Form 4: Cleveland-Cliffs Director Janet L. Miller Acquires Shares in Lieu of Cash Retainer

Director Janet L. Miller acquired 441 common shares of Cleveland-Cliffs Inc. on April 1, 2024, as part of the company's Nonemployee Director Retainer Share Election Program.

Summary

• On April 1, 2024, Janet L. Miller, a director of Cleveland-Cliffs Inc., acquired 441 common shares of the company.
• The acquisition was made through the Cleveland-Cliffs Inc. Nonemployee Director Retainer Share Election Program.
• Miller elected to receive shares in lieu of cash for her quarterly retainer for the second quarter, participating in the program at a 25% election rate.
• The price per share was $22.69.
• Following the transaction, Miller directly owns 94,116.297 common shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director's participation in the share election program indicates confidence in the company, but the transaction itself is routine.

Positives

• Director's participation in the share election program demonstrates confidence in the company's future.
• The acquisition increases the director's alignment with shareholder interests.

Industry Context

Director share acquisitions are common and often viewed positively as they align management's interests with those of shareholders. This transaction reflects a director's continued investment in the company's stock.

Comparison to Industry Standards

• Director compensation through equity is a common practice among publicly traded companies, including peers like U.S. Steel (X) and ArcelorMittal (MT).
• The percentage of retainer paid in shares (25% in this case) can vary widely based on company policy and individual director elections.
• Comparing the total equity holdings of directors in Cleveland-Cliffs to those of its competitors can provide insights into the level of management's commitment to the company's long-term success.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.
• There is no significant impact on employees, customers, suppliers, or creditors.

Key Dates