7Baggers
Quarterly
Annual
    Unit: USD2025-12-31 2025-06-30 2025-03-31 2024-12-31 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-01-01 2017-09-30 2017-06-30 2016-12-31 2016-03-31 2015-12-31 2015-09-30 2015-06-30 2015-03-31 2014-09-30 2014-06-30 2013-12-31 2013-09-30 2013-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 2010-12-31 2010-09-30 2010-06-30 2010-03-31 2009-12-31 2009-09-30 2009-06-30 2009-03-31 2008-12-31 2008-09-30 2008-06-30 2008-03-31 
      
    		                                                            
      capital additions
    		488,000,000  129,000,000 557,000,000  157,000,000  508,000,000 290,000,000 128,000,000  736,000,000 489,000,000 181,000,000 572,000,000 329,000,000 162,000,000  333,000,000 230,700,000                                         
      less:
    		                                                            
      non-cash accruals
    		-72,000,000  -68,000,000 -58,000,000  -45,000,000  -98,000,000 -89,000,000 -76,000,000  -10,000,000 -2,000,000 -55,000,000 64,000,000 16,000,000 23,000,000  -88,400,000 -91,600,000                                         
      equipment financed with seller
    		60,000,000  16,000,000 50,000,000    47,000,000                                                     
      right-of-use assets - finance leases
    		79,000,000  29,000,000 75,000,000  20,000,000  78,000,000 60,000,000 16,000,000  30,000,000 23,000,000  35,000,000 15,000,000 3,000,000  42,500,000 39,400,000                                         
      cash paid for capital expenditures including deposits
    		421,000,000  152,000,000 490,000,000  182,000,000  481,000,000 319,000,000 188,000,000  716,000,000 468,000,000 236,000,000 473,000,000 298,000,000 136,000,000  378,900,000 282,900,000                                         
      income taxes paid
    		5,000,000  1,000,000 13,000,000  1,000,000  91,000,000 37,000,000                                                    
      income tax refunds
    		-18,000,000  -5,000,000 -5,000,000  -2,000,000  -142,000,000 -138,000,000 -26,000,000   -1,000,000 -1,000,000     -119,300,000 -60,400,000                                         
      interest paid on debt obligations net of capitalized interest1
    		341,000,000  77,000,000 193,000,000  53,000,000  202,000,000 142,000,000 79,000,000   133,000,000 65,000,000     106,000,000 63,000,000                                         
      1 capitalized interest was 11 million for both the nine months ended september 30, 2025 and 2024.
    		                                                            
      product inventories
    		                                                            
      finished and semi-finished goods
    		 2,319,000,000 2,396,000,000  2,275,000,000 2,500,000,000  2,616,000,000 2,765,000,000 2,919,000,000  3,084,000,000 3,081,000,000 2,943,000,000 2,510,000,000 2,452,000,000 2,296,000,000                                            
      raw materials
    		 1,882,000,000 1,974,000,000  1,508,000,000 1,535,000,000  1,588,000,000 1,582,000,000 1,626,000,000  2,111,000,000 2,370,000,000 2,312,000,000 1,711,000,000 1,558,000,000 1,372,000,000                                            
      total product inventories
    		 4,201,000,000 4,370,000,000  3,783,000,000 4,035,000,000  4,204,000,000 4,347,000,000 4,545,000,000  5,195,000,000 5,451,000,000 5,255,000,000 4,221,000,000 4,010,000,000 3,668,000,000                                            
      manufacturing supplies and critical spares
    		 498,000,000 516,000,000  416,000,000 414,000,000  388,000,000 380,000,000 378,000,000  347,000,000 333,000,000 307,000,000 284,000,000 270,000,000 264,000,000                                            
      inventories
    		 4,699,000,000 4,886,000,000  4,199,000,000 4,449,000,000 4,460,000,000 4,592,000,000 4,727,000,000 4,923,000,000 5,130,000,000 5,542,000,000 5,784,000,000 5,562,000,000 4,505,000,000 4,280,000,000 3,932,000,000 3,828,000,000   317,400,000    87,900,000 132,000,000   178,400,000  329,600,000   408,500,000 516,700,000 648,800,000 391,400,000 438,400,000 529,200,000 630,100,000 436,500,000 526,700,000 741,000,000 695,900,000 475,700,000 528,200,000 605,300,000 496,400,000 269,200,000 308,500,000 371,800,000 368,200,000 272,500,000 292,300,000 349,400,000 328,900,000 265,400,000 327,200,000  389,800,000 
      balance as of december 31, 2024
    		 56,000,000                                                           
      costs incurred1
    		    58,000,000                                                        
      cash payments
    		 -8,000,000                                                           
      balance as of march 31, 2025
    		 48,000,000                                                           
      costs incurred2
    		 70,000,000   23,000,000                                                        
      non-cash
    		                                                            
      balance as of june 30, 2025
    		 111,000,000                                                           
      1 all 3 million of cost incurred was recorded in restructuring and other charges.
    		                                                            
      2 of the 135 million of cost incurred, 86 million was recorded in restructuring and other charges, 39 million was recorded in asset impairments, and 10 million was recorded in net periodic benefit credits other than service cost component.
    		                                                            
      1 capitalized interest was 4 million for both the three months ended march 31, 2025 and 2024, respectively.
    		                                                            
