Form 4: Cleveland-Cliffs Exec Disposes Shares for Tax

Cleveland-Cliffs EVP James D. Graham disposed of 13,991 common shares to cover tax liabilities related to restricted share unit payouts.

Summary

• James D. Graham, EVP Chief Legal Admin & Sec of Cleveland-Cliffs Inc. (CLF), reported a disposition of common shares.
• On January 5, 2026, 13,991 common shares were surrendered.
• The disposition was a mandatory surrender of shares underlying restricted share units for the payment of related tax liability.
• The shares were valued at $13.2 per share for this transaction.
• Following this transaction, Graham beneficially owns 478,257.792 common shares directly.

Sentiment

Score: 5

Explanation: Neutral. This is a routine, expected transaction for tax purposes related to executive compensation and does not indicate a positive or negative sentiment about the company's performance or future prospects.

Negatives

• Reduction in direct beneficial ownership by 13,991 common shares.

Industry Context

This is a routine insider transaction related to executive compensation and tax obligations, common across all industries for executives receiving equity-based awards. It does not reflect specific industry trends for the steel and mining sector.

Stakeholder Impact

• Shareholders: A minor reduction in insider ownership, but generally seen as a routine administrative event with no significant impact on company valuation or strategy.
• Employees: No direct impact on general employees.

Key Dates

Recommendation

This Form 4 filing details a routine, mandatory disposition of shares by an executive to cover tax liabilities associated with restricted share unit vesting. Such transactions are administrative in nature and do not typically reflect a change in management's outlook on the company's fundamentals or future performance. Therefore, it provides no basis for a change in investment recommendation; a 'hold' stance is maintained based on existing company fundamentals rather than this specific filing.

Keywords

Cleveland-Cliffs, CLF, Insider Transaction, Form 4, Share Disposition, Restricted Share Units, Tax Liability, Executive Compensation