Mesabi Trust Files 8-K on Financials
Ticker: MSB · Form: 8-K · Filed: Nov 1, 2024 · CIK: 65172
Sentiment: neutral
Topics: financial-results, regulation-fd
TL;DR
MESABI TRUST FILED AN 8-K ON 10/30/24 DETAILING FINANCIALS.
AI Summary
Mesabi Trust filed an 8-K on November 1, 2024, reporting on its results of operations and financial condition as of October 30, 2024. The filing details information related to the company's financial performance and regulatory disclosures.
Why It Matters
This 8-K filing provides investors with crucial updates on Mesabi Trust's financial health and operational results, impacting investment decisions.
Risk Assessment
Risk Level: low — This filing is a routine disclosure of financial results and does not indicate any unusual or significant risks.
Key Players & Entities
- MESABI TRUST (company) — Registrant
- October 30, 2024 (date) — Date of earliest event reported
- November 1, 2024 (date) — Date of report
- Deutsche Bank Trust Company Americas (company) — Trustee/Agent
FAQ
What is the primary purpose of this 8-K filing for Mesabi Trust?
The primary purpose is to report on Mesabi Trust's Results of Operations and Financial Condition, as well as provide Regulation FD Disclosures.
On what date was the earliest event reported in this filing?
The earliest event reported in this filing was on October 30, 2024.
What is Mesabi Trust's fiscal year end?
Mesabi Trust's fiscal year ends on January 31.
Who is acting as the trustee or agent for Mesabi Trust at the principal executive offices?
Deutsche Bank Trust Company Americas, Trust & Agency Services, is listed as being at the principal executive offices.
What is the SIC code for Mesabi Trust?
The Standard Industrial Classification (SIC) code for Mesabi Trust is 6795, which falls under Mineral Royalty Traders.
Filing Stats: 1,396 words · 6 min read · ~5 pages · Grade level 16.2 · Accepted 2024-11-01 16:30:54
Key Financial Figures
- $7,355,929 — rust received total royalty payments of $7,355,929 on or before October 30, 2024. Item 7
- $4,469,814 — ust was credited with a base royalty of $4,469,814. For the three months ended September 3
- $2,718,456 — d with a bonus royalty in the amount of $2,718,456. Cliffs reported that no adjustments we
- $167,659 — rter. In addition, a royalty payment of $167,659 was paid to the Mesabi Land Trust. Acco
Filing Documents
- msb-20241030x8k.htm (8-K) — 41KB
- 0001558370-24-014142.txt ( ) — 162KB
- msb-20241030.xsd (EX-101.SCH) — 3KB
- msb-20241030_lab.xml (EX-101.LAB) — 16KB
- msb-20241030_pre.xml (EX-101.PRE) — 11KB
- msb-20241030x8k_htm.xml (XML) — 5KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. Announcement of Receipt of Quarterly Royalty Report and Royalty Payment On October 30, 2024, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2024 (the "Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"). As further explained under Item 7.01 below, the Royalty Report indicated that the Mesabi Trust received total royalty payments of $7,355,929 on or before October 30, 2024.
01 Regulation FD
Item 7.01 Regulation FD. Quarterly Royalty Report and Royalty Payment Received On October 30, 2024, the Trustees of Mesabi Trust received the Royalty Report from Cliffs, the parent company of Northshore. As reported to Mesabi Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended September 30, 2024, Mesabi Trust was credited with a base royalty of $4,469,814. For the three months ended September 30, 2024, Mesabi Trust was also credited with a bonus royalty in the amount of $2,718,456. Cliffs reported that no adjustments were made in the third quarter. In addition, a royalty payment of $167,659 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments received by Mesabi Trust on October 30, 2024 from Cliffs were $7,355,929. The royalties paid to Mesabi Trust are based on the volume of iron ore pellets and other products produced or shipped during the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet production and shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands. In the third calendar quarter of 2024, Cliffs credited Mesabi Trust with 972,154 tons of iron ore shipped, as compared to 1,019,311 tons shipped or produced during the third calendar quarter of 2023. 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 until April 2023), the requested delivery schedules of customers (including affiliates), general economic conditions in the iron ore industry, and production schedules and weather conditions on the Great Lakes. These multiple factors can result in significant variations in royalties received by Mesabi Trust (and in turn, the resulting funds available for distribution
Forward-looking Statements
Forward-looking Statements This report contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore during 2024, royalty (including bonus royalty) amounts, and other matters, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Actual production, prices, price adjustments, and shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ materially from current expectations due to inherent risks and uncertainties such as general adverse business and industry economic trends, uncertainties arising from war, terrorist events, the impact of the coronavirus (COVID-19) pandemic and other global events, higher or lower customer demand for steel and iron ore, decisions by mine operators regarding curtailments or idling production lines or entire plants, environmental compliance uncertainties, difficulties in obtaining and renewing necessary operating permits, higher imports of steel and iron ore substitutes, processing difficulties, consolidation and restructuring in the domestic steel market, market inputs tied to indexed price adjustment factors found in some pellet supply agreements between Cliffs and some of its customers, resulting in future adjustments to royalties payable to Mesabi Trust and other factors. In addition, any future production curtailments or idling of Northshore operations, about which the Trust may have little or no prior notice, could materially adversely affect the royalty income of the Trust, as well as the resulting cash available for distribution by the Trust to Unitholders. Further, such developments could have a material adverse impact on the market price of the Trust's Units. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements are subj