Cleveland‑Cliffs Inc.’s High‑Yield Senior Guaranteed Notes Offering

Cravath represented the initial purchasers in connection with the $850 million 144A/Reg. S high‑yield senior guaranteed notes offering of Cleveland‑Cliffs Inc., a leading North America‑based steel producer. The transaction closed on September 8, 2025.

The Cravath team included partners William V. Fogg and Douglas Dolan and associates Kathryn Kennedy Bleday, Steven T. Marzagalli, Laura Serban and Jaclyn A. S. Dietz on capital markets matters; associate Frederick Schemel on tax matters; partner Matthew Morreale and senior attorney Annmarie M. Terraciano on environmental matters; and partner Eric W. Hilfers and associate S. Celine Li on executive compensation and benefits matters.