EXHIBIT 99.1

clevelandcliffsa06.jpg
NEWS RELEASE
Cleveland-Cliffs Inc. Reports Third-Quarter 2019 Results
Net income of $91 million, or $0.33 per diluted share
Adjusted EBITDA1 of $144 million

CLEVELAND—October 23, 2019—
Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2019.
The Company reported consolidated revenues of $556 million, compared to the prior year's third-quarter consolidated revenues of $742 million. Cost of goods sold was $401 million compared to $480 million reported in the third quarter of 2018.
The Company recorded net income of $91 million, or $0.33 per diluted share. This compares to net income of $438 million, or $1.41 per diluted share recorded in the prior-year quarter, which included a one-time gain of $228 million related to historical changes in foreign currency translation. For the nine months ended September 30, 2019, net income was $230 million, compared to $519 million during the same period in 2018.
For the third quarter of 2019, the Company reported adjusted EBITDA1 of $144 million.
 
(In Millions)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Adjusted EBITDA1
 
 
 
 
 
 
 
    Mining and Pelletizing
$
182.7

 
$
279.5

 
$
510.7

 
$
657.9

    Metallics
(2.1
)
 
(1.0
)
 
(4.0
)
 
(2.5
)
    Corporate
(36.5
)
 
(28.2
)
 
(93.0
)
 
(77.1
)
Total Adjusted EBITDA1
$
144.1

 
$
250.3

 
$
413.7

 
$
578.3

“This past quarter was a story of continued execution at both the operational level and at our HBI site under construction in Toledo. While irrational behavior by one major supplier in the pellet marketplace has dampened the Atlantic Basin pellet premium, our business remains on solid footing with a very strong balance sheet supporting our world-class operations in Minnesota and in Michigan." Mr. Goncalves concluded, "We believe the currently weak steel prices in the United States are temporary, and the cyclicality associated with our business should be largely mitigated as we start-up HBI next year. With that, Cliffs is

1

The following information was filed by Clevelandcliffs Inc. (CLF) on Wednesday, October 23, 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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