EXHIBIT 99.1

clevelandcliffsa06.jpg
NEWS RELEASE
Cleveland-Cliffs Inc. Reports Second-Quarter 2019 Results
Reports record-high second-quarter sales volume of 6.2 million long tons
Records 6-year-high average pellet price realization of $113 per long ton

CLEVELAND—July 19, 2019—
Cleveland-Cliffs Inc. (NYSE: CLF) today reported second-quarter results for the period ended June 30, 2019.
The Company reported consolidated revenues of $743 million, a 4 percent increase compared to the prior year's second-quarter consolidated revenues of $714 million. Cost of goods sold was $480 million compared to $430 million reported in the second quarter of 2018.
The Company recorded net income of $161 million, or $0.57 per diluted share, which included a one-time $18 million loss on extinguishment of debt related to the proactive refinancing measures taken by the Company, equating to $0.06 per diluted share. Excluding this non-recurring charge, earnings were$0.63 per diluted share. This compares to net income of $165 million, or $0.55 per diluted share recorded in the prior-year quarter.
For the six months ended June 30, 2019, net income was $139 million, compared to $81 million during the same period in 2018.
For the second quarter of 2019, the Company reported adjusted EBITDA1 of $249 million.
 
(In Millions)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Adjusted EBITDA1
 
 
 
 
 
 
 
    Mining and Pelletizing
$
280.5

 
$
301.3

 
$
328.0

 
$
378.4

    Metallics
(1.1
)
 
(1.2
)
 
(1.9
)
 
(1.5
)
    Corporate
(30.9
)
 
(24.4
)
 
(56.5
)
 
(48.9
)
Total Adjusted EBITDA1
$
248.5

 
$
275.7

 
$
269.6

 
$
328.0

During the second quarter, Cliffs repurchased 13 million common shares at a cost of $129 million in the aggregate. Since the initiation of the share repurchase program, the Company has repurchased 30 million

1

The following information was filed by Clevelandcliffs Inc. (CLF) on Friday, July 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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