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):

January 15, 2016

 

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 2.02                         Results of Operations and Financial Condition.

 

On the evening of January 15, 2016, Mesabi Trust issued a press release announcing that the Trustees of Mesabi Trust declared a distribution of five cents ($0.05) per Unit of Beneficial Interest payable on February 20, 2016 to Mesabi Trust Unitholders of record at the close of business on January 30, 2016. This compares to a distribution of sixty-four cents ($0.64) per Unit of Beneficial Interest for the same period last year.  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 January 15, 2016.

 

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.

 

2

 

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:   January 19, 2016

 

3

Exhibit 99.1

 

MESABI TRUST PRESS RELEASE

 

New York, New York

January 15, 2016

 

The Trustees of Mesabi Trust (NYSE: MSB) declared a distribution of five cents ($0.05) per Unit of Beneficial Interest payable on February 20, 2016 to Mesabi Trust Unitholders of record at the close of business on January 30, 2016. This compares to a distribution of sixty-four cents ($0.64) per Unit of Beneficial Interest for the same period last year.

 

The fifty-nine cents ($0.59) per Unit decrease in the current distribution, as compared to the same quarter last year, is primarily attributable to the idling of iron ore pellet production at Northshore Mining Company (“Northshore”) in Silver Bay, Minnesota, as announced on November 17, 2015, a lower volume of shipments of iron ore pellets during the last calendar quarter and the Trustees’ determination that it is prudent, at this time, to maintain an appropriate level of unallocated reserve for the Trust in order to make adequate provision for current and future expenses and the impact of potential negative price adjustments which might be applied to future royalties.

 

The Trustees’ determination to continue to maintain adequate reserves reflects their belief that Mesabi Trust should be appropriately positioned to address the numerous challenges that may arise during the current idling of plant operations at Northshore and the prolonged slowdown in the iron ore and steel industry generally. In addition, because Mesabi Trust has not yet received the quarterly royalty report for shipments of iron ore products from Silver Bay, Minnesota during Northshore’s quarter ended December 31, 2015 (which report historically had been provided to the Trust shortly after the end of each calendar quarter), the Trustees could not use anticipated royalty revenue that may be received by month end in their distribution determination. Quarterly royalty payments, if any, payable to Mesabi Trust under the royalty agreement are due on January 30, 2016 together with the quarterly royalty report.

 

Mesabi Trust has no additional information on whether, or exactly when, Northshore will restart its iron ore pellet production.

 

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