Cliffs plans to shift DR-grade pellet production away from Northshore, threatening Mesabi Trust royalties

MESABI TRUST

Cliffs CEO said it will shift DR-grade pellet production from Northshore to Minorca due to 'unreasonable royalty structure'.
Northshore will become a swing operation kept idle at times; Cliffs plans to stop third-party pellet sales.
Cliffs has not notified Mesabi Trust of these changes nor requested royalty changes recently.
Any royalty structure amendment requires approval from trustees and 66 2/3% of certificate holders.
Quarterly royalty payment from Northshore for Q3 2021 due Oct. 30, 2021; summary to be filed later.

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