Definitive proxy statements

Pay vs Performance Disclosure

v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
For purposes of this Pay Versus Performance section, all references to “compensation actually paid” mean such amounts as computed in accordance with Item 402(v) of Regulation S-K, which may be different from other compensation amounts discussed in the CD&A and elsewhere in this proxy statement. Mr. Lourenco Goncalves was our principal executive officer (“PEO”) for each Covered Year.
VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON:
YEAR SUMMARY COMPENSATION TABLE TOTAL FOR PEO
(1)($)		 COMPENSATION ACTUALLY PAID TO PEO (1)(2)(3)($) AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-PEO NEOS
(1)(2)(4)($)		 AVERAGE COMPENSATION ACTUALLY PAID TO NON-PEO NEOS (1)(2)(3)(4)($) TOTAL SHARE-HOLDER RETURN (5)($) PEER GROUP TOTAL SHARE-HOLDER RETURN (5)(6)($) NET INCOME (LOSS)
(in millions)
($)		 ADJUSTED EBITDA
(in millions) (7)($)
2025 19,023,041 20,474,217 5,112,971 5,521,936 91.20 324.78 (1,428) 37
2024 15,248,897 (5,697,845) 4,178,398 (1,248,935) 64.55 177.03 (714) 773
2023 (8) 26,086,592 24,279,798 6,188,341 5,675,150 140.24 185.47 436 1,893
2022 18,457,351 5,088,110 4,607,764 2,501,976 110.64 152.64 1,366 3,155
2021 24,494,731 39,028,092 4,104,246 6,194,093 149.52 134.94 3,033 5,277
       
Company Selected Measure Name Adjusted EBITDA        
Named Executive Officers, Footnote
2023 - 2025: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci and James D. Graham
2023 - 2025: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci and James D. Graham
2023 - 2025: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci and James D. Graham
2022: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, James D. Graham and Maurice D. Harapiak
2021: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, Terry G. Fedor and Maurice D. Harapiak
Peer Group Issuers, Footnote The peer group is comprised of the companies in the S&P Metals & Mining Select Industry Group.        
PEO Total Compensation Amount $ 19,023,041 $ 15,248,897 $ 26,086,592 $ 18,457,351 $ 24,494,731
PEO Actually Paid Compensation Amount $ 20,474,217 (5,697,845) 24,279,798 5,088,110 39,028,092
Adjustment To PEO Compensation, Footnote 2023 figures have been updated per the Summary Compensation Table.
(2)Deductions from, and additions to, total compensation in the Summary Compensation Table for 2025 to calculate Compensation Actually Paid consist of:
2025
PEO ($) AVERAGE NON-PEO NEOs ($)
Total Compensation from Summary Compensation Table 19,023,041 5,112,971
Adjustments for Pension
Adjustment for Summary Compensation Table Pension (460,100) (88,250)
Amount added for Covered Year service cost 302,794 69,655
Amount added for prior service cost impacting Covered Year 0 0
Total Adjustments for Pension (157,306) (18,595)
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table (12,874,374) (3,422,944)
Year-end fair value of unvested awards granted in the Covered Year 12,931,394 3,438,104
Year-over-year difference of year-end fair values (from prior year-end to Covered Year-end) for unvested awards granted in prior years 1,537,703 408,834
Fair values at vest date for awards granted and vested in Covered Year 0 0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years 13,759 3,566
Forfeitures during Covered Year equal to prior year-end fair value 0 0
Dividends or dividend equivalents not otherwise included in the total compensation 0 0
Total Adjustments for Equity Awards 1,608,482 427,560
Compensation Actually Paid (as calculated) 20,474,217 5,521,936
(3)Equity valuation assumptions for calculating CAP are not materially different from grant date valuation assumptions.
(4)Non-PEO NEOs reflect the average SCT total compensation and average CAP for the following executives by year:
2023 - 2025: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci and James D. Graham
2022: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, James D. Graham and Maurice D. Harapiak
2021: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, Terry G. Fedor and Maurice D. Harapiak
(5)Total Shareholder Return figures are based on a fixed investment of $100 from the beginning of the earliest Covered Year in the table through the end of each applicable Covered Year in the table, assuming reinvestment of dividends. The numbers in these columns have been revised from the numbers previously reported in last year’s “Pay Versus Performance table” in order to correct an administrative error.
(6)The peer group is comprised of the companies in the S&P Metals & Mining Select Industry Group.
(7)Reconciliations for Adjusted EBITDA can be found in Annex A to this proxy statement. See also “Compensation Discussion and Analysis – Annual Incentive Program (EMPI Plan)” for more information about the use of Adjusted EBITDA in the Company’s short-term incentive program.
(8)The amounts for 2023 reflect repayment of erroneously-awarded compensation under the Company’s Compensation Clawback Policy. See “Recovery of Erroneously-Awarded Compensation” section below. 		       
Non-PEO NEO Average Total Compensation Amount $ 5,112,971 4,178,398 6,188,341 4,607,764 4,104,246
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,521,936 (1,248,935) 5,675,150 2,501,976 6,194,093
Adjustment to Non-PEO NEO Compensation Footnote 2023 figures have been updated per the Summary Compensation Table.
(2)Deductions from, and additions to, total compensation in the Summary Compensation Table for 2025 to calculate Compensation Actually Paid consist of:
2025
PEO ($) AVERAGE NON-PEO NEOs ($)
Total Compensation from Summary Compensation Table 19,023,041 5,112,971
Adjustments for Pension
Adjustment for Summary Compensation Table Pension (460,100) (88,250)
Amount added for Covered Year service cost 302,794 69,655
Amount added for prior service cost impacting Covered Year 0 0
Total Adjustments for Pension (157,306) (18,595)
Adjustments for Equity Awards
Adjustment for grant date values in the Summary Compensation Table (12,874,374) (3,422,944)
Year-end fair value of unvested awards granted in the Covered Year 12,931,394 3,438,104
Year-over-year difference of year-end fair values (from prior year-end to Covered Year-end) for unvested awards granted in prior years 1,537,703 408,834
Fair values at vest date for awards granted and vested in Covered Year 0 0
Difference in fair values between prior year-end fair values and vest date fair values for awards granted in prior years 13,759 3,566
Forfeitures during Covered Year equal to prior year-end fair value 0 0
Dividends or dividend equivalents not otherwise included in the total compensation 0 0
Total Adjustments for Equity Awards 1,608,482 427,560
Compensation Actually Paid (as calculated) 20,474,217 5,521,936
(3)Equity valuation assumptions for calculating CAP are not materially different from grant date valuation assumptions.
(4)Non-PEO NEOs reflect the average SCT total compensation and average CAP for the following executives by year:
2023 - 2025: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci and James D. Graham
2022: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, James D. Graham and Maurice D. Harapiak
2021: Celso L. Goncalves Jr., Clifford T. Smith, Keith A. Koci, Terry G. Fedor and Maurice D. Harapiak
(5)Total Shareholder Return figures are based on a fixed investment of $100 from the beginning of the earliest Covered Year in the table through the end of each applicable Covered Year in the table, assuming reinvestment of dividends. The numbers in these columns have been revised from the numbers previously reported in last year’s “Pay Versus Performance table” in order to correct an administrative error.
(6)The peer group is comprised of the companies in the S&P Metals & Mining Select Industry Group.
(7)Reconciliations for Adjusted EBITDA can be found in Annex A to this proxy statement. See also “Compensation Discussion and Analysis – Annual Incentive Program (EMPI Plan)” for more information about the use of Adjusted EBITDA in the Company’s short-term incentive program.
(8)The amounts for 2023 reflect repayment of erroneously-awarded compensation under the Company’s Compensation Clawback Policy. See “Recovery of Erroneously-Awarded Compensation” section below. 		       
Equity Valuation Assumption Difference, Footnote Equity valuation assumptions for calculating CAP are not materially different from grant date valuation assumptions.        
Compensation Actually Paid vs. Total Shareholder Return
Compensation Actually Paid and Cumulative TSR
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Compensation Actually Paid vs. Net Income
Compensation Actually Paid and Net Income (Loss)
clf2026def14anet.jpg
        
