Cleveland-Cliffs director granted 15,334 restricted shares

Camara Edilson reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Camara Edilson reported acquisition or exercise transactions in this Form 4 filing.

CLEVELAND-CLIFFS INC. director Edilson Camara received a grant of restricted stock as part of his board compensation. On April 21, 2026, he was awarded 15,334 Common Shares at no cash cost under the 2021 Nonemployee Directors' Compensation Plan, designated as the 2026 Director Restricted Shares. Following this award, he directly holds 57,317 Common Shares. This is a routine equity compensation grant rather than an open-market purchase or sale.

Insider Trade Summary

Grant/Award: 15,334 shares

Grant/Award 1 txn

Insider Camara Edilson

Role Director

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

Holdings After Transaction: Common Shares — 57,317 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Restricted shares granted: 15,334 shares Grant price per share: $0.00 per share Shares held after grant: 57,317 shares +1 more

4 metrics

Restricted shares granted 15,334 shares 2026 Director Restricted Shares grant on April 21, 2026

Grant price per share $0.00 per share Equity compensation award, not an open-market purchase

Shares held after grant 57,317 shares Total direct Common Shares following the transaction

Transaction code A (Grant, award, or other acquisition) Non-derivative Common Shares reported on Form 4

Key Terms

restricted shares, 2021 Nonemployee Directors' Compensation Plan, Form 4, Common Shares

4 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.

2021 Nonemployee Directors' Compensation Plan financial

"pursuant to the 2021 Nonemployee Directors' Compensation Plan"

Form 4 regulatory

"INSIDER FILING DATA (Form 4):"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Common Shares financial

"security_title": "Common Shares""

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CLEVELAND-CLIFFS (CLF) director Edilson Camara report?

Director Edilson Camara reported receiving a stock award of 15,334 restricted Common Shares. The grant was coded as an acquisition (A) and represents equity compensation, not an open-market trade, under the company’s nonemployee directors’ compensation plan.

How many CLEVELAND-CLIFFS (CLF) shares does Edilson Camara hold after this Form 4?

After the reported grant, Edilson Camara directly holds 57,317 Common Shares. This total includes the newly awarded 15,334 restricted shares, reflecting his updated direct ownership position as a director of Cleveland-Cliffs.

Was cash paid for the 15,334 CLEVELAND-CLIFFS (CLF) shares granted to Edilson Camara?

No cash was paid for this award; the 15,334 Common Shares were granted at a reported price of $0.00 per share. This indicates a compensatory stock grant rather than a purchase in the open market.

What plan governed Edilson Camara’s restricted share grant at CLEVELAND-CLIFFS (CLF)?

The restricted share grant was made under the 2021 Nonemployee Directors' Compensation Plan. The footnote specifies these 15,334 shares are the 2026 Director Restricted Shares granted to Edilson Camara pursuant to that plan.

Is Edilson Camara’s Form 4 for CLEVELAND-CLIFFS (CLF) a buy or sell signal?

The filing reflects an acquisition coded as a grant or award, not an open-market buy or sell. It records routine director equity compensation, which typically carries less signaling value than discretionary market purchases or sales.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/23/2026 - 05:01 PM Learn about SEC filing dates

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^*

Camara Edilson

(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	57,317	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)