State Street Discloses 5.5% Passive Holding in Cleveland-Cliffs Common Stock

Rhea-AI Filing Summary

State Street Corporation reported ownership of 27,450,442 shares of Cleveland-Cliffs common stock, representing 5.5% of the class. The filing shows no sole voting or dispositive power and records 25,975,389 shares of shared voting power and 27,450,442 shares of shared dispositive power. The filer states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

The schedule identifies several State Street affiliates that hold the positions, including SSGA Funds Management and multiple State Street Global Advisors entities. This disclosure documents a material passive stake above the 5% reporting threshold without an asserted intent to affect control.

Positive

• Material institutional ownership disclosed: State Street reports beneficial ownership of 27,450,442 shares (5.5%), providing transparency to the market

Negative

• None.

Insights

Institutional Investor Relations Analyst

TL;DR State Street reports a material passive stake of 27.45M shares (5.5%) in CLF with shared voting and dispositive authority.

State Street's Schedule 13G discloses beneficial ownership of 27,450,442 shares, equal to 5.5% of Cleveland-Cliffs outstanding common stock. The position is reported with shared voting power of 25,975,389 shares and shared dispositive power of 27,450,442 shares, with no sole voting or dispositive power. The filer certifies the holdings are in the ordinary course of business and not intended to change control, consistent with a passive institutional investor reporting under Rule 13d-1(b).

Corporate Governance Specialist

TL;DR A major asset manager reports a passive, above-5% stake; governance influence appears limited by the declared passive status.

The disclosure names multiple State Street Global Advisors affiliates as the entities associated with the reported position. Although the stake exceeds the 5% threshold triggering Schedule 13G reporting, the filing includes a certification that the securities are not held to influence control. For governance considerations, the shared voting power of ~26.0M shares is the key figure for assessing potential collective influence, but the filing asserts a passive intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

CLEVELAND-CLIFFS INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

185899101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 185899101

1

Names of Reporting Persons

STATE STREET CORPORATION

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 25,975,389.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 27,450,442.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,450,442.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CLEVELAND-CLIFFS INC
(b)	Address of issuer's principal executive offices: 200 PUBLIC SQUARE SUITE 3300 , CLEVELAND, OHIO, 44114
Item 2.
(a)	Name of person filing: STATE STREET CORPORATION;
(b)	Address or principal business office or, if none, residence: ONE CONGRESS STREET, SUITE 1, BOSTON MA 02114, UNITED STATES
(c)	Citizenship: MA
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 185899101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 27450442.00
(b)	Percent of class: 5.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 25,975,389
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 27,450,442
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. NOT APPLICABLE
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. SSGA FUNDS MANAGEMENT, INC. (IA);STATE STREET GLOBAL ADVISORS ASIA LIMITED (IA);STATE STREET GLOBAL ADVISORS EUROPE LIMITED (IA);STATE STREET GLOBAL ADVISORS LIMITED (IA);STATE STREET GLOBAL ADVISORS TRUST COMPANY (IA);STATE STREET GLOBAL ADVISORS, LTD. (IA);
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. NOT APPLICABLE
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. NOT APPLICABLE

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

STATE STREET CORPORATION

Signature:	ELIZABETH SCHAEFER
Name/Title:	SENIOR VICE PRESIDENT, CHIEF ACCOUNTING OFFICER
Date:	08/08/2025

FAQ

Who filed the Schedule 13G for Cleveland-Cliffs (CLF)?

State Street Corporation filed the Schedule 13G reporting the position.

How many CLF shares does State Street report owning and what percent is that?

27,450,442 shares, representing 5.5% of the class as reported in the filing.

What voting and dispositive powers does State Street report for CLF shares?

The filing reports 0 sole voting power, 25,975,389 shared voting power, 0 sole dispositive power, and 27,450,442 shared dispositive power.

Does the filing indicate State Street intends to influence control of Cleveland-Cliffs?

No. The filer certified the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Which State Street affiliates are identified as related holders?

The filing lists affiliates including SSGA Funds Management, State Street Global Advisors Asia Limited, State Street Global Advisors Europe Limited, State Street Global Advisors Limited, State Street Global Advisors Trust Company, and State Street Global Advisors, Ltd.