a202308138-kex992

© 2023 Cleveland-Cliffs Inc. All Rights Reserved.2 FORWARD-LOOKING STATEMENTS AND IMPORTANT INFORMATION This presentation contains statements that constitute "forward-looking statements" within the meaning of the federal securities laws. All statements other than historical facts, including, without limitation, statements regarding our current expectations, estimates and projections about our industry, our business or a transaction with United States Steel Corporation (U.S. Steel), are forward-looking statements. We caution investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. Among the risks and uncertainties that could cause actual results to differ from those described in forward-looking statements are the following: the risk that a transaction with U.S. Steel may not be consummated; the risk that a transaction with U.S. Steel may be less accretive than expected, or may be dilutive, to Cliffs’ earnings per share, which may negatively affect the market price of Cliffs common shares; the possibility that Cliffs and U.S. Steel will incur significant transaction and other costs in connection with a potential transaction, which may be in excess of those anticipated by Cliffs; the risk that the financing transactions to be undertaken in connection with a transaction have a negative impact on the combined company’s credit profile or financial condition; the risk that Cliffs may fail to realize the benefits expected from a transaction; the risk that the combined company may be unable to achieve anticipated synergies or that it may take longer than expected to achieve those synergies; the risk that any announcements relating to, or the completion of, a transaction could have adverse effects on the market price of Cliffs common shares; and the risk related to any unforeseen liability and future capital expenditure of Cliffs related to a transaction. For additional factors affecting the business of Cliffs, refer to Part I – Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022, and other filings with the U.S. Securities and Exchange Commission. IMPORTANT INFORMATION FOR INVESTORS AND STOCKHOLDERS This communication relates to a proposal which Cliffs has made for an acquisition of U.S. Steel. In furtherance of this proposal and subject to future developments, Cliffs may file one or more registration statements, proxy statements, tender offer statements or other documents with the Securities and Exchange Commission (“SEC”). This communication is not a substitute for any proxy statement, registration statement, tender offer statement or other document Cliffs may file with the SEC in connection with the proposed transaction. Investors and security holders of Cliffs are urged to read the proxy statement(s), registration statement, tender offer statement and/or other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Cliffs, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Cliffs through the website maintained by the SEC at http://www.sec.gov. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. This communication is neither a solicitation of a proxy nor a substitute for any proxy statement or other filing that may be made with the SEC. Nonetheless, Cliffs and its directors and certain of its executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Cliffs is set forth in its Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on February 14, 2023, and its proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on April 4, 2023. Any information concerning U.S. Steel contained in this filing has been taken from, or based upon, publicly available information. Although Cliffs does not have any information that would indicate that any information contained in this filing that has been taken from such documents is inaccurate or incomplete, Cliffs does not take any responsibility for the accuracy or completeness of such information. To date, Cliffs has not had access to the books and records of U.S. Steel. FORWARD-LOOKING STATEMENTS

©2023 Cleveland-Cliffs Inc。版权所有。成交价格基于30天VWAP Cleveland-Cliffs普通股交付高度引人注目的提议皇冠体育官网钢铁公司股东•交易价值大约10美元billion1——每股17.50美元的现金交换的比率1.023股股票的CLF X基于Cleveland-Cliffs最后收盘价溢价43%和皇冠体育官网钢铁公司普通股8月11日2023年基于Cleveland-Cliffs最后收盘价溢价42%和皇冠体育官网钢铁公司普通股7月28日,2023年（初始报价日期）财务上有吸引力的报价显著溢价全面支持和支持USW无融资突发事件预计监管部门将及时批准交易确定性

©2023 Cleveland-Cliffs Inc。为客户和员工提供更强大、更创新、更有竞争力的皇冠体育官网国内钢铁生产商联盟支持、有限的尽职调查需求、重大的股东重叠和融资确定性，最大限度地降低执行风险。废钢和综合/电弧炉炼钢形成了理想的组合，共同致力于积极减排，通过合并的足迹更快地实现这一目标。这一提议预计将带来约5亿美元的协同效应，为皇冠体育官网钢铁公司的股东提供即时的多重扩张，并降低皇冠体育官网钢铁公司的资本支出风险，创造一个新的钢铁皇冠体育领导者…pf2022收入：441亿美元注：皇冠体育官网证券交易委员会提交的财务文件

