DEBT AND CREDIT FACILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule Of Long-Term Debt

The following represents a summary of our long-term debt:

(In Millions)
December 31, 2021
Debt Instrument	Issuer1	Annual Effective Interest Rate	Total Principal Amount		Unamortized Debt Issuance Costs		Unamortized Premiums (Discounts)		Total Debt
Senior Secured Notes:
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	$	607	$	(4)	$	(13)	$	590
6.750% 2026 Senior Secured Notes	Cliffs	6.99%	845		(16)		(7)		822
Senior Unsecured Notes:
1.500% 2025 Convertible Senior Notes	Cliffs	6.26%	294		(3)		(39)		252
7.000% 2027 Senior Notes	Cliffs	9.24%	73		—		(7)		66
7.000% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(5)		51
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(3)		(15)		538
4.625% 2029 Senior Notes	Cliffs	4.63%	500		(8)		—		492
4.875% 2031 Senior Notes	Cliffs	4.88%	500		(8)		—		492
6.250% 2040 Senior Notes	Cliffs	6.34%	263		(2)		(3)		258
IRBs due 2024 to 2028	AK Steel	Various	66		—		2		68
ABL Facility3	Cliffs2	1.87%	4,500		—		—		1,609
Total long-term debt									$	5,238
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 The total principal amount for the ABL Facility is stated at the maximum borrowing capacity.

(In Millions)
December 31, 2020
Debt Instrument	Issuer1	Annual Effective Interest Rate	Total Principal Amount		Unamortized Debt Issuance Costs		Unamortized Premiums (Discounts)		Total Debt
Senior Secured Notes:
4.875% 2024 Senior Secured Notes	Cliffs	5.00%	$	395	$	(3)	$	(1)	$	391
9.875% 2025 Senior Secured Notes	Cliffs	10.57%	955		(8)		(25)		922
6.750% 2026 Senior Secured Notes	Cliffs	6.99%	845		(20)		(9)		816
Senior Unsecured Notes:
7.625% 2021 AK Senior Notes	AK Steel	7.33%	34		—		—		34
7.500% 2023 AK Senior Notes	AK Steel	6.17%	13		—		—		13
6.375% 2025 Senior Notes	Cliffs	8.11%	64		—		(4)		60
6.375% 2025 AK Senior Notes	AK Steel	8.11%	29		—		(2)		27
1.500% 2025 Convertible Senior Notes	Cliffs	6.26%	296		(4)		(49)		243
5.750% 2025 Senior Notes	Cliffs	6.01%	396		(3)		(4)		389
7.000% 2027 Senior Notes	Cliffs	9.24%	73		—		(8)		65
7.000% 2027 AK Senior Notes	AK Steel	9.24%	56		—		(6)		50
5.875% 2027 Senior Notes	Cliffs	6.49%	556		(4)		(18)		534
6.250% 2040 Senior Notes	Cliffs	6.34%	263		(2)		(3)		258
IRBs due 2024 to 2028	AK Steel	Various	92		—		2		94
EDC Revolving Facility3	*	3.25%	40		—		—		18
ABL Facility3	Cliffs2	2.15%	3,500		—		—		1,510
Total debt									5,424
Less: current									34
Total long-term debt									$	5,390
*Our subsidiaries, Fleetwood Metal Industries Inc. and The Electromac Group Inc., were the borrowers under the EDC Revolving Facility.
1 Unless otherwise noted, references in this column and throughout this NOTE 8 - DEBT AND CREDIT FACILITIES to "Cliffs" are to Cleveland-Cliffs Inc., and references to "AK Steel" are to "AK Steel Corporation (n/k/a Cleveland-Cliffs Steel Corporation).
2 Refers to Cleveland-Cliffs Inc. as borrower under our ABL Facility.
3 The total principal amounts for the indicated credit facilities are stated at their respective maximum borrowing capacities.

