Cleveland-CliffsInc.ReportsFirst-Quarter2018Results

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1 NEWSRELEASE Cleveland-CliffsInc.ReportsFirst-Quarter2018Results 4/20/2018 U.S.IronOreRealizedRevenueincreases32percentto$105perlongton Increasesfull-yearU.S.IronOrepelletsalesvolumeexpectationto20.5millionlongtons CLEVELAND--(BUSINESSWIRE)--Cleveland-CliffsInc.(NYSE:CLF)todayreportedfirst-quarterresultsfortheperiod endedmarch31,2018. Aspreviouslydiscussed,onJanuary1,2018,Cliffsadoptedthenewrevenuerecognitionstandardandrecognizedthe cumulativeeffectofthischangeasanadditiontotheopeningbalanceofretainedearningsof$34million.underasc Topic606,revenuewillgenerallyberecognizedupondeliveryforCliffs'U.S.IronOrecustomers,whichinmostcasesis earlierthanunderthepreviousstandard.therefore,asaresultoftheadoptionofthestandardandtheannualwinter closureofthesoolocks,revenuesandnetincomewillberelativelylowerthanhistoricallevelsduringthefirstquarter andrelativelyhigherthanhistoricallevelsduringtheremainingninemonths. Comparativeperiodinformationhasnotbeenrestatedandcontinuestobereportedundertheaccountingstandardsin effectforthoseperiods. TheCompanyreportedconsolidatedrevenuesof$239million,comparedtotheprioryear'sfirst-quarterrevenuesof$462 million.costofgoodssoldwas$243millioncomparedto$365millionreportedinthefirstquarterof2017. ConsolidatedresultsincludedanegativeearningscontributionfromtheAsiaPacificIronOresegment,whereCliffshas ceasedallminingactivity.uponthecompletionofshippingactivity,expectedinthesecondquarterof2018,thisbusiness willbetreatedasadiscontinuedoperationandnolongerincludedincontinuingbusinessresults. TheCompanyrecordedanetlossof$84millioninthefirstquarter,whichincludeda$71millionlossrelatedtoAsia PacificIronOre.Thissegmentlossincluded$47million,or$0.16pershare,inunusualchargesrelatedtotheclosureof themine.inaddition,thecompanyrecorded$16million,or$0.05pershare,inincometaxexpenseprimarilyrelatedtoa recentirsnoticeregardingsequestrationofrefundableamtcredits. Forthefirstquarterof2018,AdjustedEBITDA1of$12millionincludeda$77millioncontributionfromU.S.IronOre,a20 percentincreasefromtheprior-yearquarter.theu.s.ironorecontributionwaspartiallyoffsetbyanasiapacificiron 1

2 OreAdjustedEBITDA1lossof$40million,whichincludedseveralclosure-relatedcharges. (InMillions) ThreeMonthsEnded March31, AdjustedEBITDA U.S.IronOre $ 77.1 $ 64.1 AsiaPacificIronOre (39.6) 53.8 Corporate/Other (25.9) (25.7) TotalAdjustedEBITDA $ 11.6 $ 92.2 LourencoGoncalves,Cliffs'Chairman,PresidentandChiefExecutiveOfficer,said, Theyearstartedverywellforour pelletbusiness,withbetter-than-expectedperformanceforbothtonnageshippedandpricerealization.thegreatlakes icemeltingearlierthanforecastedhashelpedourblastfurnaceclientstostartamuchneededreplenishingoftheir depletedpelletinventoriesaheadoftheirownexpectations.toillustrateitsstrengththusfar,weoutperformedour EBITDAfromlastyear'sfirstquarterinU.S.IronOre,despiteonlyrecordingabouthalfthesalesvolumes. Mr.Goncalves added:"welookforwardtotheu.s.beingthesingularfocusofourresultsforthisyear,asasiapacificisexpectedtobe treatedasadiscontinuedoperationuponitsclosure.assuch,allresultsofasiapacific,includingthoserecordedthis quarter,shouldbeexcludedfromourcontinuingoperationsbythetimewereportnextquarter."mr.goncalvesconcluded: Thestrengthinthedomesticsteelmarketwehaveseensofarthisyearissustainable,andshouldsupportverystrong resultsforcleveland-cliffsin2018.withourenhancedpelletsupplycontracts,whicharebasedonthedomestichot rolledsteelprice,iodexandatlanticbasinpelletpremium,weexpecttodeliversignificantlyincreasedebitdaandcash flowin

