How Goncalves was paid
$19M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Stock | Incentive | Pension | Other | Total |
|---|---|---|---|---|---|---|
| Lourenco GoncalvesChairman, President and CEO | $2,201,000 | $12,874,374 | $3,345,520 | $496,500 | $105,647 | $19,023,041 |
| Celso L. Goncalves Jr.EVP, CFO | $850,000 | $3,728,937 | $775,200 | $107,500 | $73,718 | $5,535,355 |
| Clifford T. SmithEVP, COO | $893,000 | $3,917,585 | $814,416 | $193,700 | $51,331 | $5,870,032 |
| Keith A. KociEVP & President, Cleveland-Cliffs Services | $738,000 | $3,237,591 | $673,056 | $82,200 | $43,568 | $4,774,415 |
| James D. GrahamEVP, Chief Legal and Administrative Officer & Secretary | $720,000 | $2,807,663 | $547,200 | $150,900 | $46,320 | $4,272,083 |
What changed and why
- $19MCEO Lourenco Goncalves total compensation increased to $19,023,041 in 2025 compared to $15,248,897 in 2024.
- Safety performance improved to a Total Recordable Incident Rate of 0.8 in 2025.
- 90%The advisory say-on-pay vote received over 90 percent support at the prior annual meeting.
- 50%The company reached out to top 25 shareholders representing over 50 percent of outstanding shares.
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.