Mesabi Trust Press Release
December 09 2019 - 05:15PM
Business Wire
The Trustees of Mesabi Trust (NYSE:MSB) today
reported that the Trust has initiated arbitration against
Northshore Mining Company and its parent, Cleveland-Cliffs Inc.
(jointly, the “Operator”), the lessee/operator of the leased lands.
The arbitration proceeding has been commenced with the American
Arbitration Association. The Trust asserts claims concerning the
calculation of royalties related to the production, shipment and
sale of iron ore, including DR-grade pellets. More particularly,
the claims involve the Trust’s allegations that the Operator has
failed to properly record and calculate royalty amounts during the
second and third quarters of 2019. Based on information currently
available to the Trust, the Trust seeks an award of damages, along
with specific performance and declaratory relief.
Forward-Looking Statements
This press release contains certain forward-looking statements
with respect to iron ore pellet production, iron ore pricing and
adjustments to pricing, iron ore shipments, royalty (including
bonus royalty) amounts, 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 and uncertainties such as general adverse business
and industry economic trends, environmental hazards, health and
safety conditions, regulation, litigation, 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, announcements and implementation of trade tariffs,
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, indexing features
in Cliffs Pellet Agreements resulting in adjustments to royalties
payable to Mesabi Trust 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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