Form 4: Cleveland-Cliffs Director Ron A. Bloom Acquires Shares in Lieu of Cash Retainer

Director Ron A. Bloom acquired 2,599 common shares of Cleveland-Cliffs Inc. in lieu of a cash retainer for the third quarter of 2024.

Summary

• On July 1, 2024, Ron A. Bloom, a director of Cleveland-Cliffs Inc., acquired 2,599 common shares of the company.
• The shares were acquired at a price of $15.39 per share.
• This acquisition was made in lieu of a cash retainer for the third quarter, as part of the Cleveland-Cliffs Inc. Nonemployee Director Retainer Share Election Program.
• Bloom elected to participate in the program at 100%.
• Following the transaction, Bloom's total holdings increased to 62,499 common shares.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. A director taking shares instead of cash can be seen as a positive sign of confidence in the company, but it's a routine transaction.

Positives

• The director's decision to take shares in lieu of cash demonstrates confidence in the company's future.

Industry Context

Directors receiving shares in lieu of cash compensation is a fairly common practice, especially in companies looking to conserve cash or align director incentives with shareholder value.

Comparison to Industry Standards

• Comparing this to similar companies, director compensation packages often include a mix of cash and equity.
• For example, directors at US Steel and Nucor also receive equity as part of their compensation, though the specific amounts and programs vary.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with shareholder value.

Key Dates