The Trust's announcement today also reflects that the Trust's most recent balance sheet includes a contract liability,which represents, among other things, anticipated negative pricing adjustments and iron ore that has not been shipped by Northshore, but for which the Trust has received aroyalty payment based on an initial estimated price. At that time, Cliffs said it expected to restart Northshore production in August. Additional information concerning these and other risks and uncertainties is contained inthe Trust's filings with the Securities and Exchange Commission, including its AnnualReport on Form 10-K and Quarterly Report on Form 10-Q. NEW YORK — The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of fifty-six cents ($0.56) per Unit of Beneficial Interest payable on May 20, 2020 to Mesabi Trust Unitholders of record at the close of business on April 30, 2020. Finally, the Trust’s announcement today also reflects the Trustees’ determination that Mesabi Trust will have sufficient reserves available to make such a distribution while also maintaining an appropriate level of unallocated reserves 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. See Mesabi Trust’s Annual Report on Form 10-K, Note 2 (regarding “Contract asset and contract liability”), for the fiscal year ended January 31, 2020 (filed April 13, 2020). Reblog. At that time, Cliffs said it expected to restart Northshore production inThis press release contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2020, royalty (including bonus royalty) amounts, timing of quarterly royalty payments and quarterly royalty reports, 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. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K. Mesabi Trust Press Release. Mesabi Trust Press Release. Published. See Mesabi Trust’s Quarterly Report on Form 10-Q, Note 2 (regarding "Contract asset and contract liability"), for the fiscal quarter ended April 30, 2020 (filed June 8, 2020). Related Symbols AMZN This compares to a distribution of twenty-one cents ($0.21) per Unit for the same period last year.The sixteen cents ($0.16) per Unit decrease in the current distribution, as compared to the distribution announced by the Trust at the same time last year, is primarily attributable to the Trust’s receipt of total royalty payments of $ 448,246 on April 30, 2020 from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company, which was lower than the total royalty payments of $ 3,149,582 received by the Trust from Cliffs in April 2019. The decrease in the royalty received by the Trust in the first calendar quarter of 2020, as compared to the royalty received in the first calendar quarter of 2019, is primarily attributable to negative pricing adjustments reflected in the first quarter 2020 base and bonus royalty calculations related to changes in price estimates made in prior quarters.
Published. Published. May 5, 2020 5:15PM EDT. 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. 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.
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. 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.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.There was an error, please provide a valid email address.A welcome email is on its way.