Market Overview

Settlement of Defamation Lawsuit

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Today, Gordon Johnson ("Johnson") and Axiom Capital Management, Inc.
("Axiom") announce the settlement of their dispute with Cleveland-Cliffs
Inc. ("CLF") and its Chairman, President, and Chief Executive Officer,
Lourenco Goncalves.

As part of the settlement, Johnson and Axiom acknowledge the omission of
additional stock purchase information in their May 4, 2017 analyst note,
which contained a sell recommendation in response to Mr. Goncalves' May
3, 2017 open-market purchase of CLF shares.

The information omitted in the original report includes other material
purchases of CLF shares, which were publicly disclosed in CLF's Form 4
filings with the Securities and Exchange Commission for Mr. Goncalves.
These purchases and each of their respective performances are as follows:

       
Date Shares Purchased Purchase Price 8/27/2018 Price Gain (Loss)
3/4/2015 100,000 $ 6.54 $ 10.15 55.20%
5/21/2015 91,852 $ 5.04 $ 10.15 101.39%
5/26/2015 108,148 $ 5.12 $ 10.15 98.24%
5/9/2016 100,000 $ 3.09 $ 10.15 228.48%
5/3/2017 200,000 $ 6.36 $ 10.15 59.59%
8/10/2017 100,000 $ 7.24 $ 10.15 40.19%
9/15/2017 100,000 $ 7.16 $ 10.15 41.76%
 

In spite of these results, Johnson and Axiom stand by their May 4, 2017
sell recommendation for CLF shareholders.

Safe Harbor Disclosures

The information and market prices contained in this press release were
obtained from sources believed to be reliable however accuracy cannot be
guaranteed. Although a security may be mentioned in this press release,
it is neither a solicitation nor offer to buy or sell any security. Past
performance is no guarantee or indication of future results. This press
release may contain forward-looking statements that involve substantial
risks and uncertainties. There may be events in the future, however,
Axiom is not able to predict accurately or control. Any forward-looking
statement made by us in this press release speaks only as of the date on
which we make it. Factors or events that could cause our actual results
to differ may emerge from time to time, and it is not possible for us to
predict all of them. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.

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