---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-21-014604"
form_type: "8-K"
ticker: "MSB"
cik: "0000065172"
company_name: "MESABI TRUST"
filed_at: "2021-11-04T23:59:59+00:00"
generated_at: "2026-06-28T13:25:12.343868+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Mesabi Trust receives $16.2M Q3 royalty, plus $2.8M settlement for past underpaid DR grade royalties

## Summary
- Q3 2021 royalty payment of $16,219,472 from Cliffs/Northshore, including base ($12.55M), bonus ($7.25M), negative pricing adjustments (-$6.08M), and deemed shipment adjustment ($2.31M).
- Separate payment of $2,833,687 for past underpaid DR grade pellet royalties (2019-2020) plus interest per AAA arbitration award received Oct 1, 2021.
- Shipments credited: 1,169,461 tons in Q3 2021 vs 916,364 tons in Q3 2020, up ~28% YoY.
- Cliffs announced plans to shift DR grade pellet production away from Northshore, potentially reducing future shipments and royalties.
- Negative pricing adjustments from prior quarters reduced current royalty by $6.08M; future adjustments could further impact distributions.

## SEC filing metadata
- accession: 0001558370-21-014604
- form_type: 8-K
- ticker: MSB
- cik: 0000065172
- company_name: MESABI TRUST
- filed_at: 2021-11-04T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/65172/000155837021014604/0001558370-21-014604-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/65172/000155837021014604/msb-20211029x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-21-014604
- JSON: https://secwatch.observer/filing/0001558370-21-014604.json
- Plain text: https://secwatch.observer/filing/0001558370-21-014604.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.