Cleveland-Cliffs idles Northshore mine Spring to Fall 2022; Mesabi Trust royalties at risk

MESABI TRUST

Cliffs to idle Northshore from Spring through at least Fall 2022; no production, shipments, or royalty payments during idling.
CEO cited increased scrap usage and 'ridiculous royalty structure' with Mesabi Trust as reasons for the idle.
Minimum advance royalty (~$977k for 2021) remains payable regardless of production; quarterly payments still required.
Cliffs also limiting third-party pellet sales; idle could extend beyond Fall.
Any royalty structure change requires approval of 66 2/3% of trust certificate holders.

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