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Security Profile
- Security Type
- U.S. Royalty Trust
- CUSIP
- 590672101
- Market Cap
- Small Cap
Business: Mesabi Trust collects royalties and bonuses from the sale of minerals shipped from Silver Bay, Minnesota by Northshore Mining, a wholly owned subsidiary of Cleveland-Cliffs, North America's largest supplier of iron ore products. Royalties paid to the Trust are dependent on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of the iron ore product sales and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from other lands. The volume of shipments of iron ore pellets by Northshore and the pellet sales prices vary from quarter to quarter and year to year based on a number of factors, including weather conditions on the Great Lakes, the requested delivery schedules of customers and general economic conditions in the iron ore industry.
Notes: October 13, 2023, Mesabi Trust issued a press release announcing that the Trustees of Mesabi Trust declared a distribution of thirty-five cents ($0.35) per Unit of Beneficial Interest payable on November 20, 2023 to Mesabi Trust Unitholders of record at the close of business on October 30, 2023. <p> April 14, 2023 -- The Trustees of Mesabi Trust (NYSE:MSB) have determined that no distribution will be declared this April 2023 with respect to Units of Beneficial Interest. This compares to a distribution of One Dollar and four cents ($1.04) per Unit for the same period last year. <p> January 12, 2023-- The Trustees of Mesabi Trust (NYSE:MSB) have determined that no distribution will be declared this January 2023 with respect to Units of Beneficial Interest. This compares to a distribution of One Dollar and seventy-five cents ($1.75) per Unit for the same period last year. Quarterly royalty payments from Northshore for iron ore production and shipments during the fourth calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due January 30, 2023, together with the quarterly royalty report.
Company Contact
- Headquarters
- Deutsche Bank Trust Co 1 Columbus Circle, 17th Fl, Mail Stop: NYC01-1710 New York, NY
- Phone
- 904-271-2520
- Investor Relations
- Deutsche Bank Trust Co. Americas · 904-271-2520