Mesabi Trust Press Release
July 14 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
August 20, 2016, to Mesabi Trust Unitholders of record at the close
of business on July 30, 2016. This compares to a distribution of
four cents ($0.04) per share for the same period last year.
The sixteen cents ($0.16) per Unit increase in the current
distribution, as compared to the same quarter last year, is
primarily attributable to the Mesabi Trustees’ determination that
Mesabi Trust has sufficient cash available to make such a
distribution, in light of the Trust’s receipt of total royalty
payments of $1,172,787 on April 29, 2016, which was the total
royalty payment due to the Trust at that time, and the actual
restarting of iron ore pellet production by Cliffs Natural
Resources Inc. at its Northshore Mining Company operations in
Minnesota in May 2016. The Trustees’ determination of this
distribution amount also 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.
Quarterly royalty payments earned during the calendar quarter
ended June 30, 2016, if any, payable to Mesabi Trust under the
royalty agreement are due on July 30, 2016, together with the
quarterly royalty report.
This press release contains certain forward-looking statements
with respect to iron ore pellet plant operations, production,
shipments, reporting 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 operations, production and shipments of iron ore products
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.
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 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160714006339/en/
Mesabi Trust SHR UnitDeutsche Bank Trust Company
Americas904-271-2520
Mesabi (NYSE:MSB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Mesabi (NYSE:MSB)
Historical Stock Chart
From Apr 2023 to Apr 2024