EXHIBIT 25.1


_____________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________

FORM T-1

Statement of Eligibility Under
The Trust Indenture Act of 1939 of a
Corporation Designated to Act as Trustee
Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)
_______________________________________________________

U.S. BANK NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)

31-0841368
I.R.S. Employer Identification No.

800 Nicollet Mall
Minneapolis, Minnesota
55402
(Address of principal executive offices)
(Zip Code)
 
Elizabeth A. Thuning
U.S. Bank National Association
1350 Euclid Avenue
Cleveland, Ohio 44115
(216) 623-5992
(Name, address and telephone number of agent for service)

Cleveland-Cliffs Inc.
(Exact name of obligor as specified in its charter)
Ohio
34-1464672
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

200 Public Square, Suite 3300
Cleveland, Ohio
44114
(Address of Principal Executive Offices)
(Zip Code)

5.875% Senior Guaranteed Notes due 2027
(Title of the Indenture Securities)







FORM T-1
Item 1.
GENERAL INFORMATION. Furnish the following information as to the Trustee.
a)
Name and address of each examining or supervising authority to which it is subject.
Comptroller of the Currency
Washington, D.C.
b)
Whether it is authorized to exercise corporate trust powers.
Yes
Item 2.
AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.
None
Items 3-15
Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.
Item 16.
LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.
1.    A copy of the Articles of Association of the Trustee.*
2.
A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.
3.
A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3.
4.
A copy of the existing bylaws of the Trustee.**
5.
A copy of each Indenture referred to in Item 4. Not applicable.
6.
The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.
7.
Report of Condition of the Trustee as of December 31, 2019 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.

* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.
** Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.






SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Cleveland, State of Ohio on the 20th of March, 2020.

By:
/s/ Elizabeth A. Thuning
 
Elizabeth A. Thuning
 
Vice President







Exhibit 2
s4ex251exhibit2.jpg





Exhibit 3s4ex251exhibit3.jpg






Exhibit 6
CONSENT
In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION, hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.


Dated: March 20, 2020
By:
/s/ Elizabeth A. Thuning
 
Elizabeth A. Thuning
 
Vice President







Exhibit 7
U.S. Bank National Association
Statement of Financial Condition
As of 12/31/2019

($000’s)

 
 
12/31/2019

Assets
 
 
Cash and Balances Due From
Depository Institutions
 
$
22,256,667

Securities
 
120,982,766

Federal Funds
 
881,341

Loans & Lease Financing Receivables
 
297,660,359

Fixed Assets
 
5,895,381

Intangible Assets
 
12,915,451

Other Assets
 
25,412,255

Total Assets
 
$
486,004,220

 
 
 
Liabilities
 
 
Deposits
 
$
374,303,872

Fed Funds
 
1,094,396

Treasury Demand Notes
 

Trading Liabilities
 
769,407

Other Borrowed Money
 
41,653,916

Acceptances
 

Subordinated Notes and Debentures
 
3,850,000

Other Liabilities
 
14,940,126

Total Liabilities
 
$
436,611,717

 
 
 
Equity
 
 
Common and Preferred Stock
 
$
18,200

Surplus
 
14,266,915

Undivided Profits
 
34,306,761

Minority Interest in Subsidiaries
 
800,627

Total Equity Capital
 
$
49,392,503

 
 
 
Total Liabilities and Equity Capital
 
$
486,004,220