secwatch.observer — SEC 8-K summary
======================================

Issuer:     MESABI TRUST (MSB)
CIK:        0000065172
Form:       8-K
Filed at:   2021-11-04T23:59:59+00:00
Accession:  0001558370-21-014604
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65172/000155837021014604/0001558370-21-014604-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65172/000155837021014604/msb-20211029x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-21-014604

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer