secwatch.observer — SEC 8-K summary
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Issuer:     MESABI TRUST (MSB)
CIK:        0000065172
Form:       8-K
Filed at:   2022-02-01T23:59:59+00:00
Accession:  0001558370-22-000678
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/65172/000155837022000678/0001558370-22-000678-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/65172/000155837022000678/msb-20220128x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-22-000678

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