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Materials & Chemicals

CLEVELAND-CLIFFS Executive Compensation (FY25)

CLF · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Lourenco Goncalves
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 28, 2026Latest filing (8-K): May 20, 2026
13 filings cited on this page
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283 figures on this page: 273 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on CLEVELAND-CLIFFS

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Lourenco Goncalves: $15,248,897 → $19,023,041 (24.8% higher)
Say-on-pay support: 90.3% → 83.9% (6.4 points lower)
CEO pay ratio: 140:1 → 156:1 (11.4% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is CLEVELAND-CLIFFS' chief executive and what were they paid?
Lourenco Goncalves was paid $19,023,041 in total compensation as Chairman, President and CEO for fiscal 2025. Goncalves' total moved 24.8% higher from the $15,248,897 reported for fiscal 2024.
What was CLEVELAND-CLIFFS' say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 83.9% of votes cast including abstentions in favor at the meeting held May 14, 2026.
Which companies are in CLEVELAND-CLIFFS' peer group?
The disclosed peer group includes Alcoa Corporation, Cummins Inc., DuPont de Nemours, Inc., Freeport-McMoRan Inc. and Illinois Tool Works Inc., among others.
What is CLEVELAND-CLIFFS' chief executive pay ratio?
The company reported a chief executive pay ratio of 156:1 for fiscal 2025, against median employee compensation of $122,321.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lourenco Goncalves
Chairman, President and CEO
◇—◇—◇◇◇◇
Maurice Harapiak
Former EVP, HR & Chief Administration Officer
Departed during or after this year
◇—◇—◇◇◇◇
Clifford Smith
EVP & President, Cleveland-Cliffs Steel
◇—◇—◇—◇◇
Keith Koci
EVP & President, Cleveland-Cliffs Services
◇—◇—◇—◇◇
Celso Goncalves
EVP, CFO
◇—◇—◇—◇◇
James Graham
EVP, HR, Chief Legal and Administrative Officer & Secretary
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lourenco Goncalves
Chairman, President and CEO
◇—◇—◇◇◇◇
Clifford Smith
EVP, COO
◇—◇—◇◇◇◇
Keith Koci
EVP & President, Cleveland-Cliffs Services
◇—◇—◇◇◇◇
Celso Goncalves
EVP, CFO
◇—◇—◇◇◇◇
James Graham
EVP, Chief Legal and Administrative Officer & Secretary
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lourenco Goncalves
Chairman, President and CEO
◇—◇—◇◇◇◇
Clifford Smith
EVP, COO
◇—◇—◇◇◇◇
Celso Goncalves
EVP, CFO
◇—◇—◇◇◇◇
Keith Koci
EVP & President, Cleveland-Cliffs Services
◇—◇—◇◇◇◇
James Graham
EVP, Chief Legal and Administrative Officer & Secretary
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lourenco Goncalves
Chairman, President and CEO
◇—◇—◇◇◇◇
Clifford Smith
EVP, COO
◇—◇—◇◇◇◇
Celso Goncalves
EVP, CFO
◇—◇—◇◇◇◇
Keith Koci
EVP & President, Cleveland-Cliffs Services
◇—◇—◇◇◇◇
James Graham
EVP, Chief Legal and Administrative Officer & Secretary
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2022
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Celso GoncalvesRSU◇——◇——◇
Celso GoncalvesPSU◇◇◇—◇—◇
Clifford SmithRSU◇——◇——◇
Clifford SmithPSU◇◇◇—◇—◇
James GrahamPSU◇◇◇—◇—◇
James GrahamRSU◇——◇——◇
Keith KociRSU◇——◇——◇
Keith KociPSU◇◇◇—◇—◇
Maurice HarapiakRSU◇——◇——◇
Maurice HarapiakPSU◇◇◇—◇—◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
GoncalvesPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Clifford SmithPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Celso GoncalvesPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Keith KociPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
James GrahamPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Douglas C. Taylor
◇◇————◇
Jane M. Cronin
◇◇————◇
John T. Baldwin
◇◇————◇
Ralph S. Michael III
Lead independent director
◇◇———◇◇
G. Stoliar
◇◇————◇
Susan M. Green
◇◇————◇
Ron A. Bloom
◇◇————◇
Arlene M. Yocum
◇◇————◇
Ben Oren
◇◇————◇
Edilson T. Camara
◇◇————◇
Lourenco Goncalves served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alcoa Corporation AA
  • Cummins Inc. CMI
  • DuPont de Nemours, Inc. DD
  • Freeport-McMoRan Inc. FCX
  • Illinois Tool Works Inc. ITW
  • International Paper Company IP
  • Johnson Controls International JCI
  • Nucor Corporation NUE
  • PACCAR Inc. PCAR
  • Parker-Hannifin Corporation PH
  • PPG Industries, Inc. PPG
  • Reliance Inc. RS
  • Stanley Black & Decker, Inc. SWK
  • Steel Dynamics, Inc. STLD
  • Trane Technologies TT
  • United States Steel Corporation X

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021April 27, 2022=◇◇◇
2020April 28, 2021=◇◇◇
2019April 22, 2020=◇◇◇
2018April 24, 2019=◇◇◇
2017April 24, 2018=◇◇◇
2015April 27, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Lourenco Goncalves (Chairman, President and CEO), FY2025 total compensation $19,023,041 (base salary $2,201,000) [exec_comp, SEC accession 0000764065-26-000054, filed 2026-04-02]

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What this page does not include

Everything above is a fact CLEVELAND-CLIFFS disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where CLEVELAND-CLIFFS sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
283 figures on this page: 273 cited to the filing that reported them, 10 calculated from figures it prints.
273 cited to the filing
10 calculated from the filing

Documents cited

  1. 0000764065-26-000086
  2. 0000764065-26-000054
    CEO Pay Ratio · DIRECTOR COMPENSATION · Executive Compensation Tables and Narratives
  3. 0000764065-25-000105
  4. 0000764065-24-000139
  5. 0000764065-24-000092
    Executive Compensation Tables and Narratives
  6. 0000764065-23-000113
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0000764065-23-000063
    EXECUTIVE COMPENSATION TABLES
  8. 0000764065-22-000099
  9. 0000764065-21-000161
  10. 0000764065-20-000159
  11. 0000764065-19-000074
  12. 0000764065-18-000108
  13. 0000764065-16-000239
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “CLEVELAND-CLIFFS executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CLF (accessed 2026).
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The paid brief for CLEVELAND-CLIFFS

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
13 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Materials & Chemicals rankings

Chief executive pay — Materials & ChemicalsCEO pay ratio — Materials & ChemicalsSay-on-pay support — Materials & Chemicals

Peers CLEVELAND-CLIFFS discloses

The companies named in CLF's own disclosed peer group.

Alcoa CorporationCummins Inc.DuPont de Nemours, Inc.Freeport-McMoRan Inc.Illinois Tool Works Inc.International Paper CompanyJohnson Controls InternationalNucor CorporationPACCAR Inc.Parker-Hannifin CorporationPPG Industries, Inc.Reliance Inc.Stanley Black & Decker, Inc.Steel Dynamics, Inc.Trane Technologies

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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