Mesabi Trust announces $0.37 per unit distribution

NEW YORK - Mesabi Trust (NYSE:MSB) has declared a distribution of $0.37 per Unit of Beneficial Interest, payable on February 20, 2024, to unitholders on record as of January 30, 2024. This distribution marks a notable change from the previous year when no distribution was declared for the same period.

The decision to issue a distribution is attributed to the resumption of operations at Northshore Mining Company in April 2023 and an increase in the total royalties received by the Trust in October 2023. Specifically, Mesabi Trust received a total royalty payment of $5,666,254 from Cleveland-Cliffs (NYSE:CLF) Inc., the parent company of Northshore, on October 30, 2023, a significant rise from the zero dollars received in October 2022.

Mesabi Trust has not received specific updates on Cliffs' plans for Northshore operations for the current year.

Quarterly royalty payments from Northshore for iron ore production and shipments during the fourth calendar quarter are due by January 30, 2024. Following the receipt of the quarterly royalty report, Mesabi Trust intends to file a summary with the Securities and Exchange Commission in a Current Report on Form 8-K.

This news is based on a press release statement.

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