Mesabi Trust Files 8-K on Financials
Ticker: MSB · Form: 8-K · Filed: Feb 3, 2025 · CIK: 65172
Sentiment: neutral
Topics: financial-condition, regulation-fd
TL;DR
MESABI TRUST FILED AN 8-K ON JAN 30, 2025, REPORTING FINANCIAL CONDITION.
AI Summary
Mesabi Trust filed an 8-K on January 30, 2025, reporting on its results of operations and financial condition, and providing a Regulation FD disclosure. The filing was made public on February 3, 2025. The report details financial information for the period ending January 30, 2025.
Why It Matters
This 8-K filing provides investors with crucial updates on Mesabi Trust's financial performance and operational results, enabling informed investment decisions.
Risk Assessment
Risk Level: low — This filing is a routine disclosure of financial results and does not indicate any unusual risks or events.
Key Players & Entities
- MESABI TRUST (company) — Registrant
- January 30, 2025 (date) — Date of earliest event reported
- February 3, 2025 (date) — Date of filing
- Deutsche Bank Trust Company Americas (company) — Agent for principal executive offices
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report on Mesabi Trust's Results of Operations and Financial Condition, and to provide a Regulation FD Disclosure.
On what date was the earliest event reported in this filing?
The earliest event reported in this filing occurred on January 30, 2025.
When was this 8-K filing publicly submitted?
This 8-K filing was publicly submitted on February 3, 2025.
What is Mesabi Trust's state of incorporation?
Mesabi Trust's state of incorporation is New York.
Who is listed as the agent for Mesabi Trust's principal executive offices?
Deutsche Bank Trust Company Americas is listed as the agent for Mesabi Trust's principal executive offices.
Filing Stats: 1,390 words · 6 min read · ~5 pages · Grade level 16.1 · Accepted 2025-02-03 16:30:15
Key Financial Figures
- $8,986,464 — rust received total royalty payments of $8,986,464 on or before January 30, 2025. Item 7
- $5,724,454 — ust was credited with a base royalty of $5,724,454. For the three months ended December 31
- $3,093,243 — d with a bonus royalty in the amount of $3,093,243. Cliffs reported that no adjustments we
- $168,767 — 2024. In addition, a royalty payment of $168,767 was paid to the Mesabi Land Trust. Acco
Filing Documents
- msb-20250130x8k.htm (8-K) — 41KB
- 0001558370-25-000606.txt ( ) — 162KB
- msb-20250130.xsd (EX-101.SCH) — 3KB
- msb-20250130_lab.xml (EX-101.LAB) — 16KB
- msb-20250130_pre.xml (EX-101.PRE) — 11KB
- msb-20250130x8k_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 January 30, 2025, Mesabi Trust received the quarterly royalty report of iron ore production and shipments out of Silver Bay, Minnesota during the quarter ended December 31, 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 $8,986,464 on or before January 30, 2025.
01 Regulation FD
Item 7.01 Regulation FD. Quarterly Royalty Report and Royalty Payment Received On January 30, 2025, 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 December 31, 2024, Mesabi Trust was credited with a base royalty of $5,724,454. For the three months ended December 31, 2024, Mesabi Trust was also credited with a bonus royalty in the amount of $3,093,243. Cliffs reported that no adjustments were made in the fourth quarter 2024. In addition, a royalty payment of $168,767 was paid to the Mesabi Land Trust. Accordingly, the total royalty payments received by Mesabi Trust on January 30, 2025 from Cliffs were $8,986,464. 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 fourth calendar quarter of 2024, Cliffs credited Mesabi Trust with 1,110,800 tons of iron ore shipped or produced, as compared to 964,129 tons shipped or produced during the fourth 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
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 natural disasters 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 subject to risks and u