---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-22-000678"
form_type: "8-K"
ticker: "MSB"
cik: "0000065172"
company_name: "MESABI TRUST"
filed_at: "2022-02-01T23:59:59+00:00"
generated_at: "2026-06-27T13:12:00.644712+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.35
calibrated_materiality_score: 0.35
confidence: "high"
source: SEC EDGAR
---

# Mesabi Trust receives Q4 2021 royalty payment of $20.9M; shipments down slightly YoY

## Summary
- Royalty payment of $20,933,315 received Jan 28, 2022 from Cleveland-Cliffs (base $13.7M + bonus $7.1M, net of -$151K adjustment).
- Q4 shipments: 1,085,427 tons vs 1,111,387 tons in Q4 2020, a 2.3% decline.
- Cliffs plans to shift DR grade pellet production away from Northshore, stop third-party pellet sales, and idle the plant periodically, which could reduce future shipments.
- Pricing adjustments under Cliffs Pellet Agreements remain uncertain and could materially affect future royalties.
- No guidance provided for 2022 shipments or percentage from Mesabi Trust lands.

## SEC filing metadata
- accession: 0001558370-22-000678
- form_type: 8-K
- ticker: MSB
- cik: 0000065172
- company_name: MESABI TRUST
- filed_at: 2022-02-01T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.35
- calibrated_materiality_score: 0.35
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/65172/000155837022000678/0001558370-22-000678-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/65172/000155837022000678/msb-20220128x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-22-000678
- JSON: https://secwatch.observer/filing/0001558370-22-000678.json
- Plain text: https://secwatch.observer/filing/0001558370-22-000678.txt

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