Mesabi Trust declares no July 2023 distribution vs $0.84/unit last year

MESABI TRUST

No distribution declared this quarter; prior-year period paid $0.84 per unit.
Trust received no royalty revenue in the last three fiscal quarters.
Cleveland-Cliffs plans to run Northshore at less than full capacity, treat as swing operation.
Negative pricing adjustments of $2,298,121 increased contract liability, reducing future royalties.
Trust cites pending arbitration against Northshore and Cliffs, and wider economic uncertainties.

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