Compensation Actually Paid vs. Company Selected Measure
Compensation Actually Paid and Adjusted EBITDA
clf2026def14aebidta.jpg
        
Total Shareholder Return Amount $ 91.20 64.55 140.24 110.64 149.52
Peer Group Total Shareholder Return Amount 324.78 177.03 185.47 152.64 134.94
Net Income (Loss) $ (1,428,000,000) $ (714,000,000) $ 436,000,000 $ 1,366,000,000 $ 3,033,000,000
Company Selected Measure Amount 37,000,000 773,000,000 1,893,000,000 3,155,000,000 5,277,000,000
PEO Name Lourenco Goncalves        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EBITDA        
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR        
PEO | SCT pension [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (460,100)        
PEO | Pension Current Year Service Cost [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 302,794        
PEO | Pension Prior Year Service Cost Impacting Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Grant date values in the SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (12,874,374)        
PEO | Year-End Fair Value Of Unvested Awards Granted In The Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,931,394        
PEO | Year-Over-Year Difference Of Year-End Fair Values For Unvested Awards Granted In Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,537,703        
PEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Differences In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 13,759        
PEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Dividends Or Dividend Equivalents Not Otherwise Included In The Total Compensation [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | SCT pension [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (88,250)        
Non-PEO NEO | Pension Current Year Service Cost [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 69,655        
Non-PEO NEO | Pension Prior Year Service Cost Impacting Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Grant date values in the SCT [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,422,944)        
Non-PEO NEO | Year-End Fair Value Of Unvested Awards Granted In The Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,438,104        
Non-PEO NEO | Year-Over-Year Difference Of Year-End Fair Values For Unvested Awards Granted In Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 408,834        
Non-PEO NEO | Fair Values At Vest Date For Awards Granted And Vested In Current Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Differences In Fair Values Between Prior Year-End Fair Values And Vest Date Fair Values For Awards Granted In Prior Years [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 3,566        
Non-PEO NEO | Forfeitures During Current Year Equal To Prior Year-End Fair Value [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Dividends Or Dividend Equivalents Not Otherwise Included In The Total Compensation [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0