Mr. Paul Scherzer reports

CANADIAN COMPETITION CLEARANCE ISSUED FOR CLEVELAND-CLIFFS' ACQUISITION OF STELCO

The Canadian Competition Bureau has issued a no-action letter, confirming that the Commissioner of Competition does not intend to challenge Cleveland-Cliffs' pending acquisition of Stelco Holdings Inc. The acquisition is expected to be completed in the fourth quarter of 2024, following the satisfaction or waiver of the remaining closing conditions.

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, the company'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 it serves and is committed to diversity and inclusion as a core part of its workplace culture, in part, through active participation in the BlackNorth Initiative.

We seek Safe Harbor.