Mesabi Trust Press Release
July 14 2017 - 3:15PM
Business Wire
The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution
of sixteen cents ($0.16) per Unit of Beneficial Interest payable on
August 20, 2017 to Mesabi Trust Unitholders of record at the close
of business on July 30, 2017. This compares to a distribution of
twenty cents ($0.20) per Unit for the same period last year.
The four cents ($0.04) per Unit decrease in the current
distribution, as compared to the same quarter last year, reflects
the Trust’s receipt of total royalty payments of $366,840 on April
28, 2017, which was the total royalty payment paid to the Trust at
that time, and the Mesabi Trustees’ determination that Mesabi Trust
has sufficient cash available to make the distribution announced
today. 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 current and ongoing challenges in the iron ore and
steel industries generally.
Quarterly royalty payments earned for iron ore shipments made
during the calendar quarter ended June 30, 2017, if any, payable by
Northshore to Mesabi Trust under the royalty agreement, are due to
be paid to the Trust on July 30, 2017, together with the quarterly
royalty report. After receiving the 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.
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, uncertainties arising from war,
terrorist events, natural disasters, weather conditions 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, indexing features in
Cliffs Pellet Agreements resulting in adjustments to royalties
payable to Mesabi Trust 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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