The Trustees of Mesabi Trust declared a distribution of $0.49 per Unit of Beneficial Interest, payable on February 20, 2013 to Mesabi Trust unit holders of record at the close of business on January 30, 2013. This compares to a distribution of $0.76 per Unit for the same period last year. The $0.27 per Unit decrease in the current distribution, as compared to the distribution announced in same quarter last year, is primarily due to a 19% decrease in the average price per ton credited to the Trust on all shipments during the fourth calendar quarter of 2012, as compared to the fourth calendar quarter of 2011.

In addition, there was a 13% decrease in the volume of shipments credited to Mesabi Trust and shipped from Silver Bay, Minnesota, reported by Northshore Mining Company, the lessee/operator of the mine on Mesabi Trust lands, during the fourth quarter of calendar year 2012, as compared to the fourth calendar quarter of 2011.