      1 capitalized interest was 11 million and 8 million for the nine months ended september 30, 2024 and 2023, respectively.
    		                                                            
      allowance for credit losses as of january 1
    		    -5,000,000 -5,000,000  -4,000,000 -4,000,000 -4,000,000  -4,000,000 -4,000,000 -4,000,000 -5,000,000 -5,000,000 -5,000,000                                            
      decrease (increase) in allowance
    		        -3,000,000                                                    
      allowance for credit losses as of june 30
    		    -5,000,000    -7,000,000    -3,000,000   -5,000,000                                             
      balance as of december 31, 2023
    		                                                            
      balance as of march 31, 2024
    		    58,000,000                                                        
      balance as of june 30, 2024
    		    73,000,000                                                        
      1 of the 170 million of cost incurred, 104 million was recorded in restructuring and other charges, 64 million was recorded in asset impairments and 2 million was recorded in net periodic benefit credits other than service cost component.
    		                                                            
      2 of the 40 million of costs incurred, 25 million was recorded in restructuring and other charges and 15 million was recorded in asset impairments.
    		                                                            
      increase in allowance
    		       -3,000,000  -1,000,000  -1,000,000     -1,000,000                                            
      allowance for credit losses as of march 31
    		     -5,000,000    -5,000,000    -4,000,000   -6,000,000                                            
      1 capitalized interest was 4 million and 3 million for the three months ended march 31, 2024 and 2023, respectively.
    		                                                            
      assets
    		                                                            
      current assets:
    		                                                            
      cash and cash equivalents
    		      198,000,000    26,000,000       112,000,000   352,600,000    823,200,000 1,007,700,000   323,400,000  285,200,000   355,700,000 244,000,000 359,900,000 335,500,000 298,800,000 263,300,000 287,200,000 195,200,000 36,300,000 159,200,000 122,300,000 521,600,000 545,100,000 238,100,000 2,267,700,000 1,566,700,000 969,400,000 527,500,000 550,400,000 502,700,000 359,900,000 274,600,000 97,300,000 179,000,000 388,300,000  186,500,000 
      accounts receivable
    		      1,840,000,000    1,960,000,000       1,169,000,000   94,000,000    226,700,000 217,200,000   128,700,000  40,200,000   87,100,000 166,200,000 198,300,000 270,000,000 291,700,000 259,100,000 272,300,000 329,000,000 285,900,000 310,800,000 247,200,000 304,200,000 364,800,000 317,200,000 506,500,000 359,100,000 214,100,000 255,300,000 131,400,000 103,500,000 87,200,000 41,900,000 79,600,000 68,500,000 137,800,000   
      other current assets
    		      138,000,000    306,000,000       165,000,000   29,500,000    27,400,000 28,000,000   54,100,000  30,300,000   190,000,000 206,100,000 221,400,000 236,400,000 310,600,000 316,300,000 297,900,000 216,200,000 322,100,000 219,800,000 192,500,000 168,300,000 144,000,000 152,100,000 137,600,000 114,800,000 89,700,000 91,000,000 78,100,000 66,900,000 90,600,000 161,600,000 162,400,000     
      total current assets
    		      6,636,000,000    7,422,000,000       5,298,000,000   897,900,000    1,479,600,000 1,581,400,000   824,600,000  982,700,000   1,524,400,000 1,360,600,000 1,663,800,000 1,560,000,000 1,669,600,000 1,665,900,000 1,823,900,000 1,650,000,000 1,665,400,000 1,742,600,000 1,587,300,000 1,790,700,000 1,904,800,000 1,688,300,000 3,713,900,000 2,583,700,000 2,022,900,000 1,630,600,000 1,470,500,000 1,161,200,000 1,016,300,000 949,200,000 792,500,000 861,700,000 1,212,200,000  961,300,000 
      non-current assets:
    		                                                            
      property, plant and equipment
    		      8,895,000,000    9,070,000,000       8,743,000,000   1,929,000,000    1,286,000,000 1,051,000,000   984,400,000  1,059,000,000   1,047,200,000 3,207,900,000 11,004,800,000 11,153,400,000 11,354,800,000 11,189,600,000 11,236,300,000 11,207,300,000 11,030,700,000 10,882,100,000 10,766,700,000 10,524,600,000 9,835,300,000 9,802,400,000 4,021,500,000 3,979,200,000 3,897,700,000 2,985,200,000 3,069,900,000 2,592,600,000 2,556,300,000 2,485,400,000 2,382,400,000 2,456,100,000    
      goodwill
    		      1,005,000,000    1,130,000,000       1,406,000,000                    158,600,000 157,200,000 167,600,000 167,400,000 1,167,200,000 1,166,100,000 1,166,900,000 1,152,100,000 1,237,700,000 1,227,300,000 197,300,000 196,500,000 199,800,000 87,100,000 92,200,000 74,600,000 73,000,000    21,300,000   
      pension and opeb assets
    		      329,000,000                                                      
      other non-current assets
    		      672,000,000    777,000,000       787,000,000   154,700,000    94,900,000 104,700,000   114,900,000  93,800,000   131,000,000   408,500,000 196,100,000 195,700,000 200,500,000 193,600,000 170,400,000 212,200,000 186,800,000 191,200,000 222,500,000 230,600,000 196,100,000  192,400,000 186,500,000 211,100,000  216,100,000 230,100,000 174,900,000     
      total assets
    		      17,537,000,000    18,755,000,000       16,771,000,000   3,503,800,000    3,529,600,000 2,990,200,000   1,923,900,000  2,135,500,000   2,702,600,000 4,811,200,000 13,102,400,000 13,121,900,000 13,566,700,000 13,594,900,000 13,821,900,000 13,574,900,000 15,296,800,000 15,194,300,000 14,893,300,000 14,541,700,000 13,945,300,000 13,671,700,000 8,952,300,000 7,778,200,000 7,078,900,000 5,636,300,000 5,531,900,000 4,639,300,000 4,511,200,000 4,296,400,000 4,025,800,000 4,111,100,000 4,309,200,000  3,301,000,000 
      liabilities and equity
    		                                                            