3 U.S.IronOre ThreeMonthsEnded March31, Volumes-InThousandsofLongTons Salesvolume 1,611 3,118 Productionvolume 4,500 4,277 SalesMargin-InMillions Revenuesfromproductsalesandservices $ $ Costofgoodssoldandoperatingexpenses Salesmargin $ 61.5 $ 49.0 SalesMargin-PerLongTon Revenuesfromproductsalesandservices* $ $ Cashcostofgoodssoldandoperatingexpenserate Depreciation,depletionandamortization Costofgoodssoldandoperatingexpenses* Salesmargin $ $ *Excludesrevenuesandexpensesrelatedtodomesticfreight,whichareoffsettingandhavenoimpactonsalesmargin. Revenuesandexpensesalsoexcludeventurepartnercostreimbursements,whereapplicable. U.S.IronOrepelletsalesvolumeinthefirstquarterof2018was1.6millionlongtons.Thedecreasefromthefirst-quarter 2017volumeof3.1millionwasdrivenbylowercarryovertonnagefromtheprioryearnominationaswellastheadoption ofasctopic606. Realizedrevenuespertonof$105.03increased32percentfromtheprior-yearperiod,primarilyasaresultofafavorable pricingadjustmentthatwasdrivenbythesubstantialincreaseindomestichot-rolledcoilsteelpricing.theincreasewas alsoattributabletohigherpelletpremiumsandamorefavorablecustomermix. Cashcostofgoodssoldandoperatingexpenserate2inU.S.IronOrewas$57.05perlongton,a2percentdecrease from$58.37perlongtonintheprioryear'sfirstquarter.thedecreasewasdrivenbyacombinationoflowersales volumesandstandardcostmethodology,whichcauseddepreciation,depletionandamortizationtocomprisealarger portionofoverallcostofgoodssold. 3

4 AsiaPacificIronOre ThreeMonthsEnded March31, Volumes-InThousandsofMetricTons Salesvolume 1,656 3,043 Productionvolume 1,637 2,671 SalesMargin-InMillions Revenuesfromproductsalesandservices $ 59.0 $ Costofgoodssoldandoperatingexpenses Salesmargin $ (65.1) $ 47.3 SalesMargin-PerMetricTon Revenuesfromproductsalesandservices* $ $ Cashcostofgoodssoldandoperatingexpenserate Depreciation,depletionandamortization Costofgoodssoldandoperatingexpenses* Salesmargin $ (39.31) $ *Excludesrevenuesandexpensesrelatedtofreight,whichareoffsettingandhavenoimpactonsalesmargin. First-quarter2018AsiaPacificIronOresalesvolumedecreased46percentto1.7millionmetrictons,from3.0million metrictonsinthefirstquarterof2017.thedecreasewasdrivenprimarilybylowerproductionvolumes,asaresultof operationaldecisionsreflectingcurrentmarketandmineconditions. Therealizedrevenuerateof$31.10permetrictondecreasedby43percentfromtheprior-yearquarterasaresultof increasingmarketdiscountsforlow-gradeironoreandlowerironoreprices. Cashcostofgoodssoldandoperatingexpenserate2inAsiaPacificIronOrewas$66.36permetricton,whichincludes accountingadjustmentsthatwererequiredbasedontheplannedclosureoftheapiooperations.thisincludesa$22 million,or$13permetricton,adjustmenttorecordsaleablework-inprocessandfinishedgoodsinventoryatthelowerof costornetrealizablevalue.italsoincludesinventoryimpairmentsof$15million,or$9permetricton,forinventorythatis notexpectedtobesold;a$4million,or$3permetricton,suppliesinventoryreserve;anda$2million,or$1perton, unfavorableassetretirementobligationadjustment. OtherIncomeStatementItems Cliffs'netinterestexpenseduringthefirstquarterwas$34million,a22percentdecreasewhencomparedtothefirstquarter2017expenseof$43million,asaresultofcapitalstructureoptimizationinitiativesexecutedbytheCompany during2017. Miscellaneous-netexpenseof$9millionincluded,amongotheritems,$5millioninchargesrelatedtotheindefiniteidleat 4

