Mesabi Trust declares no distribution for Jan 2023; Northshore idling extended to Apr 2023

MESABI TRUST

No distribution declared this January 2023 vs $1.75/unit same period last year.
Idling of Northshore operations extended to at least April 2023 by Cliffs.
Trust initiated arbitration against Northshore and Cliffs for underpayment of royalties in 2020-2022.
Arbitration seeks damages and declaratory relief related to royalty calculation.
Trust maintains reserves due to uncertainties; no specific updates on restart.

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