      current liabilities:
    		                                                            
      accounts payable
    		      2,099,000,000    2,186,000,000       1,575,000,000   193,200,000    186,800,000 129,100,000   107,600,000  106,300,000   114,300,000 295,800,000 266,000,000 345,500,000 350,800,000 306,600,000 299,900,000 555,500,000 422,100,000 385,200,000 394,500,000 380,300,000 370,100,000 306,900,000 266,900,000 266,500,000 214,400,000 234,100,000 220,900,000 178,900,000 171,500,000 131,400,000 159,800,000 201,000,000 194,600,000  148,500,000 
      accrued employment costs
    		      511,000,000    429,000,000       460,000,000 146,600,000      74,000,000    56,100,000  53,000,000      129,000,000    135,600,000    144,200,000    129,900,000    78,400,000    98,900,000 80,900,000  59,300,000 
      accrued expenses
    		      380,000,000                   107,100,000   41,100,000  85,700,000   167,100,000 325,500,000 338,000,000 206,400,000 404,700,000 425,400,000 470,500,000 258,900,000 485,200,000 402,100,000 380,600,000 165,000,000 359,900,000 361,600,000 257,100,000 136,700,000 233,700,000 209,900,000 185,500,000 77,400,000 144,700,000 125,300,000 146,300,000 46,100,000 83,700,000  54,800,000 
      other current liabilities
    		      518,000,000    934,000,000       596,000,000   52,000,000    83,300,000 87,600,000   91,400,000  87,300,000   300,100,000 262,300,000 272,400,000 203,000,000 188,600,000 206,100,000 226,600,000 225,100,000 197,800,000 204,700,000 175,700,000 148,100,000 185,700,000 178,500,000 131,700,000 80,600,000 124,100,000 102,100,000 106,900,000 59,100,000 173,200,000 75,900,000 71,300,000     
      total current liabilities
    		      3,508,000,000    3,549,000,000       2,929,000,000   409,400,000    468,200,000 455,000,000   391,100,000  581,700,000   846,500,000 1,118,300,000 1,037,500,000 1,085,500,000 1,060,500,000 1,154,600,000 1,101,400,000 1,381,500,000 1,714,300,000 1,534,300,000 1,384,600,000 1,493,300,000 1,299,400,000 1,191,000,000 1,107,200,000 1,028,700,000 690,000,000 714,300,000 746,300,000 570,400,000 560,000,000 540,400,000 780,600,000 844,900,000 1,143,800,000  384,600,000 
      non-current liabilities:
    		                                                            
      long-term debt
    		      3,137,000,000    4,249,000,000       5,390,000,000   2,113,800,000    2,092,900,000 2,304,200,000   2,175,100,000  2,699,400,000   2,880,900,000 3,012,500,000 3,293,000,000 3,022,600,000 3,319,600,000 3,323,300,000 3,433,000,000 3,960,700,000 3,514,300,000 3,614,100,000 3,583,800,000 3,608,700,000 3,883,500,000 3,898,800,000 2,412,500,000  1,713,000,000 725,000,000 725,000,000  525,000,000 525,000,000      
      pension and opeb liabilities
    		      821,000,000              311,500,000                                        
      deferred income taxes
    		      639,000,000    590,000,000       537,000,000   459,500,000    464,800,000          26,000,000 1,034,100,000 1,146,500,000 5,300,000 202,800,000 137,300,000 91,800,000 612,300,000 522,200,000 511,700,000 209,500,000 79,900,000 54,200,000 126,400,000 140,300,000 62,100,000 70,300,000 114,200,000 151,100,000 214,700,000 208,200,000 251,200,000 251,200,000 198,400,000  40,400,000 
      other non-current liabilities
    		      1,310,000,000    1,267,000,000       1,260,000,000   146,300,000                                        
      total liabilities
    		      9,415,000,000    10,713,000,000       13,692,000,000   3,145,900,000    3,105,400,000 3,400,300,000   3,254,400,000  3,947,100,000   4,484,700,000 4,988,500,000 6,272,800,000 6,237,600,000 6,632,100,000 6,811,100,000 6,962,900,000 7,814,000,000 7,607,600,000 7,586,800,000 7,459,400,000 7,502,000,000 7,093,500,000 7,151,700,000 4,678,400,000 3,939,500,000 3,627,600,000 2,645,400,000 2,705,700,000 2,102,300,000 2,104,300,000 2,030,900,000 2,281,800,000 2,357,100,000 2,551,500,000  1,810,700,000 
      commitments and contingencies
    		                                                            
      equity:
    		                                                            
      common shares - par value 0.125 per share
    		                                                            
      authorized - 1,200,000,000 shares (2022 - 1,200,000,000 shares);
    		                                                            
      issued - 531,051,530 shares (2022 - 531,051,530 shares);
    		                                                            