5 Empiremineanda$3millionlong-livedassetimpairmentchargerelatedtotheclosureoftheAsiaPacificIronOre business. Outlook 2018OutlookSummary PerLongTonInformation U.S.IronOre Revenuesfromproductsalesandservices(A) $ 102-$107 Costofgoodssoldandoperatingexpenserate $ 68-$73 Less: Freightexpenserate(B) $ 7 Depreciation,depletion&amortizationrate $ 3 Cashcostofgoodssoldandoperatingexpenserate2 $ 58-$63 Salesvolume(millionlongtons) 20.5 Productionvolume(millionlongtons) 20.0 (A)Thisexpectationisbasedontheassumptionthatironoreprices,steelprices,andpelletpremiumswillaverageforthe remainderof2018theirrespectiveyear-to-dateaverages. (B)Freighthasanoffsettingamountinrevenueandhasnoimpactonsalesmargin. U.S.IronOreOutlook(LongTons) Basedontheassumptionthatironoreprices,steelprices,andpelletpremiumswillaveragefortheremainderof2018 theirrespectiveyear-to-dateaverages,cliffswouldrealizeusiorevenueratesintherangeof$102to$107perlongton. Thisrepresentsanincreasefromthepriorcalculationbasedonthesubstantialincreaseinhot-rolledcoilsteelprices, partiallyoffsetbylowerironoreprices. AsaresultofstrongmarketdemandforpelletsintheGreatLakes,Cliffshasincreaseditsfull-yearsalesvolume expectationby500,000longtonsto20.5millionlongtons.itsproductionvolumeexpectationof20milliontonswas maintained. Cliffs'full-year2018U.S.IronOrecashcostofgoodssoldandoperatingexpense2expectationwasmaintainedat$58- $63perlongton. SG&AExpensesandOtherExpectations Cliffs'full-year2018SG&Aexpenseexpectationof$115millionwasmaintained.Cliffsalsonotesthatofthe$115million 5

6 expectation,approximately$20millionisconsiderednon-cash. TheCompany'sfull-year2018interestexpenseisexpectedtobeapproximately$130million.Full-year2018depreciation, depletionandamortizationassociatedwithu.s.ironoreandcorporate/otherisexpectedtobeapproximately$80 million. CapitalExpenditures Cliffsprovidedthefollowingupdatestoits2018capitalexpendituresbudget: thetoledohbiprojectspendexpectationwasreducedby$25millionto$225millionduetofurtherdevelopment andrefinedtimingoftheprojectspendingplan; thesustainingcapitalexpectationof$85millionwasmaintained;and thenorthshoremineupgradespendexpectationof$50millionwasmaintained. ConferenceCallInformation Cleveland-CliffsInc.willhostaconferencecallthismorning,April20,2017,at10a.m.ET.Thecallwillbebroadcastlive andarchivedoncliffs'website: AboutCleveland-CliffsInc. Foundedin1847,Cleveland-CliffsInc.isthelargestandoldestindependentironoreminingcompanyintheUnited States.WeareamajorsupplierofironorepelletstotheNorthAmericansteelindustryfromourminesandpelletplants locatedinmichiganandminnesota.additionally,weoperateanironoreminingcomplexinwesternaustralia.by2020, Cliffsexpectstobethesoleproducerofhotbriquettediron(HBI)intheGreatLakesregionwiththedevelopmentofits firstproductionplantintoledo,ohio.drivenbythecorevaluesofsafety,social,environmentalandcapitalstewardship, ouremployeesendeavortoprovideallstakeholderswithoperatingandfinancialtransparency.formoreinformation,visit Forward-LookingStatements Thisreleasecontainsstatementsthatconstitute"forward-lookingstatements"withinthemeaningofthefederalsecurities laws.asageneralmatter,forward-lookingstatementsrelatetoanticipatedtrendsandexpectationsratherthanhistorical matters.forward-lookingstatementsaresubjecttouncertaintiesandfactorsrelatingtocliffs operationsandbusiness environmentthataredifficulttopredictandmaybebeyondourcontrol.suchuncertaintiesandfactorsmaycauseactual resultstodiffermateriallyfromthoseexpressedorimpliedbytheforward-lookingstatements.thesestatementsspeak 6

