Director at Cleveland-Cliffs (NYSE: CLF) receives 15,334-share grant

Rhea-AI Filing Summary

Yocum Arlene M reported acquisition or exercise transactions in this Form 4 filing.

Cleveland-Cliffs Inc. director Arlene M. Yocum received a grant of 15,334 restricted common shares as her 2026 Director Restricted Shares under the 2021 Nonemployee Directors' Compensation Plan. The shares were awarded at no cash cost on April 21, 2026 and are held directly.

Following this equity award, she now directly owns a total of 136,467 common shares of Cleveland-Cliffs, reflecting ongoing stock-based compensation rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Yocum Arlene M

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	15,334	$0.00	--

Holdings After Transaction: Common Shares — 136,467 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Director share grant: 15,334 shares Share price for grant: $0.00 per share Post-transaction holdings: 136,467 shares

3 metrics

Director share grant 15,334 shares Restricted common shares granted April 21, 2026

Share price for grant $0.00 per share Stated transaction price for restricted share award

Post-transaction holdings 136,467 shares Total common shares directly owned after grant

Key Terms

restricted shares, 2026 Director Restricted Shares, 2021 Nonemployee Directors' Compensation Plan

3 terms

restricted shares financial

"Reflects the number of restricted shares granted to the Reporting Person"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

2026 Director Restricted Shares financial

"granted to the Reporting Person as the 2026 Director Restricted Shares"

2021 Nonemployee Directors' Compensation Plan financial

"pursuant to the 2021 Nonemployee Directors' Compensation Plan"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yocum Arlene M

(Last) (First) (Middle)

200 PUBLIC SQUARE

SUITE 3300

(Street)

CLEVELAND OHIO 44114

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	04/21/2026		A		15,334(1)	A	$0	136,467	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects the number of restricted shares granted to the Reporting Person as the 2026 Director Restricted Shares pursuant to the 2021 Nonemployee Directors' Compensation Plan.

Remarks:

	/s/ James D. Graham by Power of Attorney	04/23/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Cleveland-Cliffs (CLF) report for Arlene M. Yocum?

Cleveland-Cliffs reported that director Arlene M. Yocum received 15,334 restricted common shares. The grant was made as her 2026 Director Restricted Shares under the 2021 Nonemployee Directors' Compensation Plan and reflects stock-based compensation, not an open-market purchase.

How many Cleveland-Cliffs (CLF) shares does Arlene M. Yocum own after this Form 4?

After the April 21, 2026 award, Arlene M. Yocum directly owns 136,467 common shares of Cleveland-Cliffs. This total includes the newly granted 15,334 restricted shares received as part of her nonemployee director equity compensation.

Was the Cleveland-Cliffs (CLF) director grant an open-market stock purchase?

No, the transaction was a share grant, not an open-market purchase. Director Arlene M. Yocum was awarded 15,334 restricted shares at a stated price of $0.00 per share as equity compensation under the 2021 Nonemployee Directors' Compensation Plan.

What plan governed the 15,334-share grant to the Cleveland-Cliffs (CLF) director?

The 15,334 restricted shares granted to director Arlene M. Yocum were issued as the 2026 Director Restricted Shares under Cleveland-Cliffs' 2021 Nonemployee Directors' Compensation Plan, which outlines equity compensation for nonemployee members of the board of directors.

What does transaction code "A" mean in this Cleveland-Cliffs (CLF) Form 4?

In this Form 4, transaction code “A” indicates a grant, award, or other acquisition. For Arlene M. Yocum, it represents the issuance of 15,334 restricted common shares as director compensation, rather than a cash purchase on the open market.