 Senior Notes |
|
Cliffs |
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6.875% |
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900
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900 |
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6.750% 2030 Senior Notes |
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Cliffs |
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6.750% |
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750
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750 |
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4.875% 2031 Senior Notes |
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Cliffs |
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4.875% |
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325
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325 |
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7.500% 2031 Senior Notes |
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Cliffs |
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7.500% |
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850
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— |
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7.000% 2032 Senior Notes |
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Cliffs |
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7.054% |
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1,425
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1,425 |
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7.375% 2033 Senior Notes |
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Cliffs |
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7.375% |
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900
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900 |
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7.625% 2034 Senior Notes |
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Cliffs |
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7.625% |
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850
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— |
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6.250% 2040 Senior Notes |
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Cliffs |
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6.340% |
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235
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235 |
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| ABL Facility |
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Cliffs2
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Variable3
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847
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1,560 |
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| Total principal amount |
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8,135
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7,148 |
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| Unamortized discounts and issuance costs |
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(96) |
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(83) |
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| Total long-term debt |
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$ |
8,039
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$ |
7,065 |
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1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
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2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
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3 Our ABL Facility annual effective interest rate was 5.87% as of September 30, 2025.
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4 On September 3, 2025, we issued (a) a conditional notice to redeem, in full, all $73 million aggregate principal amount outstanding of the 7.000% 2027 Senior Notes, (b) a notice to redeem, in full, all $56 million aggregate principal amount outstanding of the 7.000% 2027 AK Senior Notes, and (c) a conditional notice to redeem, in full, all $556 million aggregate principal amount outstanding of the 5.875% 2027 Senior Notes, in each case on October 3, 2025 at a redemption price of 100.000% plus accrued and unpaid interest. Refer to NOTE 19 - SUBSEQUENT EVENTS for further details.
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The following represents a summary of our borrowing capacity under the ABL Facility:
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| (In millions) |
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September 30,
2025 |
Available borrowing base on ABL Facility1
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$ |
3,972
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| Borrowings |
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(847) |
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Letter of credit obligations2
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(63) |
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| Borrowing capacity available |
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$ |
3,062
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1 As of September 30, 2025, the ABL Facility has a maximum available borrowing base of $4.75 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
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2 We issued standby letters of credit with certain financial institutions in order to support business obligations, including, but not limited to, operating agreements, employee severance, environmental obligations, workers' compensation and insurance obligations.
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| Schedule of Maturities of Long-term Debt |
The following represents a summary of our maturities of debt instruments based on the principal amounts outstanding at September 30, 2025 (in millions):
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| 2025 |
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2026 |
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2027 |
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2028 |
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2029 |
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Thereafter |
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Total |
| $ |
— |
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$ |
— |
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$ |
685 |
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$ |
847 |
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$ |
1,268 |
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$ |
5,335 |
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$ |
8,135 |
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