Cleveland-Cliffs partially restarts Northshore iron ore operations; full restart not expected in 2023

MESABI TRUST

Cliffs announced partial restart of Northshore mining operations in April 2023 after being totally idle since spring 2022.
CEO Lourenco Goncalves stated full operation of Northshore is not expected any time this year.
Mesabi Trust's royalties depend on Northshore production; no additional volume or shipping details provided.
Announcement made during Cliffs' Q1 2023 earnings call on April 24, 2023.

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