Market Overview

Cleveland-Cliffs Calls for Full Redemption of All Senior Notes Due 2020


Cleveland-Cliffs Inc. (NYSE:CLF) ("Cliffs" or the "Company") announced
today that it intends to redeem the entirety of its outstanding 5.90%
senior notes due March 2020 (CUSIP No. 18683K AA9) and 4.80% senior
notes due October 2020 (CUSIP No. 18683K AB7) (collectively, the
"Notes"). The aggregate principal amount outstanding of the Notes is
approximately $211 million. Pursuant to the terms of the Notes and the
Indenture governing the Notes, the Company expects total payment to
holders of the Notes to be approximately $220 million in aggregate,
including make-whole premiums and accrued and unpaid interest to the
redemption date, which is expected to be no later than October 8, 2018.
The Notes will be repaid with cash on hand.

Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive
Officer said, "We are pleased to announce our decision to go ahead and
use $220 million of our cash on hand to redeem both tranches of
unsecured notes maturing in 2020. Given the on-time and on-budget
progress of our HBI plant construction, together with the strong free
cash flow generation resulting from our domestically-focused business
model, there is no reason to wait any longer to redeem these Notes." Mr.
Goncalves added, "In addition to reducing our total debt, this
redemption brings us one step closer to being in a position to return
capital to our shareholders."

A notice of redemption setting forth the redemption procedures will be
provided to registered holders of the Notes by The Depository Trust
Company. Requests for documents relating to the redemption may be
directed to the trustee and paying agent, U.S. Bank, Global Corporate
Trust Services, 111 Filmore Ave. E; St. Paul, MN 55107; telephone:

About Cleveland-Cliffs Inc.
Founded in 1847,
Cleveland-Cliffs Inc. is the largest and oldest independent iron ore
mining company in the United States. We are a major supplier of iron ore
pellets to the North American steel industry from our mines and pellet
plants located in Michigan and Minnesota. By 2020, Cliffs expects to be
the sole producer of hot briquetted iron (HBI) in the Great Lakes region
with the development of its first production plant in Toledo, Ohio.
Driven by the core values of safety, social, environmental and capital
stewardship, our employees endeavor to provide all stakeholders with
operating and financial transparency. For more information, visit

Forward-Looking Statements
This release contains statements
that constitute "forward-looking statements" within the meaning of the
federal securities laws. As a general matter, forward-looking statements
relate to anticipated trends and expectations rather than historical
matters. Forward-looking statements are subject to uncertainties and
factors relating to Cliffs' operations and business environment that are
difficult to predict and may be beyond our control. Such uncertainties
and factors may cause actual results to differ materially from those
expressed or implied by the forward-looking statements. These statements
speak only as of the date of this release, and we undertake no ongoing
obligation, other than that imposed by law, to update these statements.
Uncertainties and risk factors that could affect Cliffs' future
performance and cause results to differ from the forward-looking
statements in this release include, but are not limited to: uncertainty
and weaknesses in global economic conditions, including downward
pressure on prices caused by oversupply or imported products, reduced
market demand and risks related to U.S. government actions with respect
to Section 232 of the Trade Expansion Act (as amended by the Trade Act
of 1974), the North American Free Trade Agreement and/or other trade
agreements, treaties or policies; continued volatility of iron ore and
steel prices and other trends, including the supply approach of the
major iron ore producers, affecting our financial condition, results of
operations or future prospects, specifically the impact of
price-adjustment factors on our sales contracts; our ability to
cost-effectively achieve planned production rates or levels, including
at our HBI production plant; our ability to successfully identify and
consummate any strategic investments or development projects, including
our HBI production plant; the impact of our customers reducing their
steel production due to increased market share of steel produced using
other methods or lighter-weight steel alternatives; risks related to
former international operations, including our ability to successfully
conclude the CCAA process in Canada and to close our Asia
Pacific business in a manner that minimizes cash outflows and associated
liabilities, including, among other things, our ability to successfully
complete the sale of the assets of our Asia Pacific Iron Ore business
and our ability to reach negotiated settlements with other third parties
in Australia; our ability to successfully diversify our product mix and
add new customers beyond our traditional blast furnace clientele; our
actual economic iron ore reserves or reductions in current mineral
estimates, including whether any mineralized material qualifies as a
reserve; our ability to maintain appropriate relations with unions and
employees; the outcome of any contractual disputes with our customers,
joint venture partners or significant energy, material or service
providers or any other litigation or arbitration; the ability of our
customers and joint venture partners to meet their obligations to us on
a timely basis or at all; problems or uncertainties with productivity,
tons mined, transportation, mine-closure obligations, environmental
liabilities, employee-benefit costs and other risks of the mining
industry; our ability to reach agreement with our customers regarding
any modifications to sales contract provisions, renewals or new
arrangements; our actual levels of capital spending; our level of
indebtedness could limit cash flow available to fund working capital,
capital expenditures, acquisitions and other general corporate purposes
or ongoing needs of our business; availability of capital and our
ability to maintain adequate liquidity; changes in sales volume or mix;
events or circumstances that could impair or adversely impact the
viability of a mine and the carrying value of associated assets, as well
as any resulting impairment charges; impacts of existing and increasing
governmental regulation and related costs and liabilities, including
failure to receive or maintain required operating and environmental
permits, approvals, modifications or other authorization of, or from,
any governmental or regulatory entity and costs related to implementing
improvements to ensure compliance with regulatory changes; uncertainties
associated with natural disasters, weather conditions, unanticipated
geological conditions, supply or price of energy, equipment failures and
other unexpected events; adverse changes in currency values, currency
exchange rates, interest rates and tax laws; and the potential existence
of significant deficiencies or material weakness in our internal control
over financial reporting.

For additional factors affecting the business of Cliffs, refer to Part I
– Item 1A. Risk Factors of our Annual Report on Form 10-K for the year
ended December 31, 2017. You are urged to carefully consider these risk

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