Mr. Paul Scherzer reports

FINAL REGULATORY APPROVALS RECEIVED FOR CLEVELAND-CLIFFS' ACQUISITION OF STELCO, PREPARATION FOR CLOSING UNDERWAY

Stelco Holdings Inc. has received regulatory and program approvals under the Investment Canada Act and Strategic Innovation Fund for Cleveland-Cliffs' pending acquisition of Stelco, representing the final regulatory approvals required to complete the transaction. With these approvals in hand, the transaction can now proceed toward closing. The transaction is currently scheduled to close on Nov. 1, 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, 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.

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