克利夫兰克里夫 2026年季度报告

Washington, D.C. 20549 FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the transition period fromto.Commission File Number: 1-8944 CLEVELAND-CLIFFS INC. (Exact Name of Registrant as Specified in Its Charter) Ohio34-1464672(State or Other Jurisdiction ofIncorporation or Organization)(I.R.S. EmployerIdentification No.)200 Public Square,Cleveland,Ohio44114-2315(Address of Principal Executive Offices)(Zip Code) Registrant’s telephone number, including area code: (216)694-5700Securities registered pursuant to Section 12(b) of the Act: Trading Symbol(s) Name of each exchange on which registered Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). The number of shares outstanding of the registrant’s common shares, par value $0.125 per share, was 570,414,657 as of April21, 2026. TABLE OF CONTENTS DEFINITIONS1PART I - FINANCIAL INFORMATIONITEM 1.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATASTATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED FINANCIAL POSITION AS OFMARCH 31, 2026 AND DECEMBER 31, 20252STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONS FOR THETHREE MONTHS ENDED MARCH 31, 2026 AND 20253STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED COMPREHENSIVE LOSSFOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 20254STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWS FOR THETHREE MONTHS ENDED MARCH 31, 2026 AND 20255STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CHANGES IN EQUITY FORTHE THREE MONTHS ENDED MARCH 31, 2026 AND 20256NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS7ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS22ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK35ITEM 4.CONTROLS AND PROCEDURES35PART II - OTHER INFORMATIONITEM 1.LEGAL PROCEEDINGS36ITEM 1A.RISK FACTORS36ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS36ITEM 4.MINE SAFETY DISCLOSURES36ITEM 5.OTHER INFORMATION36ITEM 6.EXHIBITS37SIGNATURES38 DEFINITIONS The following abbreviations or acronyms are used in the text. References in this report to the “Company,” “we,” “us,” “our,” "Cleveland-Cliffs" and “Cliffs” are to Cleveland-Cliffs Inc. and subsidiaries, collectively. References to “$” is to United States currency, unlessotherwise stated. STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED OPERATIONSCLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED COMPREHENSIVE LOSSCLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CASH FLOWSCLEVELAND-CLIFFS INC. AND SUBSIDIARIES STATEMENTS OF UNAUDITED CONDENSED CONSOLIDATED CHANGES IN EQUITYCLEVELAND-CLIFFS INC. AND SUBSIDIARIES Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTSCLEVELAND-CLIFFS INC. AND SUBSIDIARIES NOTE 1 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS, CONSOLIDATION AND PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with SEC rules andregulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary topresent fairly the financial position, results of operations, comprehensive income (loss), cash flows and changes in equity for theperiods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates andassumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates onvarious assumptions and historical experience, w