7 onlyasofthedateofthisrelease,andweundertakenoongoingobligation,otherthanthatimposedbylaw,toupdate thesestatements.uncertaintiesandriskfactorsthatcouldaffectcliffs futureperformanceandcauseresultstodiffer fromtheforward-lookingstatementsinthisreleaseinclude,butarenotlimitedto:uncertaintyandweaknessesinglobal economicconditions,includingdownwardpressureonpricescausedbyoversupplyorimportedproducts,theimpactof barrierstotrade,theoutcomesoftradecases,reducedmarketdemandandanychangetotheeconomicgrowthratein China;continuedvolatilityofironoreandsteelpricesandothertrends,includingthesupplyapproachofthemajoriron oreproducers,affectingourfinancialcondition,resultsofoperationsorfutureprospectsspecifically,theimpactofpriceadjustmentfactorsonoursalescontracts;ourabilitytosuccessfullydiversifyourproductmixandaddnewcustomers beyondourtraditionalblastfurnaceclientele,specificallysuccessfulcompletionofourhbiproductionplant;ourlevelof indebtednesscouldlimitcashflowavailabletofundworkingcapital,capitalexpenditures,acquisitionsandothergeneral corporatepurposesorongoingneedsofourbusiness;availabilityofcapitalandourabilitytomaintainadequateliquidity; risksrelatedtoformerandcurrentinternationaloperations,includingourabilitytosuccessfullyconcludetheccaa processincanadaandplantocloseourasiapacificbusinessinamannerthatminimizescashoutflowsandassociated liabilities;ouractualeconomicironorereservesorchangesincurrentmineralestimates,includingwhetherany mineralizedmaterialqualifiesasareserve;theimpactofourcustomersreducingtheirsteelproductionduetoincreased marketshareofsteelproducedusingothermethodsorlighter-weightsteelalternatives;theabilityofourcustomers,joint venturepartnersandsignificantsuppliersandserviceproviderstomeettheirobligationstousonatimelybasisoratall; theoutcomeofanylitigationorarbitration,includinganycontractualdisputeswithourcustomers,jointventurepartnersor significantenergy,materialorserviceproviders;ourabilitytomaintainsatisfactoryrelationswithunionsandemployees; impactsofexistingandincreasinggovernmentalregulationandrelatedcostsandliabilities,includingfailuretoreceiveor maintainrequiredoperatingandenvironmentalpermits,approvals,modificationsorotherauthorizationof,orfrom,any governmentalorregulatoryentityandcostsrelatedtoimplementingimprovementstoensurecompliancewithregulatory changes;problemsoruncertaintieswithproductivity,tonsmined,transportation,capitalspending,mine-closure obligations,environmentalliabilities,employeebenefitcostsandotherrisksoftheminingindustry;ourabilitytocosteffectivelyachieveplannedproductionratesorlevels,includingatourhbiproductionplant;ourabilitytosuccessfully identifyandconsummateanystrategicinvestmentsordevelopmentprojects,includingourhbiproductionplant;changes insalesvolumeormix;ourabilitytoreachagreementwithourcustomersregardinganymodificationstosalescontract provisions,renewalsornewarrangements;eventsorcircumstancesthatcouldimpairoradverselyimpacttheviabilityofa mineandthecarryingvalueofassociatedassets,aswellasanyresultingimpairmentcharges;uncertaintiesassociated withnaturaldisasters,weatherconditions,unanticipatedgeologicalconditions,supplyorpriceofenergy,equipment failuresandotherunexpectedevents;adversechangesincurrencyvalues,currencyexchangerates,interestratesand taxlaws;uncertaintyrelatingtorestructuringsinthesteelindustryand/oraffectingthesteelindustry;andthepotential existenceofsignificantdeficienciesormaterialweaknessesinourinternalcontroloverfinancialreporting. ForadditionalfactorsaffectingthebusinessofCliffs,refertoPartI Item1A.RiskFactorsofourAnnualReportonForm 10-KfortheyearendedDecember31,2017.Youareurgedtocarefullyconsidertheseriskfactors. 7

