Mr. Paul Scherzer reports

STELCO ANNOUNCES SHAREHOLDER APPROVAL OF ITS ACQUISITION BY CLEVELAND-CLIFFS

Holders of Stelco Holdings Inc.'s common shares have voted in favour of the previously announced acquisition of Stelco by Cleveland-Cliffs Inc. by way of a plan of arrangement under Section 192 of the Canada Business Corporations Act at the company's special meeting of the company shareholders held on Sept. 16, 2024.

The completion of the arrangement requires the approval of: (i) at least two-thirds of the votes cast at the meeting in person or represented by proxy by company shareholders; and (ii) a majority of the votes cast at the meeting in person or represented by proxy by company shareholders, excluding the votes attached to the Stelco common shares required to be excluded in accordance with Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions.

The voting results from the meeting are provided in the attached table.

Subject to receipt of a final order in respect of the arrangement from the Ontario Superior Court of Justice (Commercial List), and satisfaction or waiver of the other conditions to closing contained in the arrangement agreement with Cleveland-Cliffs, dated July 14, 2024, including in respect of all required regulatory approvals, the arrangement is expected to close in the fourth quarter of 2024.

About Stelco Holdings Inc.

Stelco is a low-cost, integrated and independent steelmaker with one of the newest and most technologically advanced integrated steelmaking facilities in North America. Stelco produces flat-rolled value-added steels, including premium-quality coated, cold-rolled and hot-rolled steel products, as well as pig iron and metallurgical coke. With first-rate gauge, crown and shape control, as well as uniform through-coil mechanical properties, Stelco's steel products are supplied to customers in the construction, automotive, energy, appliance, and pipe and tube industries across Canada and the United States, as well as to a variety of steel service centres, which are distributors of steel products. Stelco understands the importance of its business reflecting the communities the company serves, and the company is committed to diversity and inclusion as a core part of its workplace culture, in part, through active participation in the BlackNorth initiative.

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