MESABI TRUST 8-K: Operations & Financial Condition Update
Ticker: MSB · Form: 8-K · Filed: Feb 1, 2024 · CIK: 65172
Complexity: simple
Sentiment: neutral
Topics: operations, financial-condition, regulation-fd
TL;DR
**Mesabi Trust just dropped an 8-K on operations and financials, keep an eye out for details.**
AI Summary
Mesabi Trust (MSB) filed an 8-K on February 1, 2024, reporting on its 'Results of Operations and Financial Condition' and 'Regulation FD Disclosure' as of January 30, 2024. This filing indicates that the Trust is providing an update on its financial performance and operations, likely related to its mineral royalty interests. For investors, this matters because Mesabi Trust's value is directly tied to the performance of its underlying mineral assets, and any operational or financial updates can impact future distributions and stock price.
Why It Matters
This filing provides an update on Mesabi Trust's financial health and operations, which directly impacts its ability to generate income from its mineral royalties and distribute it to unitholders.
Risk Assessment
Risk Level: low — This 8-K is a routine disclosure of operational and financial condition, not signaling an immediate high-risk event.
Analyst Insight
Investors should look for the full content of the 8-K to understand the specific details of the 'Results of Operations and Financial Condition' and 'Regulation FD Disclosure' to assess the impact on future distributions and the Trust's financial outlook.
Key Players & Entities
- MESABI TRUST (company) — the registrant filing the 8-K
- MSB (company) — the trading symbol for Mesabi Trust
- New York Stock Exchange (company) — where Mesabi Trust's securities are registered
- January 30, 2024 (date) — the date of the earliest event reported in the 8-K
- February 1, 2024 (date) — the filing date of the 8-K
FAQ
What is the primary purpose of this 8-K filing by Mesabi Trust?
The primary purpose of this 8-K filing by Mesabi Trust is to report on its 'Results of Operations and Financial Condition' and 'Regulation FD Disclosure' as of January 30, 2024.
What is the trading symbol for Mesabi Trust and on which exchange are its securities registered?
The trading symbol for Mesabi Trust is MSB, and its 'Units of Beneficial Interest, no par value' are registered on the New York Stock Exchange.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on January 30, 2024.
What is the state of incorporation for Mesabi Trust?
Mesabi Trust's state of incorporation is New York.
What is the Central Index Key (CIK) for Mesabi Trust?
The Central Index Key (CIK) for Mesabi Trust is 0000065172.
Filing Stats: 1,284 words · 5 min read · ~4 pages · Grade level 14.9 · Accepted 2024-02-01 16:30:38
Key Financial Figures
- $6,432,434 — rust was paid total royalty payments of $6,432,434 on January 30, 2024, as summarized belo
- $3,819,821 — ust was credited with a base royalty of $3,819,821. Also, for the three months ended Decem
- $2,361,242 — d with a bonus royalty in the amount of $2,361,242. Cliffs reported that no adjustments we
- $251,371 — rter. In addition, a royalty payment of $251,371 was paid to the Mesabi Land Trust. Acco
Filing Documents
- msb-20240130x8k.htm (8-K) — 41KB
- 0001558370-24-000693.txt ( ) — 161KB
- msb-20240130.xsd (EX-101.SCH) — 3KB
- msb-20240130_lab.xml (EX-101.LAB) — 16KB
- msb-20240130_pre.xml (EX-101.PRE) — 11KB
- msb-20240130x8k_htm.xml (XML) — 5KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. Receipt of Quarterly Royalty Report and Royalty Payments from Cleveland-Cliffs Inc. On January 30, 2024, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended December 31, 2023 (the "Quarterly Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"). As further explained under Item 7.01 below, the Quarterly Royalty Report indicated that the Mesabi Trust was paid total royalty payments of $6,432,434 on January 30, 2024, as summarized below.
01 Regulation FD
Item 7.01 Regulation FD. Quarterly Royalty Report and Royalty Payments On January 30, 2024, the Trustees of Mesabi Trust received the Quarterly Royalty Report from Cliffs, the parent company of Northshore. As reported to Mesabi Trust by Cliffs in the Quarterly Royalty Report, based on production and shipments of iron ore products by Northshore during the three months ended December 31 , 2023, Mesabi Trust was credited with a base royalty of $3,819,821. Also, for the three months ended December 31 , 2023, Mesabi Trust was credited with a bonus royalty in the amount of $2,361,242. Cliffs reported that no adjustments were applied for the quarter. In addition, a royalty payment of $251,371 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments from Cliffs received on January 30, 2024 by Mesabi Trust for the three months ended December 31, 2023 were $6,432,434. The royalties paid to Mesabi Trust are based on the volume of iron ore pellets produced for internal use or shipped for third party sales during the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the fourth calendar quarter of 2023, Cliffs credited Mesabi Trust with 964,129 tons shipped or produced during the quarter, as compared to negative (54,026) tons adjusted (or applied) during the fourth calendar quarter of 2022 (based on inventory surveys conducted during the quarter), when the Northshore operations were idled. The volume of iron ore pellets (and other iron ore products) produced or shipped by Northshore varies from quarter to quarter and year to year based on a number of factors, including, among others, Cliffs' decisions to idle Northshore operations (which occurred from May 2022 through March 2023), the requested delivery schedules of customers (including affiliates), general economic conditions in the iron ore industry, and production sc
Forward-Looking Statements
Forward-Looking Statements This report contains certain forward-looking statements based on Cliffs' publicly announced plans with respect to Northshore in the future, which statements are intended to be made and reported under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Cliffs' implementation of, or changes to, these plans are beyond Mesabi Trust's control. As such, such statements are subject to risks and uncertainties, which could cause actual results to differ materially. Additional information concerning these and other risks and uncertainties is contained in Mesabi Trust's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2023 (filed April 24, 2023), the Trust's Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2023 (filed June 13, 2023) and the Trust's Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2023 (filed December 14, 2023). Mesabi Trust undertakes no obligation to publicly update or revise any of the forward-looking statements made herein to reflect events or circumstances after the date hereof. In accordance with general instruction B. 2 to Form 8-K, the information in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MESABI TRUST By: /s/ Sebastian Hidalgo Sebastian Hidalgo Assistant Vice President Deutsche Bank Trust Company Americas, Corporate Trustee of the Mesabi Trust Dated: February 1, 2024