Cleveland-Cliffs Enters the Scrap Business and Announces Acquisition

At Cleveland-Cliffs, sound principles of ethical corporate governance are critical to obtaining and retaining the trust of all stakeholders, including investors, employees, customers, suppliers, and the communities in which we operate. This applies to our efforts in sustainability, as we seek to be open and transparent about our progress in advancing our ESG goals.

More About Corporate Governance

Board of Directors’ Strategy and Sustainability Committee

A Board-level Strategy and Sustainability Committee meets quarterly and oversees and monitors Cleveland-Cliffs’ sustainability efforts, including public ESG disclosures such as our sustainability report and participation in CDP, as well as our goals to reduce GHG emissions and strategies to improve ESG performance. The Committee also ensures we have appropriate ESG policies in place, including:

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OneCliffs Way: Code of Business Conduct

Our Core Values support the framework in which we conduct sustainable business safely, honestly, transparently, and as a team, while still creating value for our stakeholders and our Company. Our Core Values also guide us through complex decision-making and business challenges.

In addition, Cleveland-Cliffs’ Code of Business Conduct and Ethics (our “OneCliffs Way”) states in more detail specific guidance and expectations for upholding the Company’s Core Values. The OneCliffs Way applies to all Company directors, officers, and employees, and extends to anyone acting on our Company’s behalf, including consultants, agents, and third-party representatives in our expanded footprint.

Public Policy Advocacy

As the world develops efficient technology and navigates a changing economy, steel plays an important role in the transformation to prioritize global sustainability. To facilitate this transition through public policy, Cleveland-Cliffs is a member of several trade associations at the local, state and national levels and these associations allow us to track applicable public policy issues.

Memberships with Prominent Associations

We are a member of the leading national steel trade association, the American Iron and Steel Institute (AISI), and our participation includes serving on the AISI committee that advances sustainability in our industry. One specific example is our close collaboration with AISI to outline the priorities for AISI’s climate policy. AISI’s climate principles align with the climate-related public policy principles outlined in our commitment to reducing GHG emissions.

Doing Our Part to Lower GHG Emissions

As part of our GHG strategy, we support public policies that incentivize GHG reduction while encouraging domestic steel production, which is cleaner and more efficient than other steel industries in the world.

By supporting a carbon border adjustment program, we seek to prevent carbon leakage, which could shift steel production to countries with weaker environmental standards and result in GHG emission increases. We further support both public and private sector investment to enable sustainable development and technology that further reduces GHG emissions.