Document

EXHIBIT 25.1

_____________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM T-1

Statement of Eligibility Under

The Trust Indenture Act of 1939 of a

Corporation Designated to Act as Trustee

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2) ☐

_______________________________________________________

U.S. BANK NATIONAL ASSOCIATION

(Exact name of Trustee as specified in its charter)

31-0841368

I.R.S. Employer Identification No.


800 Nicollet Mall Minneapolis, Minnesota			55402
(Address of principal executive offices)			(Zip Code)

William E. Sicking

U.S. Bank National Association

425 Walnut Street 6th Floor

Cincinnati, Ohio 45202

(513) 632-4278

(Name, address and telephone number of agent for service)

Cleveland-Cliffs Inc.*

(Issuer with respect to the Securities)


Ohio			34-1464672
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


200 Public Square, Suite 3300 Cleveland, Ohio			44114
(Address of Principal Executive Offices)			(Zip Code)

7.00% Senior Guaranteed Notes due 2027

and Guarantees of 7.00% Senior Guaranteed Notes due 2027

(Title of the Indenture Securities)

*See Table of Additional Obligors on following page.

TABLE OF ADDITIONAL OBLIGORS

Exact Name of Additional Obligor

as Specified in its Charter(1)

State of Incorporation or Organization

I.R.S. Employer Identification Number

Cannon Automotive Solutions – Bowling Green, Inc.

Delaware

26-0766559

Cleveland-Cliffs Burns Harbor LLC

Delaware

20-0653414

Cleveland-Cliffs Cleveland Works LLC

Delaware

04-3634649

Cleveland-Cliffs Columbus LLC

Delaware

01-0807137

Cleveland-Cliffs Investments Inc. (f/k/a AKS Investments, Inc.)

Ohio

31-1283531

Cleveland-Cliffs Kote Inc.

Delaware

36-3665216

Cleveland-Cliffs Kote L.P.

Delaware

36-3665288

Cleveland-Cliffs Minorca Mine Inc.

Delaware

36-2814042

Cleveland-Cliffs Monessen Coke LLC

Delaware

25-1850170

Cleveland-Cliffs Plate LLC

Delaware

20-0653500

Cleveland-Cliffs Railways Inc.

Delaware

56-2348283

Cleveland-Cliffs Riverdale LLC

Delaware

74-3062732

Cleveland-Cliffs South Chicago & Indiana Harbor Railway Inc.

Delaware

04-3634638

Cleveland-Cliffs Steel Corporation (f/k/a AK Steel Corporation)

Delaware

31-1267098

Cleveland-Cliffs Steel Holding Corporation (f/k/a AK Steel Holding Corporation)

Delaware

31-1401455

Cleveland-Cliffs Steel Holdings Inc.

Ohio

85-4084783

Cleveland-Cliffs Steel LLC

Delaware

71-0871875

Cleveland-Cliffs Steel Management Inc. (f/k/a AH Management, Inc.)

Delaware

51-0390893

Cleveland-Cliffs Steel Properties Inc. (f/k/a AK Steel Properties, Inc.)

Delaware

51-0390894

Cleveland-Cliffs Steelton LLC

Delaware

20-0653772

Cleveland-Cliffs Steelworks Railway Inc.

Delaware

04-3634622

Cleveland-Cliffs Tek Inc.

Delaware

36-3519946

Cleveland-Cliffs Tek Kote Acquisition Corporation

Ohio

85-4304182

Cleveland-Cliffs Tek L.P.

Delaware

36-3525438

Cleveland-Cliffs Tubular Components LLC (f/k/a AK Tube LLC)

Delaware

31-1283531

Cleveland-Cliffs Weirton LLC

Delaware

56-2435202

Cliffs Mining Company

Delaware

34-1120353

Cliffs Minnesota Mining Company

Delaware

42-1609117

Cliffs TIOP Holding, LLC

Delaware

47-2182060

Cliffs TIOP, Inc.

Michigan

34-1371049

Cliffs TIOP II, LLC

Delaware

61-1857848

Cliffs UTAC Holding LLC

Delaware

26-2895214

Fleetwood Metal Industries, LLC

Delaware

98-0508950

IronUnits LLC

Delaware

34-1920747

Lake Superior & Ishpeming Railroad Company

Michigan

38-6005761

Metallics Sales Company

Delaware

84-2076079

Mid-Vol Coal Sales, Inc.

West Virginia

55-0761501

Mountain State Carbon, LLC

Delaware

31-1267098

Northshore Mining Company

Delaware

84-1116857

PPHC Holdings, LLC

Delaware

31-1283531

Precision Partners Holding Company

Delaware

22-3639336

Silver Bay Power Company

Delaware

84-1126359

SNA Carbon, LLC

Delaware

31-1267098

The Cleveland-Cliffs Iron Company

Ohio

34-0677332

Tilden Mining Company L.C.

Michigan

34-1804848

United Taconite LLC

Delaware

42-1609118

(1) The address and phone number of each Additional Obligor is c/o Cleveland-Cliffs Inc., 200 Public Square, Suite 3300, Cleveland, Ohio 44114, (216) 694-5700.

FORM T-1

Item 1. GENERAL INFORMATION. Furnish the following information as to the Trustee.

a) Name and address of each examining or supervising authority to which it is subject.

Comptroller of the Currency

Washington, D.C.

b) Whether it is authorized to exercise corporate trust powers.

Yes.

Item 2. AFFILIATIONS WITH THE OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.

None.

Items 3-15 Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.

Item 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.

1. A copy of the Articles of Association of the Trustee.*

2. A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.

3. A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3.

4. A copy of the existing bylaws of the Trustee.**

5. A copy of each Indenture referred to in Item 4. Not applicable.

6. The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.

7. Report of Condition of the Trustee as of December 31, 2020 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on Form S-4, Registration Number 333-128217 filed on November 15, 2005.

** Incorporated by reference to Exhibit 25.1 to registration statement on Form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Cincinnati, State of Ohio on the 12th of March, 2021.


By:			/s/ William E. Sicking
			William E. Sicking
			Vice President

Exhibit 2

Exhibit 3

Exhibit 6

CONSENT

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION, hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: March 12, 2021


By:			/s/ William E. Sicking
			William E. Sicking
			Vice President

Exhibit 7

U.S. Bank National Association

Statement of Financial Condition

As of 12/31/2020

($000’s)


	12/31/2020
Assets
Cash and Balances Due From Depository Institutions	$	62,424,852
Securities	135,372,305
Federal Funds	149
Loans & Lease Financing Receivables	299,153,643
Fixed Assets	7,454,095
Intangible Assets	12,786,750
Other Assets	27,582,366
Total Assets	$	544,774,160

Liabilities
Deposits	$	442,835,836
Fed Funds	1,175,229
Treasury Demand Notes	—
Trading Liabilities	1,036,903
Other Borrowed Money	27,992,840
Acceptances	—
Subordinated Notes and Debentures	3,850,000
Other Liabilities	14,494,315
Total Liabilities	$	491,385,123

Equity
Common and Preferred Stock	$	18,200
Surplus	14,266,915
Undivided Profits	38,303,599
Minority Interest in Subsidiaries	800,323
Total Equity Capital	$	53,389,037

Total Liabilities and Equity Capital	$	544,774,160