Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-09-18

CLEVELAND-CLIFFS (CLF)

CEO Lourenco Goncalves was paid $19,023,041 in fiscal year 2025, ↑ up 24.8% from fiscal year 2024, the 73rd percentile of its disclosed peer group (SEC filing 0000764065-26-000054 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$19,023,041 ↑
Lourenco Goncalves total, FY2025
73rd
CEO pay percentile vs peers
156:1
CEO-to-median pay ratio
83.94%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Lourenco Goncalves (Chairman, President and CEO), FY2025 total compensation $19,023,041 (base salary $2,201,000) [exec_comp, SEC accession 0000764065-26-000054, filed 2026-04-02]

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01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Lourenco Goncalves$2,201,000$0$12,874,374$0$3,345,520$496,500$105,647$19,023,041
Chairman, President and CEO
Clifford Smith893,00003,917,5850814,416193,70051,3315,870,032
EVP, COO
Celso Goncalves850,00003,728,9370775,200107,50073,7185,535,355
EVP, CFO
Keith Koci738,00003,237,5910673,05682,20043,5684,774,415
EVP & President, Cleveland-Cliffs Services
James Graham720,00002,807,6630547,200150,90046,3204,272,083
EVP, Chief Legal and Administrative Officer & Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Lourenco Goncalves$19,023,041$15,248,897$26,086,592↑ +3,774,144
Clifford Smith5,870,0324,771,6867,784,599↑ +1,098,346
Celso Goncalves5,535,3554,494,0825,723,364↑ +1,041,273
Keith Koci4,774,4153,945,6455,877,793↑ +828,770
James Graham4,272,0833,502,1775,367,610↑ +769,906

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against CLF
5 companies name CLF as a compensation peer

Each company listed discloses CLF in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CLF in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
GoncalvesRSU34,971—$464,415
GoncalvesPSU88,822—1,179,556
GoncalvesPSU69,942—928,830
GoncalvesRSU28,901—383,805
GoncalvesPSU117,967—1,566,602
GoncalvesPSU66,574—884,103
GoncalvesPSU50,127—665,687
GoncalvesPSU102,423—1,360,177
GoncalvesPSU57,802—767,611
GoncalvesRSU25,064—332,850
GoncalvesPSU123,935—1,645,857
GoncalvesRSU58,984—783,308
GoncalvesRSU61,968—822,935
GoncalvesRSU44,411—589,778
GoncalvesRSU51,212—680,095
GoncalvesRSU33,287—442,051
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's compensation philosophy is to place a significant portion of compensation at risk based on performance and increase the portion of compensation that is at risk as the responsibility level of the individual increases. The program is designed to align short-term and long-term incentives with results delivered to shareholders, focusing on financial performance, operational and strategic excellence, and safety.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPearl Meyer & Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-14283,241,02752,583,7061,621,45483.94%Passed
20252025-05-15236,209,16823,583,5641,686,16190.34%Passed
20242024-05-16220,508,32875,276,8154,114,34573.53%Passed
20232023-05-17290,899,12423,225,6831,439,32392.18%Passed
20222022-04-27166,353,28396,626,5552,071,00762.76%Passed
20212021-04-2880,044,793223,221,1623,117,79326.13%Failed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1483.94%a
20252025-05-1590.34%b
20242024-05-1673.53%c

a. Approved under the standard stated in the filing — “Abstentions will have the effect of votes against, and broker non-votes will have no effect with respect to, the advisory vote regarding the compensation of our NEOs.”.

b. Approved under the standard stated in the filing — “Abstentions will have the effect of votes against, and broker non-votes will have no effect with respect to, the advisory vote regarding the compensation of our NEOs.”.

c. Approved under the standard stated in the filing — “Abstentions will have the effect of votes against, and broker non-votes will have no effect with respect to, the advisory vote regarding the compensation of our NEOs.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)156 : 1
CEO total compensation—
Median employee compensation$122,321
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Douglas C. TaylorIndependent · Departed during FY$280,000$139,995——$0$419,995
Jane M. CroninIndependent · Audit160,000182,954——0342,954
John T. BaldwinIndependent · Audit (Chair) · Compensation and Organization190,000139,995——0329,995
Ralph S. Michael IIIIndependent · Lead Independent Director · Compensation and Organization · Governance and Nominating (Chair)175,000139,995——1,500316,495
Ron A. BloomIndependent · Governance and Nominating · Strategy and Sustainability160,000139,995——0299,995
G. StoliarIndependent160,000139,995——0299,995
Susan M. GreenIndependent · Governance and Nominating · Not standing for re-election160,000139,995——0299,995
Arlene M. YocumIndependent · Audit · Strategy and Sustainability160,000139,995——0299,995
Ben OrenIndependent · Audit160,000139,995——0299,995
Edilson T. CamaraIndependent · Compensation and Organization (Chair) · Newly elected21,73962,132——083,871
Lourenco GoncalvesEmployee director · Board Chair · Strategy and Sustainability (Chair)—————0
09

