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Annual report pursuant to Section 13 and 15(d)

ACQUISITIONS - Consideration (Details)

v3.22.4
ACQUISITIONS - Consideration (Details)
$ / shares in Units, $ in Millions
Nov. 18, 2021
USD ($)
Dec. 09, 2020
USD ($)
$ / shares
shares
Mar. 13, 2020
USD ($)
$ / shares
shares
Dec. 31, 2022
shares
Dec. 31, 2021
shares
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Cash consideration Ìý $ 639 Ìý Ìý Ìý
Common shares, outstanding (in shares) | shares Ìý Ìý Ìý 513,340,779 500,158,955
Series B Preferred Stock Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of Cliffs issued stock Ìý 738 Ìý Ìý Ìý
Ferrous Processing and Trading Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of settlement of a pre-existing relationship $ 20 Ìý Ìý Ìý Ìý
Cash consideration 801 Ìý Ìý Ìý Ìý
Cash consideration paid related to IRC Section 338(h)(10) 23 Ìý Ìý Ìý Ìý
Total purchase consideration 781 Ìý Ìý Ìý Ìý
Cash consideration pursuant to the AM USA Transaction Agreement $ 778 Ìý Ìý Ìý Ìý
ArcelorMittal USA Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of settlement of a pre-existing relationship Ìý 237 Ìý Ìý Ìý
Cash consideration Ìý 639 Ìý Ìý Ìý
Total purchase consideration Ìý 2,604 Ìý Ìý Ìý
Cash consideration pursuant to the AM USA Transaction Agreement Ìý 505 Ìý Ìý Ìý
Cash consideration for purchase of the remaining JV partner's interest of Kote and Tek Ìý 182 Ìý Ìý Ìý
Cash consideration pursuant to working capital adjustments Ìý (48) Ìý Ìý Ìý
Accounts receivable Ìý 97 Ìý Ìý Ìý
Freestanding derivative asset from customer supply agreement Ìý 140 Ìý Ìý Ìý
ArcelorMittal USA | Common Stock Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of Cliffs issued stock Ìý $ 990 Ìý Ìý Ìý
Number of shares issued (in shares) | shares Ìý 78,186,671 Ìý Ìý Ìý
Share price (in dollars per share) | $ / shares Ìý $ 12.66 Ìý Ìý Ìý
ArcelorMittal USA | Series B Preferred Stock Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Number of shares issued (in shares) | shares Ìý 583,273 Ìý Ìý Ìý
Share price (in dollars per share) | $ / shares Ìý $ 1,266 Ìý Ìý Ìý
AK Steel Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Total purchase consideration Ìý Ìý $ 1,535 Ìý Ìý
Share price (in dollars per share) | $ / shares Ìý Ìý $ 4.87 Ìý Ìý
Fair value of AK Steel debt Ìý Ìý $ 914 Ìý Ìý
Common shares, outstanding (in shares) | shares Ìý Ìý 317,000,000 Ìý Ìý
Exchange ratio Ìý Ìý 0.400 Ìý Ìý
Shares of Cliffs common shares issued to AK Steel stockholders (in shares) | shares Ìý Ìý 127,000,000 Ìý Ìý
AK Steel | Common Stock Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Other consideration transferred Ìý Ìý $ 3 Ìý Ìý
Fair value of Cliffs common shares issued for outstanding AK Steel common stock Ìý Ìý 618 Ìý Ìý
AK Steel | ABL Facility Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of AK Steel debt Ìý Ìý 590 Ìý Ìý
AK Steel | 7.500% 2023 AK Senior Notes [Member] Ìý Ìý Ìý Ìý Ìý
Business Acquisition [Line Items] Ìý Ìý Ìý Ìý Ìý
Fair value of AK Steel debt Ìý Ìý $ 324 Ìý Ìý