      outstanding - 504,886,773 shares
    		      66,000,000                                                      
      capital in excess of par value of shares
    		      4,861,000,000    4,871,000,000       5,431,000,000   3,872,100,000    3,916,700,000    3,347,000,000  2,298,900,000   2,308,100,000 2,312,200,000 2,318,000,000 2,329,500,000 2,029,800,000 2,024,300,000 2,020,900,000 1,774,700,000 1,766,200,000 1,759,600,000 1,755,100,000 1,770,800,000 1,766,100,000 1,760,300,000 903,300,000 896,300,000 875,100,000 871,300,000 868,500,000 695,400,000 693,300,000 696,500,000 439,700,000 442,200,000 161,800,000  122,400,000 
      retained earnings
    		      1,733,000,000    1,334,000,000                        -2,639,600,000 3,276,000,000 3,407,300,000 3,483,300,000 3,401,900,000 3,291,700,000 3,217,700,000 4,925,700,000 4,929,400,000 4,760,300,000 4,424,300,000 4,266,200,000 3,717,700,000 3,328,800,000 2,924,100,000 2,550,100,000 2,296,400,000 2,054,800,000 1,973,100,000 1,876,400,000 1,822,900,000 1,782,700,000 1,799,900,000 1,756,300,000  1,324,900,000 
      cost of 26,164,757 common shares in treasury
    		      -430,000,000                                                      
      accumulated other comprehensive income
    		      1,657,000,000    1,830,000,000                                  -92,600,000 -59,300,000 95,900,000 70,000,000 45,900,000 13,000,000          20,200,000 
      total cliffs shareholders' equity
    		      7,887,000,000    7,791,000,000       2,018,000,000       424,200,000          30,700,000 6,027,600,000 6,069,500,000 5,779,700,000 5,631,200,000 5,704,600,000 4,632,700,000 6,336,800,000 6,295,000,000                  
      noncontrolling interests
    		      235,000,000                                                      
      total equity
    		      8,122,000,000    8,042,000,000       2,341,000,000   357,900,000    424,200,000          -177,300,000 6,829,600,000 6,884,300,000 6,934,600,000 6,783,800,000 6,859,000,000 5,760,900,000 7,689,200,000 7,607,500,000 7,433,900,000 7,039,700,000 6,851,800,000 6,520,000,000 4,273,900,000 3,838,700,000 3,451,300,000 2,990,900,000 2,826,200,000 2,537,000,000 2,406,900,000 2,265,500,000 1,744,000,000     
      total liabilities and equity
    		      17,537,000,000    18,755,000,000          3,503,800,000    3,529,600,000          4,811,200,000 13,102,400,000 13,121,900,000 13,566,700,000 13,594,900,000 13,821,900,000 13,574,900,000 15,296,800,000 15,194,300,000 14,893,300,000 14,541,700,000 13,945,300,000 13,671,700,000 8,952,300,000 7,778,200,000 7,078,900,000 5,636,300,000 5,531,900,000 4,639,300,000 4,511,200,000 4,296,400,000 4,025,800,000     
      allowance for credit losses as of september 30
    		       -7,000,000    -5,000,000   -5,000,000                                              
      1 capitalized interest was 8 million and 7 million for the nine months ended september 30, 2023 and 2022, respectively.
    		                                                            
      1 capitalized interest was 6 million and 5 million for the six months ended june 30, 2023 and 2022, respectively.
    		                                                            
      taxes paid on income
    		         1,000,000   299,000,000 1,000,000     3,200,000 200,000                                         
      1 capitalized interest was 3 million and 2 million for the three months ended march 31, 2023 and 2022, respectively.
    		                                                            
      pension and opeb, asset
    		          356,000,000                                                  
      pension liability, non-current
    		          473,000,000                                                  
      opeb liability, non-current
    		          585,000,000                                                  
      authorized - 1,200,000,000 shares (2021 - 1,200,000,000 shares);
    		                                                            
      issued - 531,051,530 shares (2021 - 506,832,537 shares);
    		                                                            
      outstanding - 513,340,779 shares
    		          66,000,000                                                  
      cost of 17,710,751 common shares in treasury
    		          -310,000,000                                                  
      noncontrolling interest
    		          251,000,000       323,000,000        200,000   133,800,000  169,800,000   213,600,000 -208,000,000 802,000,000 814,800,000 1,154,900,000 1,152,600,000 1,154,400,000 1,128,200,000 1,352,400,000 1,312,500,000 1,293,900,000 1,254,700,000 1,128,400,000 973,800,000 900,000 -7,200,000 14,400,000 -8,900,000 -4,100,000 -5,800,000 1,200,000 400,000 6,400,000     
      decrease in allowance
    		            1,000,000                                                
      1 capitalized interest was 5 million and 3 million for the six months ended june 30, 2022 and 2021, respectively.
    		                                                            
      1 capitalized interest was 2 million and 1 million for the three months ended march 31, 2022 and 2021, respectively.
    		                                                            
      income tax receivable, current
    		                 24,000,000   58,600,000    117,300,000                                    
      state and local taxes
    		                 147,000,000                                           
      pension and opeb liabilities, current
    		                 151,000,000                                           
      pension and opeb liabilities, non-current
    		                 4,113,000,000                                           
      series b participating redeemable preferred stock - no par value
    		                                                            
      authorized, issued and outstanding - 583,273 shares
    		                 738,000,000                                           
      authorized - 600,000,000 shares (2019 - 600,000,000 shares);
    		                                                            
      issued - 506,832,537 shares (2019 - 301,886,794 shares);
    		                                                            
      outstanding - 477,517,372 shares
    		                 63,000,000                                           
      retained deficit
    		                 -2,989,000,000   -2,842,400,000    -3,060,200,000    -4,574,300,000  -4,748,400,000   -4,733,200,000                           
      cost of 29,315,165 common shares in treasury
    		                 -354,000,000                                           
      accumulated other comprehensive loss
    		                 -133,000,000   -318,800,000    -283,900,000    -21,300,000  -18,000,000   -38,200,000 -101,400,000 -20,200,000 -112,900,000 -178,400,000 -239,600,000 -51,400,000 -55,600,000 -51,000,000 -89,900,000 -70,900,000       -166,600,000 -91,700,000 -122,600,000 -160,900,000 -251,300,000 -388,800,000 -394,600,000 -88,000,000   
      total liabilities, redeemable preferred stock and equity
    		                 16,771,000,000                                           
      accrued interest
    		                  81,800,000      38,400,000 31,400,000   40,200,000                                
      accrued dividends
    		                  1,000,000                                          
      other
    		                  50,000,000                                      115,900,000 132,000,000  107,100,000 
      accrued liabilities
    		                  279,400,000  126,300,000                                        
      grants
    		                                                            