Board fee structure and ownership guideline

Annual cash retainer$160,000
Annual equity retainer$140,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)30,000 / 20,000 / 15,000
Stock ownership guideline$6
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,626,739
Equity awards (grant-date value)$1,365,046
All other compensation$1,500
Total cost of the board$2,993,285

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies CLEVELAND-CLIFFS names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including CLEVELAND-CLIFFS.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Trane Technologies2025David Regnery$1,512,500$8,900,397$5,700,010$2,831,173$27,262,157
2Parker-Hannifin Corporation2026Jennifer Parmentier1,537,5007,586,8987,841,9404,539,82222,761,169
3Johnson Controls International2025Joakim Weidemanis825,00012,849,0883,749,9932,357,24719,963,827
4Cummins Inc.2025Jennifer Rumsey1,533,7506,429,00406,975,65619,905,532
5CLEVELAND-CLIFFS2025Lourenco Goncalves2,201,00012,874,37403,345,52019,023,041
6DuPont de Nemours, Inc.2025Lori Koch1,242,31312,547,71101,897,50016,134,250
7Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
8Nucor Corporation2025Leon J. Topalian1,560,0008,895,2732,000,0002,486,20314,945,471
9PPG Industries, Inc.2025Timothy Knavish1,300,0007,333,5423,666,6901,924,00014,885,022
10International Paper Company2025Andrew Silvernail1,000,00012,174,81801,318,50014,838,324
11Freeport-McMoRan Inc.2025Kathleen Quirk1,400,00011,631,59001,400,70014,808,126
12Alcoa Corporation2025William Oplinger1,298,9259,899,06902,314,68414,002,088
13Reliance Inc.2025Karla Lewis1,325,0007,653,35002,072,30013,374,389
14PACCAR Inc.2025R. Preston Feight1,690,3854,900,5002,174,4851,326,52112,618,865
15Steel Dynamics, Inc.2025Mark Millett1,535,0005,095,406—5,372,50012,059,908
16Stanley Black & Decker, Inc.2025Christopher Nelson997,4623,964,6991,321,569929,0557,656,246
—United States Steel Corporation——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
CLEVELAND-CLIFFSnot disclosedPerformance Cash 34 · PSU 33 · RSU 33not disclosedPearl Meyer & Partners, LLC
Alcoa Corporation118.8%PSU 60 · RSU 40Yes — Relative TSRPay Governance
Cummins Inc.90%PSU 70 · Cash LTI 30NoFarient
DuPont de Nemours, Inc.101.2%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Freeport-McMoRan Inc.66.7%PSU 75 · RSU 25NoFW Cook
Illinois Tool Works Inc.not disclosedPSU 50 · Options 50NoMeridian Compensation Partners LLC
International Paper Company87.9%PSU 100Yes — Relative TSRFrederic W. Cook
Johnson Controls International176.6%PSU 50 · RSU 25 · Options 25Yes — TSR Relative to S&P 500 IndustrialsFarient Advisors LLC
Nucor Corporation177.08%Cash LTI 50NoPearl Meyer & Partners, LLC
PACCAR Inc.62.7%not disclosedNoThe Committee typically retains a compensation consultant to assess the competitiveness of the Company's compensation programs every two years. It did not employ a compensation consultant in 2025.
Parker-Hannifin Corporationnot disclosedPSU 50 · Options 50NoMercer Consulting
PPG Industries, Inc.93%MSU 34 · Options 33 · PSU 33NoFW Cook
Reliance Inc.156.4%PSU 80 · RSU 20NoPay Governance LLC
Stanley Black & Decker, Inc.72.3%PSU 50 · RSU 25 · Options 25Yes — Relative TSRPay Governance
Steel Dynamics, Inc.350%PSU 53 · RSU 47NoPearl Meyer & Partners, LLC
Trane Technologies109.21%PSU 50 · Options 40 · RSU 10Yes — Relative TSRMeridian Compensation Partners, LLC
United States Steel Corporationnot disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at CLEVELAND-CLIFFS in fiscal 2025?
As disclosed, Lourenco Goncalves (Chairman, President and CEO) was the highest-paid executive at CLEVELAND-CLIFFS in fiscal 2025, with total compensation of $19,023,041.
How does CLEVELAND-CLIFFS's chief executive pay compare to its disclosed peer group?
As disclosed, Lourenco Goncalves's total compensation ranked at the 73rd percentile of CLEVELAND-CLIFFS's disclosed peer group.
What is CLEVELAND-CLIFFS's CEO-to-median employee pay ratio?
As disclosed, CLEVELAND-CLIFFS's CEO-to-median employee pay ratio was 156:1.
How did shareholders vote on CLEVELAND-CLIFFS's executive compensation?
As disclosed, 83.94% of shareholders supported CLEVELAND-CLIFFS's executive compensation in the latest say-on-pay vote.
How much does CLEVELAND-CLIFFS spend in total on board compensation for fiscal 2025?
As disclosed, CLEVELAND-CLIFFS reported total board compensation of $2,993,285 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Lourenco GoncalvesDEF 14A2026-04-020000764065-26-000054Section “Executive Compensation Tables and Narratives” · page 47. As printed: 19,023,041. Filing ↗machine: r2 · c21 · span 734265–734275
