Mesabi Trust awarded $59.8M in arbitration against Cleveland-Cliffs for underpaid royalties

MESABI TRUST

AAA panel unanimously awarded $59,799,977 damages for underpaid royalties (2020-2022) plus $11,288,269 pre-award interest at 10% simple interest per annum.
Pre-award interest continues accruing until paid; payment must be made by Cliffs & Northshore no later than October 6, 2024.
Tribunal approved consent award for ongoing documentation access to verify royalty calculations, but denied declaratory relief on timing of royalty obligations.

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