      1 capitalized interest was 38.0 million and 16.9 million for the nine months ended september 30, 2020 and 2019, respectively.
    		                                                            
      fair value of common shares issued for consideration for business combination
    		                  617,600,000 617,600,000                                         
      fair value of equity awards assumed from ak steel acquisition
    		                  3,900,000 3,900,000                                         
      derivative assets
    		                    45,800,000    91,500,000 51,000,000            72,700,000 45,100,000 66,400,000 78,600,000 78,300,000 74,800,000 78,800,000 82,100,000 73,600,000 110,200,000 132,900,000 82,600,000 208,600,000 157,600,000 131,700,000 51,500,000  27,500,000 30,200,000 76,900,000 140,200,000  85,800,000 
      income tax receivable, non-current
    		                    62,700,000    121,300,000                                    
      state and local taxes payable
    		                    37,900,000    35,500,000    28,300,000  35,200,000      61,700,000        59,100,000    38,900,000    35,100,000    45,500,000   28,800,000 
      environmental and mine closure obligations
    		                    164,900,000    172,000,000 196,500,000   193,900,000  231,200,000   165,600,000 305,400,000 304,700,000 309,700,000 299,500,000 235,800,000 240,400,000 252,800,000 226,300,000 231,400,000 227,000,000 222,000,000 210,500,000 207,500,000 189,200,000 184,900,000 194,400,000 170,200,000 167,400,000 124,300,000    12,200,000 123,600,000  8,100,000 
      authorized - 600,000,000 shares (2018 - 600,000,000 shares);
    		                                                            
      issued - 301,886,794 shares (2018 - 301,886,794 shares);
    		                                                            
      outstanding - 270,084,005 shares
    		                    37,700,000                                        
      cost of 31,802,789 common shares in treasury
    		                    -390,700,000                                        
      operating segment revenues from product sales and services
    		                     590,600,000 747,200,000                                      
      elimination of intersegment revenues
    		                     -35,000,000 -4,000,000                                      
      total revenues from product sales and services
    		                     555,600,000                                       
      operating segment sales margin
    		                     165,800,000 264,600,000                                      
      elimination of intersegment sales margin
    		                     -10,900,000 -1,600,000                                      
      total sales margin
    		                     154,900,000 263,000,000                                      
      total revenue
    		                      743,200,000                                      
      assets:
    		                                                            
      cash equivalents
    		                       854,200   40,037,000 40,012,000    80,000,000 130,000,000                            
      total
    		                       854,200   40,037,000 40,012,000    80,000,000 130,100,000                            
      liabilities:
    		                                                            
      derivative liabilities
    		                                     36,100,000 88,600,000               29,800,000 71,100,000 142,700,000 194,300,000 38,400,000   
      current assets
    		                                                            
      supplies and other inventories
    		                        93,200,000 93,900,000   91,400,000  110,400,000   120,400,000 202,200,000 200,000,000 216,000,000 257,400,000 252,900,000 270,000,000 289,100,000 259,500,000 237,000,000 228,800,000 216,900,000 175,900,000 156,900,000 136,100,000 148,100,000 131,500,000 129,000,000 129,500,000 102,700,000 102,900,000 94,200,000 94,100,000 101,200,000 86,700,000  75,200,000 
      loans to and accounts receivables from the canadian entities
    		                            48,600,000  72,900,000                              
      current assets of discontinued operations
    		                        12,400,000                                    
      other assets
    		                                  242,700,000 433,800,000                         
      deposits for property, plant and equipment
    		                        83,000,000 17,800,000                                   
      non-current assets of discontinued operations
    		                                                            
      total other assets
    		                        764,000,000 357,800,000     93,800,000   131,000,000   408,500,000 542,300,000 739,400,000 761,700,000 717,600,000 2,600,700,000 2,569,600,000 2,539,300,000 2,226,400,000 2,205,200,000 2,181,000,000 1,216,900,000 1,215,300,000 1,158,300,000 1,020,500,000 991,500,000 885,500,000 938,600,000 861,800,000 850,900,000 793,300,000 578,100,000  465,400,000 
      liabilities
    		                                                            
      current liabilities
    		                                                            
      contingent claims
    		                         55,600,000                                   
      partnership distribution payable
    		                        43,500,000 44,200,000                                   
      current liabilities of discontinued operations
    		                        6,700,000                                    
      postemployment benefit liabilities
    		                                         603,300,000 634,200,000 635,600,000  462,400,000 490,900,000 494,000,000  477,100,000 498,000,000 499,000,000  424,800,000 436,600,000 435,600,000     
      pensions
    		                        218,400,000    245,700,000  209,700,000      197,500,000    403,800,000    394,700,000    284,900,000    267,300,000    250,100,000   88,600,000 
      other postretirement benefits
    		                        30,300,000    34,800,000  11,300,000      96,500,000    214,500,000    271,100,000    243,100,000    178,500,000    17,900,000   11,200,000 
      total postemployment benefit liabilities
    		                        248,700,000    280,500,000  221,000,000      294,000,000    618,300,000    665,800,000    528,000,000    445,800,000    448,000,000    
      non-current liabilities of discontinued operations
    		                        8,300,000                                    
      other liabilities
    		                        115,300,000 186,900,000   213,800,000  213,800,000   216,300,000 296,300,000 326,900,000 379,300,000 395,900,000 412,300,000 473,700,000 492,600,000 318,600,000 330,600,000 371,300,000 338,000,000 273,600,000 328,300,000 248,100,000 256,700,000 204,300,000 190,400,000 207,900,000 212,700,000 431,100,000 355,400,000 357,000,000 149,100,000 153,300,000  116,400,000 
      equity
    		                                                            
