Says: Memorandum of Understanding signed with major global steel producer on September 17, 2025. Reflects rising interest in Cliffs amid the resurgence of U.S. manufacturing. Foreign party seeking major global expansion and access to desirable U.S. market. Enables smooth onboarding for downstream industrial clients moving production from party’s home country to the United States. Expected to be highly accretive to Cliffs shareholders. Aligned with U.S. policy goals to strengthen domestic industry and attract foreign investment. Formal announcement expected in Q4 2025 or Q1 2026 with closing in 2026. Comments taken from investor presentation slides.
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