CLF · Cleveland-Cliffs Inc.

On July 21, 2026, Cleveland-Cliffs' Board appointed Celso L. Goncalves Jr., previously Executive Vice President and CFO since 2021, to the additional role of President, effective immediately. Lourenco Goncalves continues as Chairman and CEO but relinquished the President title. Celso Goncalves, age 38, joined the company in 2016 and previously held investment banking roles at Deutsche Bank and Jefferies. The appointment was accompanied by a base salary increase to $1,000,000 and enhanced severance terms under his Change in Control Severance Agreement, extending the Continuation Period multiple from two to three years. Celso Goncalves also joined the Board as an employee director, without additional director compensation. No other material compensatory changes or related transactions were disclosed. The family relationship (son of Chairman and CEO) is noted.