Mr. Paul Scherzer reports

COURT GRANTS FINAL ORDER TO STELCO APPROVING ARRANGEMENT WITH CLEVELAND-CLIFFS

The Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced plan of arrangement pursuant to which 13421422 Canada Inc. (the purchaser), a wholly owned subsidiary of Cleveland-Cliffs Inc., will acquire all of the issued and outstanding common shares of Stelco Holdings Inc.

Subject to the satisfaction or waiver of the remaining conditions to closing contained in the arrangement agreement with Cliffs, the purchaser will acquire all of the issued and outstanding common shares for consideration per common share of $60.00 in cash and 0.454 of a share of common stock of Cliffs. 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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