MESABI TRUST (MSB) Form 8-K — Oct 15, 2026
Mesabi Trust (NYSE: MSB) announced that the Trustees have declared no distribution this quarter and none will be paid in November 2026, versus a $0.34 per Unit distribution for the same period last year. The decision primarily reflects royalty payments of $1,807,779 received July 30, 2026 from Cleveland-Cliffs — down from $5,300,287 a year earlier — with zero bonus royalties, as all deemed Silver Bay shipments were priced below the $71.70 per ton bonus threshold. The Trustees also cited the need to maintain unallocated reserves for ongoing expenses and pending arbitration, uncertainty around Cliffs' vertical supply chain plans, and iron ore and steel market volatility.
Key figures
- Revenue
- $1,807,779 royalty payments received July 30, 2026 (vs $5,300,287 in July 2025)
- Net Income
- 0
- Debt Amount
- 0
- Gross Proceeds
- 0
- Bonus royalties 2026
- 0
- Bonus royalty threshold per ton
- 71.7
- Prior year distribution per unit
- 0.34
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