EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share Computation

The following table summarizes the computation of basic and diluted EPS:


			Three Months Ended September 30,												Nine Months Ended September 30,
(In millions, except per share amounts)			2026						2025						2026						2025
Income (loss) from continuing operations			$	167					$	(231)					$	(191)					$	(1,190)
Net income from continuing operations attributable to noncontrolling interest			(13)						(17)						(32)						(42)
Net income (loss) from continuing operations attributable to Cliffs shareholders			154						(248)						(223)						(1,232)
Loss from discontinued operations, net of tax			(2)						(3)						(7)						(3)
Net income (loss) attributable to Cliffs shareholders			$	152					$	(251)					$	(230)					$	(1,235)

Weighted average number of shares:
Basic			572						495						571						495
Employee stock plans1			2						—						—						—
Diluted			574						495						571						495

Income (loss) per common share attributable to Cliffs shareholders - basic:
Continuing operations			$	0.27					$	(0.51)					$	(0.39)					$	(2.49)
Discontinued operations			—						—						(0.01)						—
			$	0.27					$	(0.51)					$	(0.40)					$	(2.49)

Income (loss) per common share attributable to Cliffs shareholders - diluted:
Continuing operations			$	0.26					$	(0.51)					$	(0.39)					$	(2.49)
Discontinued operations			—						—						(0.01)						—
			$	0.26					$	(0.51)					$	(0.40)					$	(2.49)

1 For the three and nine months ended September 30, 2026, an immaterial amount and 5 million, respectively, potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive. For both the three and nine months ended September 30, 2025, 3 million potentially dilutive shares were excluded from the computation of diluted EPS because their effect would have been anti-dilutive.