8 FINANCIALTABLESFOLLOW CLEVELAND-CLIFFSINC.ANDSUBSIDIARIES STATEMENTSOFUNAUDITEDCONDENSEDCONSOLIDATEDOPERATIONS (InMillions,ExceptPer ShareAmounts) ThreeMonthsEnded March31, REVENUESFROMPRODUCTSALESANDSERVICES Product $ $ Freightandventurepartners'costreimbursements COSTOFGOODSSOLDANDOPERATINGEXPENSES (242.6) (365.3) SALESMARGIN (3.6) 96.3 OTHEROPERATINGINCOME(EXPENSE) Selling,generalandadministrativeexpenses (27.7) (27.7) Miscellaneous net (8.7) 11.5 (36.4) (16.2) OPERATINGINCOME(LOSS) (40.0) 80.1 OTHERINCOME(EXPENSE) Interestexpense,net (33.5) (42.8) Lossonextinguishmentofdebt (71.9) Othernon-operatingincome (29.1) (112.2) LOSSFROMCONTINUINGOPERATIONSBEFOREINCOMETAXES (69.1) (32.1) INCOMETAXBENEFIT(EXPENSE) (15.7) 1.8 LOSSFROMCONTINUINGOPERATIONS (84.8) (30.3) INCOMEFROMDISCONTINUEDOPERATIONS,NETOFTAX NETLOSS (84.3) (29.8) LOSSATTRIBUTABLETONONCONTROLLINGINTEREST 1.7 NETLOSSATTRIBUTABLETOCLIFFSSHAREHOLDERS $ (84.3) $ (28.1) LOSSPERCOMMONSHAREATTRIBUTABLETOCLIFFSSHAREHOLDERS BASIC Continuingoperations $ (0.29) $ (0.11) Discontinuedoperations $ (0.29) $ (0.11) LOSSPERCOMMONSHAREATTRIBUTABLETOCLIFFSSHAREHOLDERS DILUTED Continuingoperations $ (0.29) $ (0.11) Discontinuedoperations $ (0.29) $ (0.11) AVERAGENUMBEROFSHARES(INTHOUSANDS) Basic 297, ,164 Diluted 297, ,164 8

9 CLEVELAND-CLIFFSINC.ANDSUBSIDIARIES STATEMENTSOFUNAUDITEDCONDENSEDCONSOLIDATEDFINANCIALPOSITION (InMillions) March31, December31, ASSETS CURRENTASSETS Cashandcashequivalents $ $ 1,007.7 Accountsreceivable,net Inventories Suppliesandotherinventories Derivativeassets LoanstoandaccountsreceivablefromtheCanadianEntities Othercurrentassets TOTALCURRENTASSETS 1, ,544.6 PROPERTY,PLANTANDEQUIPMENT,NET 1, ,051.0 OTHERASSETS Depositsforproperty,plantandequipment Incometaxreceivable Othernon-currentassets TOTALOTHERASSETS TOTALASSETS $ 2,862.9 $ 2,953.4 LIABILITIES CURRENTLIABILITIES Accountspayable $ 99.5 $ Accruedexpenses Accruedinterest Contingentclaims Partnershipdistributionpayable Othercurrentliabilities TOTALCURRENTLIABILITIES PENSIONANDPOSTEMPLOYMENTBENEFITLIABILITIES ENVIRONMENTALANDMINECLOSUREOBLIGATIONS LONG-TERMDEBT 2, ,304.2 OTHERLIABILITIES TOTALLIABILITIES 3, ,397.5 EQUITY CLIFFSSHAREHOLDERS'DEFICIT (485.0) (444.3) NONCONTROLLINGINTEREST TOTALDEFICIT (484.8) (444.1) TOTALLIABILITIESANDDEFICIT $ 2,862.9 $ 2,

10 CLEVELAND-CLIFFSINC.ANDSUBSIDIARIES STATEMENTSOFUNAUDITEDCONDENSEDCONSOLIDATEDCASHFLOWS (InMillions) ThreeMonthsEnded March31, OPERATINGACTIVITIES Netloss $ (84.3) $ (29.8) Adjustmentstoreconcilenetlosstonetcashusedbyoperatingactivities: Depreciation,depletionandamortization Lossonextinguishment/restructuringofdebt 71.9 Gainonderivatives (40.8) (17.7) Other Changesinoperatingassetsandliabilities: Receivablesandotherassets Inventories (193.0) (70.0) Payables,accruedexpensesandotherliabilities (70.9) (90.0) Netcashusedbyoperatingactivities (142.9) (25.1) INVESTINGACTIVITIES Purchaseofproperty,plantandequipment (12.4) (25.9) Depositsforproperty,plantandequipment (59.0) (2.0) Otherinvestingactivities 0.5 Netcashusedbyinvestingactivities (71.4) (27.4) FINANCINGACTIVITIES Proceedsfromissuanceofdebt Debtissuancecosts (1.5) (8.5) Netproceedsfromissuanceofcommonshares Repurchaseofdebt (1,115.5) Distributionsofpartnershipequity (8.7) Otherfinancingactivities (5.5) (5.6) Netcashprovided(used)byfinancingactivities (7.0) 23.0 EFFECTOFEXCHANGERATECHANGESONCASH DECREASEINCASHANDCASHEQUIVALENTS (221.1) (28.1) CASHANDCASHEQUIVALENTSATBEGINNINGOFPERIOD 1, CASHANDCASHEQUIVALENTSATENDOFPERIOD $ $ CLEVELAND-CLIFFSINC.ANDSUBSIDIARIES NON-GAAPRECONCILIATION-EBITDAANDADJUSTEDEBITDA InadditiontotheconsolidatedfinancialstatementspresentedinaccordancewithU.S.GAAP,theCompanyhas presentedadjustedebitdaonasegmentbasis,andbothebitdaandadjustedebitdaonaconsolidatedbasis. EBITDAandAdjustedEBITDAarenon-GAAPfinancialmeasuresthatmanagementusesinevaluatingoperating performance.thepresentationofthesemeasuresisnotintendedtobeconsideredinisolationfrom,asasubstitutefor,or assuperiorto,thefinancialinformationpreparedandpresentedinaccordancewithu.s.gaap.thepresentationofthese measuresmaybedifferentfromnon-gaapfinancialmeasuresusedbyothercompanies.areconciliationofthese consolidatedmeasurestotheirmostdirectlycomparablegaapmeasuresisprovidedinthetablebelow. 10

