Mesabi Trust Announcement of No Distribution
Key Highlights
- ➤No November 2026 distribution declared, versus $0.34 per Unit last year
- ➤July royalty payments fell to $1,807,779 from $5,300,287 year over year
- ➤No bonus royalties credited in either quarterly royalty report during 2026
- ➤Cliffs reported deemed shipments priced below the $71.70-per-ton bonus threshold
- ➤October 30 quarterly royalty payment and report due from Cliffs and Northshore
The Trustees of Mesabi Trust (NYSE: MSB) have determined that no distribution has been declared this quarter, and no distribution will be paid in November 2026, with respect to Units of Beneficial Interest. This compares to a thirty-four cents ($0.34) per Unit distribution declared for the same period last year.
The Trustees’ announcement today of declaring no distribution this quarter reflects consideration of several factors. The Trustees’ current distribution determination primarily reflects that the total royalty payments received by the Trust of $1,807,779 on July 30, 2026, from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), included no bonus royalty payment and were lower than the total royalty payments of $5,300,287 received by the Trust from Cliffs in July 2025.
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