MSB Mesabi Trust

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported):

November 17, 2015

 

MESABI TRUST

(Exact name of registrant as specified in its charter)

 

 

 

(904) 271-2520

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01                         Regulation FD.

 

On November 17, 2015, Mesabi Trust issued a press release announcing that Cliffs Natural Resources Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), announced on November 17, 2015 that Cliffs is temporarily idling iron ore pellet production at its Northshore mining operation in Minnesota by December 1, 2015. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.

 

Item 9.01                               Financial Statements and Exhibits.

 

(d)                                             Exhibits

 

99.1                                    Press release, dated November 17, 2015.

 

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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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	MESABI TRUST
	By:	/s/ Jeffrey Schoenfeld
		Jeffrey Schoenfeld
		Vice President
		Deutsche Bank National Trust Company
		For Deutsche Bank Trust Company Americas
		Corporate Trustee of Mesabi Trust

 

Dated:   November 17, 2015

 

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Exhibit 99.1

 

MESABI TRUST PRESS RELEASE

 

New York, New York

November 17, 2015

 

The Trustees of Mesabi Trust (NYSE: MSB) are reporting that Cliffs Natural Resources Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), announced today that it is temporarily idling iron ore pellet production at its Northshore Mining operation in Minnesota by December 1, 2015. Cliffs stated that until its domestic customers’ blast furnace capacity utilization rates improve, existing customer demand will be satisfied from its current pellet inventory.

 

In its news release today, Cliffs said it anticipates that both Northshore and the previously idled United Taconite operations “will be temporarily idled through the first quarter of 2016.” During that time frame, Cliffs said it will continue to operate Hibbing Taconite in Minnesota, as well as the Tilden and Empire mines in Michigan, at normal rates.  Cliffs also stated that it “will assess and adjust its production plans as market conditions improve.”

 

Cliffs’ announcement today also said that at its Northshore operations, it “will maintain minimal staffing during the temporary idle for basic maintenance duties and for on-going work to support the DR-grade pellet trials.”

 

With respect to the remainder of calendar year 2015, Northshore has not advised Mesabi Trust of its expected 2015 shipments of iron ore products or what percentage of 2015 shipments will be from Mesabi Trust iron ore.

 

This press release contains certain forward-looking statements with respect to iron ore pellet production,  shipments by Northshore in 2015, and other matters, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. Actual production, prices, price adjustments, and shipments of iron ore pellets, as well as actual royalty payments (including bonus royalties) could differ materially from current expectations due to inherent risks such as general and industry economic trends, uncertainties arising from war, terrorist events and other global events, higher or lower customer demand for steel and iron ore, decisions by mine operators regarding curtailments or idling production lines or entire plants, environmental compliance uncertainties, difficulties related to obtaining and renewing necessary operating permits, higher imports of steel and iron ore substitutes, consolidation and restructuring in the domestic steel market, indexing features in Cliffs Pellet Agreements resulting in adjustments to royalties payable to Mesabi Trust and other factors. Further, substantial portions of royalties earned by Mesabi Trust are based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and are dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust is not a party and that are not known until after the end of a contract year. Although the Mesabi Trustees believe that any such forward-looking statements are based on reasonable assumptions, such statements speak only as of the date of this release, and are subject to risks and uncertainties, which could cause actual results to differ materially.  Additional information concerning these and other risks and uncertainties is contained in the Trust’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K.  Except as may be required by applicable securities laws, Mesabi Trust undertakes no obligation to publicly update or revise any of the forward-looking statements that may be in this press release.

 

Contact:	Mesabi Trust SHR Unit
	Deutsche Bank Trust Company Americas
	(904) 271-2520