2Section 01, Clifford SmithDEF 14A2026-04-020000764065-26-000054Section “Executive Compensation Tables and Narratives” · page 47. As printed: 5,870,032. Filing ↗machine: r8 · c21 · span 749947–749956
3Section 01, Celso GoncalvesDEF 14A2026-04-020000764065-26-000054Section “Executive Compensation Tables and Narratives” · page 47. As printed: 5,535,355. Filing ↗machine: r5 · c21 · span 742116–742125
4Section 01, Keith KociDEF 14A2026-04-020000764065-26-000054Section “Executive Compensation Tables and Narratives” · page 47. As printed: 4,774,415. Filing ↗machine: r11 · c21 · span 757972–757981
5Section 01, James GrahamDEF 14A2026-04-020000764065-26-000054Section “Executive Compensation Tables and Narratives” · page 47. As printed: 4,272,083. Filing ↗machine: r14 · c21 · span 765898–765907
6Section 07, pay ratioDEF 14A2026-04-020000764065-26-000054Section “CEO Pay Ratio”. As printed: 156 : 1. Filing ↗machine: span 1153904–1153907
7Section 08, Douglas C. TaylorDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 419,995. Filing ↗machine: span 294494–294624
8Section 08, Jane M. CroninDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 342,954. Filing ↗machine: span 288441–288571
9Section 08, John T. BaldwinDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 329,995. Filing ↗machine: span 284804–284934
10Section 08, Ralph S. Michael IIIDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 316,495. Filing ↗machine: span 290866–290996
11Section 08, Ron A. BloomDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 299,995. Filing ↗machine: span 286014–286144
12Section 08, G. StoliarDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 299,995. Filing ↗machine: span 293283–293413
13Section 08, Susan M. GreenDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 299,995. Filing ↗machine: span 289651–289781
14Section 08, Arlene M. YocumDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 299,995. Filing ↗machine: span 295820–295950
15Section 08, Ben OrenDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 299,995. Filing ↗machine: span 292073–292203
16Section 08, Edilson T. CamaraDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 83,871. Filing ↗machine: span 287227–287356
17Section 08, Lourenco GoncalvesDEF 14A2026-04-020000764065-26-000054Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2026 voteForm 8-K2026-05-200000764065-26-000086Item 5.07 · say-on-pay result. As reported: 83.94% (votes for as printed: 283,241,027). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-210000764065-25-000105Item 5.07 · say-on-pay result. As reported: 90.34% (votes for as printed: 236,209,168). Filing ↗
20Section 06, 2024 voteForm 8-K2024-05-200000764065-24-000139Item 5.07 · say-on-pay result. As reported: 73.53% (votes for as printed: 220,508,328). Filing ↗
21Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
22Section 09b board cost (computed)Computed——Cash 1,626,739 + equity 1,365,046 + all other 1,500 = 2,993,285, summed across the director compensation table rows.machine: formula: Σ = 2,993,285
23Trane Technologies, Section 10b CEO totalDEF 14A2026-04-230001628280-26-026679CEO total compensation as printed in Trane Technologies's own proxy. As printed: 27,262,157. Filing ↗machine: t21 · r2 · c15 · span 319298–319308
24Parker-Hannifin Corporation, Section 10b CEO totalDEF 14A2026-09-180001308179-26-000394CEO total compensation as printed in Parker-Hannifin Corporation's own proxy. As printed: 22,761,169. Filing ↗machine: r2 · c24 · span 1022768–1022778
25Johnson Controls International, Section 10b CEO totalDEF 14A2026-01-160001104659-26-004565CEO total compensation as printed in Johnson Controls International's own proxy. As printed: 19,963,827. Filing ↗machine: t61 · r2 · c48 · span 1373807–1373817
26Cummins Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039158CEO total compensation as printed in Cummins Inc.'s own proxy. As printed: 19,905,532. Filing ↗machine: t135 · r1 · c47 · span 1108458–1108468
27CLEVELAND-CLIFFS (subject), Section 10b CEO totalDEF 14A2026-04-020000764065-26-000054CEO total compensation as printed in CLEVELAND-CLIFFS's own proxy. As printed: 19,023,041. Filing ↗machine: r2 · c21 · span 734265–734275
28DuPont de Nemours, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-151204CEO total compensation as printed in DuPont de Nemours, Inc.'s own proxy. As printed: 16,134,250. Filing ↗machine: r4 · c44 · span 1255492–1255502
