CLEVELAND-CLIFFS INC.

ΔGM = β·Δlog(pata) + ε con β y φ(AR1 de ε) reestimados walk-forward solo con trimestres ya publicados; el residuo agrupa coste unitario, mix y volumen

• The volatility of commodity prices, including steel, scrap metal and iron ore, directly and indirectly affects our ability to generate revenue, maintain stable cash flows and fund our operations.
• We sell a significant portion of our steel products to the automotive market, and fluctuations or changes in the automotive market could adversely affect our business operations and financial performance.
• nuevoGlobal steelmaking overcapacity and overproduction, as well as steel imports, could lead to lower or more volatile global steel prices, directly or indirectly impacting our profitability.
• Severe financial hardship or bankruptcy of one or more of our major customers or key vendors could adversely affect our business operations and financial performance.
• U.S. government actions and other countries’ reactions in respect of trade agreements and treaties, laws, regulations, or policies affecting trade could lead to lower or more volatile global steel prices, impacting our profitability.
• We are subject to extensive governmental regulation, which imposes potentially significant costs and liabilities on us. Future laws and regulations or the way they are interpreted and enforced could increase these costs and liabilities or limit our ability to produce our raw materials and products.
• Our operations use hazardous materials and inadvertently may impact the environment, which could result in material liabilities to us.
• We may be unable to obtain, maintain, renew or comply with permits and licenses necessary for our operations or be required to provide additional financial assurances, which could reduce our production, cash flows, profitability and available liquidity.
• nuevoWe continue to face ongoing risks arising out of the Stelco Acquisition and may be unable to realize the anticipated financial and other benefits from proposed strategic partnerships and asset divestitures.
• Our actual operating results may differ significantly from our guidance.
• We may be subject to various lawsuits, claims, arbitrations or governmental proceedings that could result in significant expenditures.
• Our operating expenses could increase significantly if the prices of raw materials, electrical power, fuel or other energy sources rise.
• Our sales and competitive position depend on transporting our products to customers at competitive rates and in a timely manner, and our ability to optimize our operational footprint depends on predictably and cost effectively moving products and raw materials internally among our facilities.
• The cost or time to implement a strategic or sustaining capital project may prove to be greater than originally anticipated.
• Natural or human-caused disasters, weather conditions, disruption of energy, unanticipated geological conditions, equipment failures, infectious disease outbreaks and other unexpected events may lead our customers, our suppliers, or our facilities to curtail production or shut down operations.
• A disruption in or failure of our IT systems, including those related to cybersecurity, could adversely affect our business operations, reputation and financial performance and could expose us to third-party liability.
• We incur certain costs when production capacity is idled, as well as increased costs to resume production at previously idled facilities.
• We may not have adequate insurance coverage for some business risks.
• nuevoAs we and our stakeholders seek reduced carbon footprints and enhanced business sustainability, we face financial, regulatory, legal, and reputational risks and potential loss of business opportunities because our operations utilize carbon-based energy sources and produce GHG emissions.
• To maintain consistent operational performance and foster growth in our businesses, we must maintain our social license to operate with our stakeholders.
• We rely on estimates of our recoverable mineral reserves, which are complex due to geological characteristics of the properties and the number of assumptions made.
• Defects in title or loss of any access rights or leasehold or option interests in mining properties could limit our ability to mine these properties or result in significant unanticipated costs.
• We depend on our senior management team and other key employees, and the loss of these employees could adversely affect our businesses.
• Our profitability could be adversely affected if we fail to maintain satisfactory labor relations.
• Our expenditures for pension and OPEB obligations could be materially higher than we have predicted if our underlying assumptions differ from actual outcomes, there are regulatory changes or the funded status of the multiemployer plans that we participate in degrade.

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