      cliffs shareholders' equity
    		                                                            
      preferred stock - no par value
    		                                                            
      class a - 3,000,000 shares authorized
    		                                                            
      class b - 4,000,000 shares authorized
    		                                                            
      authorized - 600,000,000 shares (2017 - 600,000,000 shares);
    		                                                            
      issued - 301,886,794 shares (2017 - 301,886,794 shares);
    		                                                            
      outstanding - 292,611,569 shares
    		                        37,700,000                                    
      cost of 9,275,225 common shares in treasury
    		                        -186,100,000                                    
      loans to and accounts receivable from the canadian entities
    		                         51,600,000                                   
      income tax receivable
    		                         235,300,000     5,700,000   165,500,000 25,400,000 35,400,000                         
      pension and postemployment benefit liabilities
    		                         257,700,000        250,200,000 230,000,000 276,600,000  556,100,000 586,900,000 600,000,000                     
      cliffs shareholders' deficit
    		                         -410,300,000                                   
      total deficit
    		                         -410,100,000   -1,330,500,000  -1,811,600,000   -1,782,100,000                           
      total liabilities and deficit
    		                         2,990,200,000   1,923,900,000  2,135,500,000   2,702,600,000                           
      description
    		                                                            
      insurance coverage receivable
    		                              93,500,000                              
      accrued royalties
    		                            26,200,000  17,300,000      57,300,000    48,100,000    77,100,000                
      guarantees
    		                            200,000  96,500,000                              
      insured loss
    		                              93,500,000                              
      7% series a mandatory convertible, class a, no par value and 1,000 per share liquidation preference
    		                                                            
      issued and outstanding - none issued
    		                                                            
      authorized - 400,000,000 shares (2015 - 400,000,000 shares);
    		                                                            
      issued - 238,636,794 shares (2015 - 159,546,224 shares);
    		                                                            
      outstanding - 233,074,091 shares
    		                            29,800,000                                
      cost of 5,562,703 common shares in treasury
    		                            -245,500,000                                
      total cliffs shareholders' deficit
    		                            -1,464,300,000  -1,981,400,000   -1,995,700,000                           
      income from discontinued operations, net of tax
    		                                                            
      statements of unaudited condensed consolidated financial position
    		                                                            
      short-term assets of discontinued operations
    		                              14,900,000   197,200,000                           
      short-term liabilities of discontinued operations
    		                              6,900,000   265,000,000                           
      non-cash operating and investing activities
    		                                                            
      depreciation, depletion and amortization:
    		                                                            
      purchase of property, plant and equipment
    		                                                            
      impairment of long-lived assets
    		                                                            
      income from discontinued operations
    		                                                            
      revenues from product sales and services
    		                                                            
      cost of goods sold and operating expenses
    		                                                            
      sales margin
    		                                                            
      other operating expense
    		                                                            
      other income
    		                                                            
      income from discontinued operations before income taxes
    		                                                            
      income tax benefit
    		                                                            
      long-term assets of discontinued operations
    		                                                            
      long-term liabilities of discontinued operations
    		                                 125,200,000                           
      issued and outstanding - 731,223 shares
    		                              731,300,000   731,300,000 731,300,000 731,300,000                         
      authorized - 400,000,000 shares (2014 - 400,000,000 shares);
    		                                                            
      issued - 159,546,224 shares (2014 - 159,546,224 shares);
    		                                                            
      outstanding - 153,591,930 shares
    		                              19,800,000                              
      cost of 5,954,294 common shares in treasury
    		                              -265,000,000                              
      available-for-sale marketable securities
    		                               4,300,000 100,000                            
      foreign exchange contracts
    		                                                            
      outstanding - 153,279,552 shares
    		                                 19,800,000                           
      cost of 6,266,672 common shares in treasury
    		                                 -283,500,000                           
      short-term debt and current portion of long-term debt
    		                                  234,700,000                          
      authorized - 400,000,000 shares (2013 - 400,000,000 shares);
    		                                                            
      issued - 159,546,224 shares (2013 - 159,546,224 shares);
    		                                                            
      outstanding - 153,162,348 shares
    		                                  19,800,000                          
      cost of 6,383,876 common shares in treasury
    		                                  -291,600,000                          
      short-term and current portion of long-term debt
    		                                   161,100,000                         
      outstanding - 153,182,592 shares
    		                                   19,800,000                         
      cost of 6,363,632 common shares in treasury
    		                                   -297,300,000                         
      deferred and refundable income taxes
    		                                    110,700,000    105,400,000             83,400,000       
      income taxes payable
    		                                    61,700,000 57,300,000 107,100,000 81,500,000 28,300,000    265,400,000    103,400,000    6,100,000    99,300,000 49,500,000  20,000,000 
      current portion of debt
    		                                    20,900,000 7,900,000   94,100,000 369,700,000 369,700,000                  
      issued and outstanding - 731,250 shares
    		                                    731,300,000 731,300,000 731,300,000 731,300,000                     
      authorized - 400,000,000 shares (2012 - 400,000,000 shares);
    		                                                            
