With a Record Increase in Debt in 1Q25, Pushing CLF’s Leverage Close to 40x (Due, Mainly, to a Spate of Ill-Advised Acquisitions) + U.S. Steel Industry Fundamentals in Free-Fall (Particularly for CLF) + Recent Market Share Losses for CLF = Our Recent Upgrade to BUY was/is an Embarrassing Mistake; we Downgrade CLF’s Shrs from BUY to SELL & Adjust our Yr-End Price Target Lower to $3.91/shr

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