Mesabi Trust Press Release
April 15 2016 - 4:15PM
Business Wire
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution
of twenty cents ($0.20) per Unit of Beneficial Interest payable on
May 20, 2016 to Mesabi Trust Unitholders of record at the close of
business on April 30, 2016. This compares to no distribution for
the same period last year.
The twenty cents ($0.20) per Unit increase in the current
distribution, as compared to the same quarter last year, is
primarily attributable to the Mesabi Trustees’ determination that
the Mesabi Trust has sufficient cash available to make such a
distribution in light of the Trust’s receipt of total royalty
payments of $2,423,257 on January 29, 2016, which was payment for
shipments of iron ore products by Northshore during the three
months ended December 31, 2015, and the March 14, 2016 announcement
by Cliffs Natural Resources Inc. that it will be restarting iron
ore pellet production at its Northshore mining operations in
Minnesota by May 15, 2016. At the same time, the Trustees’
determination of this distribution amount reflects their continuing
effort to maintain an appropriate level of unallocated reserve in
order for the Trust to be in a position to meet current and future
expenses, and present and future liabilities (whether fixed or
contingent) that may arise in connection with the current and
ongoing challenges in the iron ore and steel industries
generally.
This press release contains certain forward-looking statements
with respect to iron ore pellet plant operations and production,
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. The timing of actual restarting of
operations and production could differ materially from current
expectations due to inherent risks and uncertainties such as
general adverse business 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 in obtaining and renewing necessary
operating permits, higher imports of steel and iron ore
substitutes, processing difficulties, consolidation and
restructuring in the domestic steel market, and other factors.
Although the Mesabi Trustees believe that any such forward-looking
statements are based on reasonable assumptions, such statements 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. Mesabi Trust undertakes no obligation
to publicly update or revise any of the forward-looking statements
made herein to reflect events or circumstances after the date
hereof.
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