Mesabi Trust Press Release
October 13 2017 - 4:15PM
Business Wire
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution
of sixty-four cents ($0.64) per Unit of Beneficial Interest payable
on November 20, 2017 to Mesabi Trust Unitholders of record at the
close of business on October 30, 2017. This compares to a
distribution of ten cents ($0.10) per Unit for the same period last
year.
The fifty-four cents ($0.54) per Unit increase in the current
distribution, as compared to the distribution announced in the same
quarter last year, is primarily attributable to a higher volume of
shipments compared to the same quarter last year, and to the
Trust’s receipt of total royalty payments of $8,356,736 on July 28,
2017 from Cliffs Northshore Mining Company. The Trust’s
announcement today also reflects the Mesabi Trustees’ determination
that Mesabi Trust presently has sufficient reserves available to
make such a distribution while also maintaining an appropriate
level of unallocated reserve in order for the Trust to be
positioned 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 from Cliffs Northshore Mining
Company, if any, for iron ore shipments during the second calendar
quarter, which are payable to Mesabi Trust under the royalty
agreement, are due on October 30, 2017, together with the
quarterly royalty report.
Other Available
Information
Mesabi Trust’s Annual Report on Form 10-K for the fiscal year
ended January 31, 2017, which includes the audited financial
statements of Mesabi Trust, was filed with the Securities and
Exchange Commission on April 14, 2017. Mesabi Trust Unitholders may
obtain a hard copy of the complete audited financial statements,
which is included as Exhibit 13 to the Trust’s Annual Report, free
of charge upon request to the Trust’s Corporate Trustee, at:
Mesabi Trustc/o Deutsche Bank Trust Company Americas, Corporate
TrusteeTrust & Securities Services — GDS60 Wall Street, 16th
FloorNew York, NY 10005(904) 271-2520
Unitholders can also directly access the audited financial
statements of Mesabi Trust by navigating to the Mesabi Trust’s
website at www.Mesabi-Trust.com and clicking on the Edgar Filings
(SEC) link under the Menu to the right of the SEC Filings page by
scrolling down to the desired Annual Report on Form 10-K under
Exhibit 13 thereof beginning on page F-1 of each such 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, economic
and industry 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 of 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.
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Mesabi Trust SHR UnitDeutsche Bank Trust Company
Americas904-271-2520
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