©2023 Cleveland-Cliffs Inc。5…也是全球十大钢铁生产商中唯一一家皇冠体育官网公司全球钢铁产量-前20大钢铁生产商（百万公吨）来源：钢铁技术协会和世界钢铁协会注：反映2022年的产量；IMIDRO和NLMK是估计值。包括新宇钢铁2号吨位。包括60%的AM/NS印度（前Essar钢铁）包括本溪钢铁4吨位。包括新日铁不锈钢公司；三洋特钢，Ovako， AM/NS印度的40%和USIMINAS的31.4%原华菱集团Mobarakeh Steel, Esfahan Steel，库泽钢铁和NISCO 132 69 56 44 41 41 39 37 34 30 31日29日28日26日26日23日21日20 19 18 18 C h在B o w u rc e lo rM ta l n s te e l n ip p o n s te e l s B h g n g h p o s C o J ia n lo n g s h o u g C n g生活fs p ro F T o rM ta s te e l s h n g d o n g s te e l d e lo n g s te e l h u n n s te e l J F e s te e l J s w s te e l n u C o r F l n g d s te e h y u n d i s te e l l iu z h o u s te e l IM ID r o 1 2 3 4 5 6唯一皇冠体育官网生产商在前十名

©2023 Cleveland-Cliffs Inc。北美最具活力、最具竞争力的钢铁制造商北美钢铁出货量（百万净吨）除另有说明外，表示列出的每个生产商的2019年上半年北美钢材出货量（以净吨计）。不包括皇冠体育官网钢铁欧洲分部380万吨的出货量。纽柯数字反映了第三方出货量从钢厂部门；Steel Dynamics的数据反映了来自钢铁运营部门的第三方出货量；商业金属数据反映了2022年11月30日LTM钢材出货量。代表ArcelorMittal， Gerdau和SSAB在北美的钢铁出货量。代表Ternium 5的墨西哥钢材出货量。根据国际贸易管理局皇冠体育官网钢铁监测，反映2013年海运进口。代表2022a年度北美净销售额；商用金属反映LTM 2022年11月30日净销售额；北美销售额：$39,811 $41,512 $ 22261 $13,774 $8,828 $5,883 $7,462 $2,559 $2,509 $2,248 $3,085

©2023 Cleveland-Cliffs Inc。7在北美提供高度互补的运营足迹，铁矿石金属BF-BOFs EAFs精加工/下游Hibbing 7.0Mt Minorca 3.0Mt UTAC 6.0Mt北岸5.0Mt Tilden 7.0Mt Minntac 1350 mt Keetac 5.3Mt Burns Harbor 5.0Mt Indiana Harbor 4.0Mt Cleveland 3.4Mt Middletown 3.0Mt Dearborn 3.0Mt Riverdale 0.7Mt托莱多HBI 1.9Mt FPT Scrap 3.0Mt Gary Works 7.5Mt Mon Valley 2.9Mt Granite City 2.8Mt Mansfield 0.5Mt Butler 0.4Mt Steelton 0.3Mt Coatesville 0.2Mt费尔菲尔德90万吨大河1 3.3万吨大河2增长项目独立精加工资产10个设施管状和冲压12个设施独立精加工资产8个设施管状5个设施加里生铁40万吨年产能斜体标注注：铁矿石和金属数据代表总吨，钢铁数据代表净吨；钢铁产能代表粗钢生产。代表2022A产量

©2023 Cleveland-Cliffs Inc。版权所有2017年2018年2019年2020年2021年2022年温室气体排放量（二氧化碳排放量，二氧化碳排放量，二氧化碳排放量，二氧化碳排放量，二氧化碳排放量）成为ESG皇冠体育领导者范围1和范围2排放注：皇冠体育斯目前运营足迹的温室气体排放量预表1。由于与大流行相关的生产水平，2020年温室气体排放水平低于预期铁矿石颗粒在高炉中使用HBI低焦炭率天然气高炉喷注（准备用氢气替代）从Big River Cliffs获得FPT LEED认证的炼钢中获得充足的主要废料，绝对温室气体排放量在5年内减少32%

