Mesabi Trust receives zero royalty for Q3 2022 as Northshore idling continues

MESABI TRUST

Zero tons shipped in Q3 2022 vs 1,169,461 tons in Q3 2021, resulting in $0 royalty payment.
Northshore idling extended until at least April 2023, per Cleveland-Cliffs' July announcement.
No base or bonus royalty credited; no adjustments taken; total royalty received $0.
Zero royalty implies likely no distribution to unitholders for Q3 2022.
Future royalties subject to Cliffs' decisions, customer demand, and economic conditions.

item 2.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MESABI TRUST reported financial results for the quarter ended September 30, 2022.

Period: the quarter ended September 30, 2022
Result: reported results

Exact text from the filing

On October 28, 2022, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2022 (the “Royalty Report”) from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”). The Royalty Report indicated that, because of the current and ongoing idling of Northshore, the Trust received no royalty payment.

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Source: SEC EDGAR

accession 0001558370-22-016013

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