Cleveland-Cliffs Inc. and AK Steel Holding Corporation announced the final results of the previously announced offers to exchange (the “Exchange Offers”) by Cliffs any and all outstanding 6.375% Senior Notes due 2025 and 7.00% Senior Notes due 2027 issued by AK Steel Corporation (“AK Steel”), a wholly owned subsidiary of AK Holding, as set out in the table below (collectively, the “AK Steel Notes”) for the same aggregate principal amount of new notes issued by Cliffs (the “New Cliffs Notes”) and related consent solicitations (the “Consent Solicitations”) by AK Steel to adopt certain amendments to each of the indentures (the “AK Steel Indentures”) governing the AK Steel Notes to eliminate certain of the covenants, restrictive provisions and events of default from the AK Steel Indentures (the “Amendments”). The Exchange Offers and Consent Solicitations expired at 6:00 a.m., New York City time, on March 13, 2020 (the “Expiration Date”). As of the Expiration Date, the following principal amounts of each series of AK Steel Notes were validly tendered and not validly withdrawn: The Exchange Offers and Consent Solicitations were made in connection with Cliffs' acquisition of AK Holding (the “Merger”), which was completed on the date hereof, and pursuant to the terms and subject to the conditions set out in the offering memorandum and consent solicitation statement, dated January 14, 2020, as amended (the “Offering Memorandum and Consent Solicitation Statement”).

The terms of the Exchange Offers and Consent Solicitations remain as set out in the Offering Memorandum and Consent Solicitation Statement. Upon settlement of the Exchange Offers and Consent Solicitations, which is expected to occur on March 16, 2020 (the “Settlement Date”), Cliffs will (i) issue to the holders of the AK Steel Notes whose consents were validly delivered on or before 5:00 p.m., New York City Time, on January 28, 2020 (the “Early Participation Date”), not validly revoked, and whose securities are accepted for exchange, New Cliffs Notes in an equal aggregate principal amount to the principal amount of the AK Steel Notes that have been accepted for exchange and $2.50 in cash for each $1,000 principal amount of AK Steel Notes accepted for exchange, and (ii) issue to the holders of the AK Steel Notes whose securities were tendered after the Early Participation Date but prior to the Expiration Date and accepted for exchange, New Cliffs Notes in an aggregate principal amount equal to the aggregate principal amount of AK Steel Notes that have been accepted for exchange.