[Form 3] CLEVELAND-CLIFFS INC. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Cleveland-Cliffs Inc. (CLF) disclosed an initial statement of beneficial ownership on Form 3 for a reporting person serving as a Director. As of the event date 11/12/2025, the individual reported 16,650 Common Shares held in direct (D) ownership.

No derivative securities were reported in Table II. The filing includes Exhibit 24 – Power of Attorney, and the Form 3 was signed by James D. Graham under power of attorney on 11/14/2025.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Camara Edilson

(Last) (First) (Middle)

200 PUBLIC SQUARE

SUITE 3300

(Street)

CLEVELAND OH 44114

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
11/12/2025

3. Issuer Name and Ticker or Trading Symbol
CLEVELAND-CLIFFS INC. [ CLF ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	16,650	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24 - Power of Attorney

	/s/ James D. Graham by Power of Attorney	11/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did CLF’s Form 3 report?

It reported 16,650 Common Shares of Cleveland-Cliffs Inc. held in direct ownership by a Director as of 11/12/2025.

What is the insider’s relationship to CLF?

The reporting person is a Director of Cleveland-Cliffs Inc.

How many CLF shares does the insider directly own?

The insider directly owns 16,650 Common Shares.

Were any derivative securities reported on the Form 3?

No, Table II shows no derivative securities reported.

What is the event date for this Form 3?

The event date is 11/12/2025.

Who signed the filing and under what authority?

It was signed by James D. Graham under a Power of Attorney (Exhibit 24) on 11/14/2025.