---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-008112"
form_type: "8-K"
ticker: "MSB"
cik: "0000065172"
company_name: "MESABI TRUST"
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T23:23:34.987457+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Mesabi Trust receives zero Q1 royalty; tons shipped drop to 0 from 1.07M YoY; auditor exits

## Summary
- Zero royalty paid for Q1 2023; 0 tons shipped vs 1,069,456 in Q1 2022.
- Negative adjustments of $2,298,119 eliminated royalty; Cliffs invoiced Mesabi $2,022,996.
- Cliffs did not pay $0 advance royalties for Q1 2023 and provided no justification.
- Baker Tilly declines reappointment as independent auditor; no disagreements reported.
- Cliffs partially restarted Northshore but expects not to operate fully in 2023.

## SEC filing metadata
- accession: 0001558370-23-008112
- form_type: 8-K
- ticker: MSB
- cik: 0000065172
- company_name: MESABI TRUST
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 4.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/65172/000155837023008112/0001558370-23-008112-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/65172/000155837023008112/msb-20230428x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-008112
- JSON: https://secwatch.observer/filing/0001558370-23-008112.json
- Plain text: https://secwatch.observer/filing/0001558370-23-008112.txt

## Key facts
- Earnings Releases
  MESABI TRUST reported financial results for quarter ended March 31, 2023.
  - Period: quarter ended March 31, 2023
  - Result: reported results
  source text: On April 28, 2023, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended March 31, 2023 (the “Quarterly Royalty Report”) from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”). As further explained under Item 7.01 below, the Quarterly Royalty Report indicated that the Mesabi Trust received no royalty payments on April 28, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/65172/000155837023008112/0001558370-23-008112-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.