29Illinois Tool Works Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127599CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. Filing ↗machine: span 1647874–1647884
30Nucor Corporation, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127739CEO total compensation as printed in Nucor Corporation's own proxy. As printed: 14,945,471. Filing ↗machine: t120 · r3 · c39 · span 919349–919359
31PPG Industries, Inc., Section 10b CEO totalDEF 14A2026-03-050000079879-26-000088CEO total compensation as printed in PPG Industries, Inc.'s own proxy. As printed: 14,885,022. Filing ↗machine: span 1300546–1300556
32International Paper Company, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021729CEO total compensation as printed in International Paper Company's own proxy. As printed: 14,838,324. Filing ↗machine: r2 · c9 · span 2931849–2931859
33Freeport-McMoRan Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173666CEO total compensation as printed in Freeport-McMoRan Inc.'s own proxy. As printed: 14,808,126. Filing ↗machine: r3 · c27 · span 1150389–1150400
34Alcoa Corporation, Section 10b CEO totalDEF 14A2026-03-190001193125-26-115997CEO total compensation as printed in Alcoa Corporation's own proxy. As printed: 14,002,088. Filing ↗machine: span 2023002–2023012
35Reliance Inc., Section 10b CEO totalDEF 14A2026-04-020001104659-26-039140CEO total compensation as printed in Reliance Inc.'s own proxy. As printed: 13,374,389. Filing ↗machine: r1 · c42 · span 1142690–1142700
36PACCAR Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-113876CEO total compensation as printed in PACCAR Inc.'s own proxy. As printed: 12,618,865. Filing ↗machine: r2 · c27 · span 838577–838587
37Steel Dynamics, Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-035826CEO total compensation as printed in Steel Dynamics, Inc.'s own proxy. As printed: 12,059,908. Filing ↗
38Stanley Black & Decker, Inc., Section 10b CEO totalDEF 14A2026-03-060001140361-26-008170CEO total compensation as printed in Stanley Black & Decker, Inc.'s own proxy. As printed: 7,656,246. Filing ↗machine: r2 · c25 · span 1734426–1734435
39Section 10a, Parker-Hannifin Corporation reciprocityDEF 14A—0001308179-26-000394Parker-Hannifin Corporation's most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
40Section 10a, PPG Industries, Inc. reciprocityDEF 14A—0000079879-26-000088PPG Industries, Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
41Section 10a, PACCAR Inc. reciprocityDEF 14A—0001193125-26-113876PACCAR Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
42Section 10a, International Paper Company reciprocityDEF 14A—0001628280-26-021729International Paper Company's most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
43Section 10a, Nucor Corporation reciprocityDEF 14A—0001193125-26-127739Nucor Corporation names CLEVELAND-CLIFFS in its own disclosed peer group (read from its most recent proxy). Filing ↗
44Section 10a, Reliance Inc. reciprocityDEF 14A—0001104659-26-039140Reliance Inc. names CLEVELAND-CLIFFS in its own disclosed peer group (read from its most recent proxy). Filing ↗
45Section 10a, Johnson Controls International reciprocityDEF 14A—0001104659-26-004565Johnson Controls International's most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
46Section 10a, Trane Technologies reciprocityDEF 14A—0001628280-26-026679Trane Technologies's most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
47Section 10a, DuPont de Nemours, Inc. reciprocityDEF 14A—0001193125-26-151204DuPont de Nemours, Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
48Section 10a, Steel Dynamics, Inc. reciprocityDEF 14A—0001104659-26-035826Steel Dynamics, Inc. names CLEVELAND-CLIFFS in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, Alcoa Corporation reciprocityDEF 14A—0001193125-26-115997Alcoa Corporation names CLEVELAND-CLIFFS in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Cummins Inc. reciprocityDEF 14A—0001104659-26-039158Cummins Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
51Section 10a, Illinois Tool Works Inc. reciprocityDEF 14A—0001193125-26-127599Illinois Tool Works Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
52Section 10a, Freeport-McMoRan Inc. reciprocityDEF 14A—0001193125-26-173666Freeport-McMoRan Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗
53Section 10a, Stanley Black & Decker, Inc. reciprocityDEF 14A—0001140361-26-008170Stanley Black & Decker, Inc.'s most recent proxy was read; its disclosed peer group does not include CLEVELAND-CLIFFS. Filing ↗

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