Cleveland-Cliffs Announces Promotion of Chief Financial Officer Celso Goncalves from Executive Vice President to President and Appointment to Board of Directors

Cleveland-Cliffs Announces Promotion of Chief Financial Officer Celso Goncalves from Executive Vice President to President and Appointment to Board of Directors

Cleveland-Cliffs Inc. (NYSE: CLF) today announced that its Board of Directors has promoted Executive Vice President and Chief Financial Officer Celso Goncalves to serve as President and Chief Financial Officer, and appointed him to the Company's Board of Directors, effective immediately. The appointment marks an important step in the evolution of Cleveland-Cliffs' leadership and reflects the Board's confidence in Celso Goncalves' proven leadership, strategic vision, and substantial contributions to the Company's success. As part of this promotion, Lourenco Goncalves will continue to lead the Company as Chairman and Chief Executive Officer, relinquishing the title of President.

Celso Goncalves has served as Executive Vice President and Chief Financial Officer since 2021 and has been with the Company since 2016. Prior to joining Cleveland-Cliffs, he held investment banking positions at Deutsche Bank and Jefferies.

Cliffs’ Lead Director Mike Michael, said: “During his tenure at Cleveland-Cliffs, Celso has been instrumental in helping transform the Company into the largest producer of flat-rolled steel in North America, enhancing financial flexibility, managing capital allocation initiatives, and supporting the execution of the Company's strategic growth and integration objectives. The Board is very pleased to recognize and reward his performance with this well-deserved promotion.”