Form 4: Cleveland-Cliffs Director Stoliar Boosts Stake

Cleveland-Cliffs Director Gabriel Stoliar acquired 1,608 common shares as part of a compensation program, while also disposing of 482 shares for tax liabilities.

Summary

• Director Gabriel Stoliar acquired 1,608 common shares of Cleveland-Cliffs Inc. (CLF) on October 1, 2025, at a price of $12.44 per share.
• This acquisition was in payment of his quarterly retainer for the fourth quarter, elected as part of the Nonemployee Director Retainer Share Election Program (50% participation).
• Concurrently, Stoliar disposed of 482 common shares at $12.44 per share to cover tax liabilities associated with the Retainer Election Program.
• Following these transactions, Stoliar directly beneficially owns 256,245 common shares and indirectly owns 29,361 common shares through a personal company.

Sentiment

Score: 6

Explanation: The net increase in director's beneficial ownership, even if compensation-driven, generally signals continued alignment with company performance, though the transaction itself is routine.

Positives

• Director Gabriel Stoliar increased his direct beneficial ownership in Cleveland-Cliffs Inc. by a net of 1,126 common shares (1,608 acquired 482 disposed).
• The acquisition of shares in lieu of cash for quarterly retainer demonstrates a director's continued alignment with shareholder interests.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The acquisition of shares by Director Gabriel Stoliar is part of the Cleveland-Cliffs Inc. Nonemployee Director Retainer Share Election Program, where he elected to receive shares in lieu of cash for his quarterly retainer.

Stakeholder Impact

• Shareholders: A slight positive signal from the director's increased stake, reinforcing confidence in the company's future.
• Management: No direct impact on management beyond the reporting director's compensation structure.

Key Dates

Recommendation

The filing details a routine insider transaction where a director received shares as compensation and sold a portion for tax purposes. This does not provide new fundamental information about the company's operations or future prospects that would warrant a change in investment recommendation.

Keywords

Cleveland-Cliffs, CLF, Gabriel Stoliar, Director, Insider Transaction, Form 4, Share Acquisition, Stock Compensation, Beneficial Ownership