      issued - 159,546,224 shares (2012 - 149,195,469 shares);
    		                                                            
      outstanding - 153,126,291 shares
    		                                    19,800,000                        
      cost of 6,419,933 common shares in treasury
    		                                    -305,500,000                        
      investments in ventures
    		                                     71,500,000 68,700,000 131,800,000 135,800,000 517,000,000 531,200,000 530,900,000 526,600,000 515,800,000 509,400,000 525,400,000 514,800,000 525,300,000 505,700,000 395,300,000 315,100,000 318,500,000 308,400,000 317,400,000 305,300,000 264,200,000  265,900,000 
      intangible assets
    		                                     110,800,000 115,000,000 124,500,000 129,000,000 133,800,000 137,900,000 143,000,000 147,000,000 149,300,000 159,500,000 171,700,000 175,800,000 178,700,000 170,900,000 178,700,000 114,800,000 116,300,000 115,100,000 107,400,000 109,600,000 91,500,000   
      deferred revenue
    		                                     15,100,000 20,800,000 22,900,000 35,900,000 125,100,000 123,400,000 108,600,000 126,600,000 99,600,000 141,200,000 238,500,000 215,600,000 75,700,000 100,200,000 165,200,000 105,100,000  71,900,000 129,300,000 86,800,000 181,300,000  14,800,000 
      issued - 159,545,469 shares (2012 - 149,195,469 shares);
    		                                                            
      outstanding - 153,124,449 shares
    		                                     19,800,000                       
      cost of 6,421,264 common shares in treasury
    		                                     -306,100,000                       
      outstanding - 153,121,032 shares
    		                                      19,800,000                      
      cost of 6,424,437 common shares in treasury
    		                                      -306,500,000                      
      outstanding - 153,095,702 shares
    		                                       19,800,000                     
      cost of 6,449,767 common shares in treasury
    		                                       -307,700,000                     
      assets held for sale
    		                                         156,600,000                   
      liabilities held for sale
    		                                         29,700,000                   
      class a - 3,000,000 shares authorized and unissued
    		                                                            
      class b - 4,000,000 shares authorized and unissued
    		                                                            
      authorized - 400,000,000 shares (2011 - 400,000,000 shares);
    		                                                            
      issued - 149,195,469 shares (2011 - 149,195,469 shares);
    		                                                            
      outstanding - 142,495,902 shares
    		                                        18,500,000                    
      cost of 6,699,567 common shares in treasury
    		                                        -322,600,000                    
      taxes payable
    		                                         84,700,000 49,200,000 238,000,000  221,800,000 140,300,000 213,000,000  42,100,000 68,000,000 67,800,000  40,800,000 64,800,000 131,200,000     
      below-market sales contracts
    		                                         83,800,000 98,500,000 113,200,000 111,800,000 128,400,000 145,100,000 161,700,000 164,400,000 185,700,000 196,300,000 208,100,000 153,300,000 163,400,000 173,500,000 183,600,000 183,600,000 221,300,000   
      authorized - 400,000,000 shares (2011 - 400,000,000);
    		                                                            
      outstanding - 142,491,645 shares
    		                                         18,500,000                   
      cost of 6,703,824 common shares in treasury
    		                                         -322,600,000                   
      outstanding - 142,488,633 shares
    		                                          18,500,000                  
      cost of 6,706,836 common shares in treasury
    		                                          -322,600,000                  
      deferred and refundable taxes
    		                                           21,800,000 21,900,000 4,200,000 38,000,000 36,700,000 43,200,000 101,100,000 98,400,000 81,200,000 61,400,000    54,800,000   24,400,000 
      current portion of term loan
    		                                           87,200,000 74,800,000 62,300,000 62,500,000              
      cliffs shareholders’ equity
    		                                                            
      outstanding - 142,487,477 shares
    		                                           18,500,000                 
      cost of 6,707,992 common shares in treasury
    		                                           -323,000,000                 
      total cliffs shareholders’ equity
    		                                           6,140,000,000 5,785,000,000 5,723,400,000 5,546,200,000 4,273,000,000 3,845,900,000 3,436,900,000 2,999,800,000 2,830,300,000 2,542,800,000 2,405,700,000 2,265,100,000 1,737,600,000     
      below-market sales contracts — current
    		                                            52,700,000    57,100,000    30,300,000    30,300,000    
      preferred stock — no par value
    		                                                            
      class a — 3,000,000 shares authorized and unissued
    		                                                            
      class b — 4,000,000 shares authorized and unissued
    		                                                            
      common shares — par value 0.125 per share
    		                                                            
      authorized — 400,000,000 shares (2010 — 224,000,000);
    		                                                            
      issued — 149,195,469 shares (2010 — 138,845,469 shares);
    		                                                            
      outstanding — 142,021,718 shares
    		                                            18,500,000                
      cost of 7,173,751 common shares in treasury
    		                                            -336,000,000                
      accounts receivable from associated companies
    		                                             69,000,000 70,500,000              
      authorized - 400,000,000 shares (2010 - 224,000,000 shares);
    		                                                            
      issued - 149,195,469 shares (2010 - 138,845,469 shares);
    		                                                            
      outstanding - 143,009,708 shares
    		                                             18,600,000               
      cost of 6,185,761 common shares in treasury
    		                                             -268,200,000               
      outstanding - 146,010,183 shares
    		                                              18,600,000              
      cost of 3,185,286 common shares in treasury
    		                                              -46,300,000              
      authorized - 224,000,000 shares;
    		                                                            
      issued - 138,845,469 shares (2010 - 138,845,469 shares);
    		                                                            