©2023 Cleveland-Cliffs Inc。10带来巨大的价值创造潜力，协同效应达5亿美元，成本协同效应，投资协同效应，多重扩张，资产和资本支出优化产生显著协同效应，采购节省(医疗保健，原材料，供应和运费，（其中包括）由于互补的运营平台而产生的SG&A和渠道效率降低了公司和上市公司的成本增强了金融和资本市场的形象和强劲的FCF，大大降低了皇冠体育官网钢铁公司多年战略计划的风险，由于更强大的财务状况和增长，有可能进行多重扩张，从而推动股东价值。两家公司的股东都将成为预估中重大协同效应的直接受益者公司和估值未来有提升潜力

©2023 Cleveland-Cliffs Inc。皇冠体育官网钢铁公司的资本支出近期资本支出（百万美元）注：皇冠体育斯和皇冠体育官网钢铁公司的数据代表共识估计；截至2023年11月8日的市场数据自由现金流定义为EBITDA -资本支出2。预估自由现金流数据，包括2024E和2025E近期自由现金流5亿美元的协同效应（百万美元）1预估自由现金流（百万美元）1,2共识预估共识预估共识预估1,440美元1,575美元1,947美元（407美元）1,159美元1,314美元2023E 2024E 2025E皇冠体育斯皇冠体育官网钢铁公司713美元783美元845美元2,468美元1,426美元812 2023E 2024E 2025E皇冠体育斯皇冠体育官网钢铁公司1,033美元2,234美元3,761 2023E 2024E 2025E预估

©2023 Cleveland-Cliffs Inc。版权所有。交易细节可在SEC文件2中找到。表示企业总价值；安赛乐米塔尔皇冠体育官网企业价值包括养老金/OPEB负债和营运资金的假设，证明有能力提供额外的就业机会和对关键材料的再投资交易价值2 2020 2020 30亿美元电气钢33亿美元马口铁皇冠体育官网1亿2千万美元超额完成1.5亿超额完成净创造就业机会1对皇冠体育官网供应链关键利基材料的再投资成本协同增效计划与已完成约1,700个新工作岗位

©2023 Cleveland-Cliffs Inc。自2022年以来对资本回报的承诺重大股票回购计划宣布了2022年10亿美元的股票回购计划在2022年回购了1250万股股票，目前回购计划剩余6.66亿美元。截至2023年第二季度。代表摊薄后的已发行股票12%减持585 514第二季度2021第二季度2023万股百万股与交易同时启动每股0.05美元的季度股息将向所有股东提供约1.55亿美元的年度股息有意义的季度股息

©2023 Cleveland-Cliffs Inc。保留所有权利。17美元5,312美元5,295美元5,190美元4,621美元4,223美元3,929美元3,500美元4,000美元4,500美元5,000美元5,500年第四季度21年第四季度21年第四季度21年第二季度21年第二季度22年第四季度22年第二季度23年第四季度长期关注负债减少总额净债务（百万美元）历史净养老金和OPEB（百万美元）约14亿美元净债务减少4,207美元3,931美元2,872美元2,702美元813美元747美元500美元1,500美元2,500美元3,500美元4,500年第四季度21年第四季度21年第二季度22年第四季度23年第二季度养老金和OPEB负债减少82%

©2023 Cleveland-Cliffs Inc。20清晰的完成路线图1。Cliffs的前3大股东和前15大股东分别持有皇冠体育官网钢铁公司24%和36%的股份。需要进行常规上市公司法律尽职调查以达成最终协议拟议的交易得到USW的全力支持和支持最低限度的私人业务尽职调查2所有机构股东重叠60% 1与几家皇冠体育官网和国际一级银行签署了高度自信的信函1 cliff董事会的一致支持监管机构的批准预计会及时到位，关键顾问已经花费了大量的时间和精力

©2023 Cleveland-Cliffs Inc。联合为关键基础设施和国家安全提供了更坚实的基础，同时加速创造就业机会和经济影响国内经济安全对所有员工的坚定承诺，USW的全力支持和cliff不断增长的小时劳动力的良好记录证明了这一点。在皇冠体育官网，16个州有40,5001名员工。截至2022年12月31日，皇冠体育官网钢铁公司活跃的北美员工和皇冠体育斯皇冠体育官网员工客户广泛的钢铁制造能力，特别是对皇冠体育官网经济至关重要的增值钢铁的卓越表现股东每年产生约5亿美元的协同效应，低风险的财务状况和强劲的资本回报创造了世界十大钢铁公司