Cliffs extends Northshore Mine idle to at least April 2023; Mesabi Trust royalties at risk

MESABI TRUST

Cliffs CEO said Northshore Mine will remain idle until at least April 2023, announced on July 22, 2022 earnings call.
Idling due to increased scrap use from FPT acquisition; pellets not needed, avoiding depletion for Mesabi Trust unit holders.
Cliffs has not notified Mesabi Trust of these changes nor requested any royalty structure amendments.
Any royalty agreement changes require Trustee approval and 66 2/3% of Trust Certificate Holders.
This extends prior idling: Oct 2021 shift to Minorca, Feb 2022 idle through fall 2022.

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