Form 4: Cleveland-Cliffs Director Acquires Shares

Cleveland-Cliffs Inc. Director Ron A. Bloom acquired 3,012 common shares valued at $13.28 per share as part of his nonemployee director retainer program.

Summary

• Ron A. Bloom, a Director of Cleveland-Cliffs Inc. (CLF), acquired 3,012 common shares.
• The transaction occurred on January 2, 2026, at a price of $13.28 per share.
• These shares were issued in payment of his quarterly retainer for the first quarter, as he elected to participate 100% in the Cleveland-Cliffs Inc. Nonemployee Director Retainer Share Election Program.
• Following this transaction, Mr. Bloom beneficially owns 102,937 common shares.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive as a director is increasing their stake in the company, aligning their interests with shareholders. However, it's a routine compensation event rather than a discretionary open-market purchase, limiting the strength of the positive signal.

Positives

• A director is increasing their ownership stake in the company, which can signal confidence in the company's future prospects.
• The director's election to receive 100% of their retainer in shares aligns their interests more closely with those of other shareholders.

Future Outlook

The transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged schedule for the purchase or sale of equity securities, which may include future similar transactions as part of the director's compensation program.

Industry Context

This Form 4 filing reports a routine insider transaction related to director compensation and does not provide broader industry context or trends.

Related Party Transactions

• Ron A. Bloom, a Director, received 3,012 common shares as payment for his quarterly retainer, which is a transaction between the company and a related party (an insider).

Stakeholder Impact

• Shareholders: The transaction may be viewed positively as it indicates a director's confidence in the company and aligns their interests with shareholders through increased equity ownership.

Next Steps

• Continued participation in the Cleveland-Cliffs Inc. Nonemployee Director Retainer Share Election Program for future quarterly retainers, subject to the director's ongoing election.

Key Dates

Recommendation

This Form 4 reports a routine, pre-arranged acquisition of shares by a director as part of their compensation plan. While insider buying can be a positive signal, this specific transaction is not a discretionary open-market purchase and does not provide new fundamental information to warrant a change in investment recommendation. It primarily confirms ongoing alignment of director interests with shareholders.

Keywords

Cleveland-Cliffs, CLF, Insider Transaction, Form 4, Director Share Acquisition, Equity Compensation, Ron A. Bloom, 10b5-1 Plan