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Cost of Product and Service Sold

Cleveland-Cliffs·Business Segments·3 segments·Rolls up to Total Cost of Revenue

Breakdown

Segments

SteelmakingView metric

Other BusinessesView metric

EliminationsView metric

Segment	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Steelmaking	$4.9B	$5.03B	$4.64B	$4.4B	$4.89B
Other Businesses	$153M	$147M	$163M	$145M	$154M
Eliminations	-$28M	-$35M	-$26M	-$21M	-$42M
Total	$5.03B	$5.14B	$4.78B	$4.52B	$5B