11 (InMillions) ThreeMonthsEnded March31, NetLoss $ (84.3) $ (29.8) Less: Interestexpense,net (33.5) (42.8) Incometaxbenefit(expense) (15.7) 1.8 Depreciation,depletionandamortization (23.9) (23.2) EBITDA $ (11.2) $ 34.4 Less: Inventoryimpairments $ (18.9) $ Impairmentoflong-livedassets (2.6) Severanceandretentioncosts (1.5) Impactofdiscontinuedoperations Foreignexchangeremeasurement (0.3) 13.6 Lossonextinguishmentofdebt (71.9) AdjustedEBITDA $ 11.6 $ CLEVELAND-CLIFFSINC.ANDSUBSIDIARIES NON-GAAPRECONCILIATIONEXPLANATIONS TheCompanypresentscashcostofgoodssoldandoperatingexpenserateperlong/metricton,whichisanon-GAAP financialmeasurethatmanagementusesinevaluatingoperatingperformance.cliffsbelievesthepresentationofnon- GAAPcashcostofgoodssoldandoperatingexpensesisusefultoinvestorsbecauseitexcludesdepreciation,depletion andamortization,whicharenon-cash,andfreightandventurepartners'costreimbursements,whichhavenoimpacton salesmargin,thusprovidingamoreaccurateviewofthecashoutflowsrelatedtothesaleofironore.thepresentationof thismeasureisnotintendedtobeconsideredinisolationfrom,asasubstitutefor,orassuperiorto,thefinancial informationpreparedandpresentedinaccordancewithu.s.gaap.thepresentationofthismeasuremaybedifferent fromnon-gaapfinancialmeasuresusedbyothercompanies. (InMillions) ThreeMonthsEndedMarch31, ThreeMonthsEndedMarch31, U.S.Iron AsiaPacific U.S.Iron AsiaPacific Ore IronOre Total Ore IronOre Total Costofgoodssoldandoperatingexpenses $ (118.5) $ (124.1) $ (242.6) $ (237.2) $ (128.1) $ (365.3) Less: Freightandreimbursements (10.8) (7.5) (18.3) (38.8) (10.0) (48.8) Depreciation,depletion&amortization (15.8) (6.7) (22.5) (16.4) (4.7) (21.1) Cashcostofgoodssoldandoperatingexpenses $ (91.9) $ (109.9) $ (201.8) $ (182.0) $ (113.4) $ (295.4) Viewsourceversiononbusinesswire.com: 11

12 Source:Cleveland-CliffsInc. Cleveland-CliffsInc. MediaContact: PatriciaPersico, Director,CorporateCommunications or InvestorContact: PaulFinan, Director,InvestorRelations 12

CPICardGroupInc.ReportsThirdQuarter2017. Results 11/7/2017

NEWSRELEASE CPICardGroupInc.ReportsThirdQuarter2017 Results 11/7/2017 ThirdQuarterNetSalesof$68.0million GAAPlossperdilutedshareof$(0.01);AdjusteddilutedEPSof$0.02 AdjustedEBITDAof$9.6million ThirdQuarterCashProvidedbyOperatingActivitiesof$1.3million