Debt Instrument Redemption

The following is a summary of redemption prices for our 4.625% 2029 Senior Notes:

Redemption Period	Redemption Price1		Restricted Amount
Prior to March 1, 2024 - using the proceeds of equity issuance	104.625	%	Up to 35% of original aggregate principal
Prior to March 1, 20242	100.000
Beginning March 1, 2024	102.313
Beginning March 1, 2025	101.156
Beginning on March 1, 2026 and thereafter	100.000
1 Plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
2 Plus a "make-whole" premium.

The following is a summary of redemption prices for our 4.875% 2031 Senior Notes:

Redemption Period	Redemption Price1		Restricted Amount
Prior to March 1, 2026 - using the proceeds of equity issuance	104.875	%	Up to 35% of original aggregate principal
Prior to March 1, 2026 2	100.000
Beginning March 1, 2026	102.438
Beginning March 1, 2027	101.625
Beginning March 1, 2028	100.813
Beginning on March 1, 2029 and thereafter	100.000
1 Plus accrued and unpaid interest, if any, up to, but excluding, the redemption date.
2 Plus a "make-whole" premium.

Summary of Borrowing Capacity Under the ABL Facility

The following represents a summary of our borrowing capacity under the ABL Facility:

	(In Millions)
	December 31, 2021
Available borrowing base on ABL Facility1	$	4,500
Borrowings	(1,609)
Letter of credit obligations2	(175)
Borrowing capacity available	$	2,716
1 As of December 31, 2021, the ABL Facility has a maximum available borrowing base of $4.5 billion. The borrowing base is determined by applying customary advance rates to eligible accounts receivable, inventory and certain mobile equipment.
2 We issued standby letters of credit with certain financial institutions in order to support business obligations including, but not limited to, workers' compensation, employee severance, insurance, operating agreements and environmental obligations.

Summary of Debt Extinguished

The following is a summary of the debt extinguished and the respective impact on extinguishment:

	(In Millions)
	Year Ended December 31, 2021
	Debt Extinguished		(Loss) on Extinguishment
9.875% 2025 Senior Secured Notes	$	347	$	(47)
4.875% 2024 Senior Secured Notes	395		(14)
7.625% 2021 AK Senior Notes	34		—
7.500% 2023 AK Senior Notes	13		—
6.375% 2025 Senior Notes	64		(7)
1.500% 2025 Convertible Senior Notes	2		—
6.375% 2025 AK Senior Notes	29		(3)
5.750% 2025 Senior Notes	396		(17)
IRBs due 2024	26		—
Total	$	1,306	$	(88)

The following is a summary of the debt extinguished and the respective impact on extinguishment:

	(In Millions)
	Year Ended December 31, 2020
	Debt Extinguished		Gain (Loss) on Extinguishment
7.625% 2021 AK Senior Notes	$	373	$	—
7.500% 2023 AK Senior Notes	367		3
4.875% 2024 Senior Secured Notes	6		1
6.375% 2025 Senior Notes	168		21
1.500% 2025 Convertible Senior Notes	20		1
5.750% 2025 Senior Notes	77		16
7.000% 2027 Senior Notes	262		27
5.875% 2027 Senior Notes	195		49
6.250% 2040 Senior Notes	36		13
6.375% 2025 AK Senior Notes	9		(1)
Total	$	1,513	$	130

The following is a summary of the debt extinguished and the respective impact on extinguishment:

	(In Millions)
	Year Ended December 31, 2019
	Debt Extinguished		(Loss) on Extinguishment
4.875% 2021 Senior Notes	$	124	$	(5)
5.750% 2025 Senior Notes	600		(13)
Total	$	724	$	(18)

Summary of Debt Instrument Maturities

The following represents a summary of our debt instrument maturities based on the principal amounts outstanding at December 31, 2021:

	(In Millions)
	Maturities of Debt
2022	$	—
2023	—
2024	36
2025	2,510
2026	845
Thereafter	1,978
Total maturities of debt	$	5,369