Item 2.02Results of Operations and Financial Condition.
Announcement of No Distribution
On January 12, 2023, Mesabi Trust issued a press release announcing that the
Trustees of Mesabi Trust determined that, given the uncertainties arising from
the July 22, 2022 announcement by Cleveland-Cliffs Inc. ("Cliffs"), the parent
company of Northshore Mining Company ("Northshore"), to extend the ongoing
idling of Northshore operations until at least April 2023 and maybe beyond, no
distribution will be declared this January 2023 with respect to Units of
Beneficial Interest. A copy of the press release is being furnished as Exhibit
99.1 to this Form 8-K.
Item 7.01Regulation FD
As previously disclosed by Mesabi Trust on October 14, 2022, Mesabi Trust
initiated arbitration against Northshore and its parent, Cliffs (jointly, the
"Operator"), the lessee/operator of the leased lands. The arbitration proceeding
was commenced with the American Arbitration Association. Mesabi Trust seeks an
award of damages relating to the Operator's underpayment of royalties in 2020,
2021, and 2022 by virtue of the Operator's failure to use the highest price
arm's length iron ore pellet sale from the preceding four quarters in pricing
internal production during the fourth quarter of 2020 through 2022. Mesabi Trust
also seeks declaratory relief related to the Trust's entitlement to certain
documentation and to the time the Operator's royalty obligation accrues on
internal production.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. Description
99.1 Press Release dated January 12, 2023
104 Cover Page Interactive Data File (formatted in Inline XBRL and
included as Exhibit 101)
In accordance with general instruction B.2 to Form 8-K, the information in this
Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section.
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