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Cleveland-Cliffs Inc

CLF

Materials

2

exclusion reasons

1 theme

Environmental Harm (2)
CLF Materials Current as of March 2026

Cleveland-Cliffs Inc is screened out under 2 exclusion reasons spanning 1 issue category.

This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.

Water Resources
Since Apr 21, 2022

EPA / DOJ / Environmental Law & Policy Center — Cleveland-Cliffs (CLF); August 2019 discharge of ammonia and cyanide wastewater into East Branch of Little Calumet River (Lake Michigan tributary) at Burns Harbor, IN steel mill; killed thousands of fish, closed Indiana Dunes National Lakeshore beaches, threatened drinking water; $3M civil penalty; consent decree April 2022 requiring new ammonia treatment systems

Environmental Damage
Since Oct 14, 2021

Cleveland-Cliffs Inc., a major integrated iron ore mining and steel producer, has accumulated significant environmental penalties and faces ongoing litigation for toxic contamination. ViolationTracker documents a $3 million EPA penalty for water pollution in 2022 and a prior $3.45 million settlement from 2004. In October 2023, the company agreed to a $100 million settlement with the EPA and the state of Michigan for alleged Clean Air Act violations at its Dearborn, Michigan, facility, where it reported releasing over one million pounds of toxic chemicals into the air in 2021.

The company's environmental liabilities extend beyond air emissions. The Ohio Attorney General filed a lawsuit in March 2026 alleging Cleveland-Cliffs mishandled radioactive equipment and waste from oil and gas operations. Separate ongoing litigation in Kentucky, filed in April 2022, alleges violations of state hazardous waste regulations. This pattern of enforcement actions across multiple states and media—air, water, and hazardous waste—demonstrates systemic failures in environmental management at its industrial facilities.

Research Sources 10 organizations

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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.

This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.

Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.