      outstanding - 135,644,830 shares
    		                                               17,300,000             
      cost of 3,200,639 common shares in treasury
    		                                               -46,400,000             
      marketable securities
    		                                                85,900,000    88,100,000    25,400,000 62,800,000  54,300,000 
      long-term receivables
    		                                                56,100,000    49,800,000    33,400,000   36,400,000 
      deposits and miscellaneous
    		                                                45,900,000    92,000,000    68,400,000   62,900,000 
      senior notes
    		                                                1,713,100,000    325,000,000   325,000,000 325,000,000 325,000,000   
      term loan
    		                                                    200,000,000   200,000,000 200,000,000 200,000,000  200,000,000 
      authorized — 224,000,000 shares;
    		                                                            
      issued — 138,845,469 shares (2009 — 134,623,528 shares);
    		                                                            
      outstanding — 135,456,999 shares
    		                                                17,300,000            
      cost of 3,388,470 common shares in treasury
    		                                                -37,700,000            
      issued - 138,845,469 shares (2009 - 134,623,528 shares);
    		                                                            
      outstanding - 135,436,999 shares
    		                                                 17,300,000           
      cost of 3,408,470 common shares in treasury
    		                                                 -18,600,000           
      outstanding - 135,441,226 shares
    		                                                  17,300,000          
      cost of 3,404,243 common shares in treasury
    		                                                  -18,600,000          
      outstanding - 135,431,974 shares
    		                                                   17,400,000         
      cost of 3,413,495 common shares in treasury
    		                                                   -18,700,000         
      3.25% redeemable cumulative convertible perpetual preferred stock — issued 172,500 shares, 205 shares outstanding in 2008
    		                                                            
      issued — 134,623,528 shares (2008 — 134,623,528 shares);
    		                                                            
      outstanding — 130,971,470 shares
    		                                                    16,800,000        
      cost of 3,652,058 common shares in treasury
    		                                                    -19,900,000        
      3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares 205 shares outstanding in 2008
    		                                                            
      issued - 134,623,528 shares (2008 - 134,623,528 shares);
    		                                                            
      outstanding - 130,975,041 shares
    		                                                     16,800,000       
      cost of 3,648,487 common shares in treasury
    		                                                     -19,900,000       
      3.25% redeemable cumulative convertible perpetual
    		                                                            
      preferred stock - issued 172,500 shares
    		                                                            
      205 shares outstanding in 2008
    		                                                            
      issued - 134,623,925 shares (2008 - 134,623,528 shares);
    		                                                            
      outstanding - 130,994,855 shares
    		                                                      16,800,000      
      cost of 3,629,070 common shares in treasury
    		                                                      -19,800,000      
      issued - 134,623,528 shares; outstanding - 113,721,069 shares
    		                                                       16,800,000     
      cost of 20,902,459 common shares in treasury
    		                                                       -112,800,000     
      prepaid pensions — salaried
    		                                                            
      liabilities and shareholders’ equity
    		                                                            
      revolving credit facility
    		                                                           400,000,000 
      contingent consideration
    		                                                           99,200,000 
      deferred payment
    		                                                           97,600,000 
      minority interest
    		                                                        3,300,000 69,200,000  133,000,000 
      3.25% redeemable cumulative convertible perpetual preferred stock — issued 172,500 shares 205 and 134,715 outstanding in 2008 and 2007
    		                                                        200,000    
      shareholders’ equity
    		                                                            
      issued — 134,623,528 shares; outstanding — 113,508,990 shares
    		                                                        16,800,000    
      cost of 21,114,538 common shares in treasury
    		                                                        -113,800,000    
      total shareholders’ equity
    		                                                        1,750,500,000 1,688,300,000  1,246,600,000 
      total liabilities and shareholders’ equity
    		                                                        4,111,100,000 4,309,200,000  3,301,000,000 
      property, plant and equipment less accumulated depreciation and depletion - 429.9
    		                                                         2,518,900,000   
      long term receivables
    		                                                         33,100,000   
      amounts due to former owners of pinnoak
    		                                                         279,100,000   
      unregistered common shares issued
    		                                                         165,000,000   
      pensions and other postretirement benefits
    		                                                         186,100,000   
      revolving credit
    		                                                            
      3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares outstanding 205 and 134,715 in 2008 and 2007
    		                                                         200,000   
      common shares - par value 0.125 a share authorized - 224,000,000 shares; issued - 134,623,528 shares outstanding - 106,720,611 shares
    		                                                         16,800,000   
      cost of 27,902,917 common shares in treasury
    		                                                         -158,600,000   
      beginning balance
    		                                                          63,900,000  
      total gains
    		                                                            
      included in earnings
    		                                                          244,900,000  
      included in other comprehensive income
    		                                                            
      settlements
    		                                                          -183,000,000  
      transfers in and/or out of level 3
    		                                                            
      ending balance - june 30, 2008
    		                                                          125,800,000  
      total gains for the period included in earnings attributable to the change in unrealized gains or losses on assets still held at june 30, 2008
    		                                                          84,300,000  
      trade accounts receivable
    		                                                           92,500,000 
      net properties
    		                                                           1,874,300,000 
      prepaid pensions
    		                                                           5,500,000 
      3.25% redeemable cumulative convertible perpetual preferred stock - issued 172,500 shares outstanding 110,705 and 134,715 in 2008 and 2007
    		                                                           110,700,000 
      common shares - par value 0.25 a share authorized - 112,000,000 shares; issued - 67,311,764 shares
    		                                                           16,800,000 
      cost of 22,065,203 common shares in treasury
    		                                                           -237,700,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.