0001558370-17-000167.txt : 20170123 0001558370-17-000167.hdr.sgml : 20170123 20170123111808 ACCESSION NUMBER: 0001558370-17-000167 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170119 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170123 DATE AS OF CHANGE: 20170123 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MESABI TRUST CENTRAL INDEX KEY: 0000065172 STANDARD INDUSTRIAL CLASSIFICATION: MINERAL ROYALTY TRADERS [6795] IRS NUMBER: 136022277 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04488 FILM NUMBER: 17540232 BUSINESS ADDRESS: STREET 1: P O BOX 318 CHURCH ST STATION STREET 2: C/O BANKERS TRUST CO CORP TRUST CITY: NEW YORK STATE: NY ZIP: 10008-0318 BUSINESS PHONE: 2122506519 MAIL ADDRESS: STREET 1: C/O BANKERS TRUST COMPANY, CORPORATE STREET 2: P.O. BOX 318 CHURCH STREET STATION CITY: NEW YORK STATE: NY ZIP: 10008-0318 8-K 1 msb-20170119x8k.htm 8-K msb_Current_Folio_8K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

__________________

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

__________________

Date of Report (Date of earliest event reported): 

January 19, 2017

 

MESABI TRUST

(Exact name of registrant as specified in its charter)

New York

1-4488

13-6022277

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

 

 

 

 

 

 

 

 

c/o Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street

16th Floor

New York, New York





10005

(Address of principal executive offices)

(Zip Code)

 

(904) 271-2520 

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 


 

 

Item 2.02        Results of Operations and Financial Condition.

 

On January 19, 2017, Mesabi Trust issued a press release announcing that the Trustees of Mesabi Trust declared a distribution of fourteen cents ($0.14) per Unit of Beneficial Interest payable on February 20, 2017 to Mesabi Trust Unitholders of record at the close of business on January 30, 2017.  A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.    

 

Item 9.01        Financial Statements and Exhibits.

 

(d)        Exhibits

 

99.1     Press release, dated January 19, 2017.

 

In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

MESABI TRUST

 

 

 

 

By:

/s/ Jeffrey Schoenfeld

 

 

Jeffrey Schoenfeld

 

 

Vice President

 

 

Deutsche Bank National Trust Company

 

 

For Deutsche Bank Trust Company Americas

 

 

Corporate Trustee of Mesabi Trus

 

 

 

Dated:   January 23, 2017

 

 

 


EX-99.1 2 msb-20170119ex991e7a153.htm EX-99.1 msb_Ex991

EXHIBIT 99.1

MESABI TRUST PRESS RELEASE

New York, New York

January 19, 2017

The Trustees of Mesabi Trust (NYSE: MSB) declared a distribution of fourteen cents ($0.14) per Unit of Beneficial Interest payable on February 20, 2017 to Mesabi Trust Unitholders of record at the close of business on January 30, 2017.  This compares to a distribution of five cents ($0.05) per Unit of Beneficial Interest for the same period last year.

The nine cents ($0.09) per Unit increase in the current distribution, as compared to the same quarter last year, is primarily attributable to the Mesabi Trustees’ consideration of the Trust’s receipt of $1,880,334 on October 30, 2016, which was the total royalty payment paid to the Trust by Northshore Mining Company (“Northshore”).  The Trustees’ determination of the distribution amount announced today also reflects their continuing effort to maintain a prudent level of unallocated reserve in order for the Trust to be in position to meet current and future expenses, and any 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.  Finally, the increase in the current distribution compared to a year ago reflects the fact that on November 17, 2015, Northshore had announced a temporary idling of iron ore pellet production at Northshore in Silver Bay, Minnesota, which resulted in a lower volume of shipments of iron ore pellets during the last calendar quarter of 2015.  Iron ore pellet production at Northshore operations was restarted in May 2016.

Quarterly royalty payments earned for iron ore shipments made during the calendar quarter ended December 31, 2016, if any, payable by Northshore to Mesabi Trust under the royalty agreement, are due on January 30, 2017, together with the quarterly royalty report.  After receiving the report, Mesabi Trust plans to file with the Securities and Exchange Commission a summary of the quarterly royalty report 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 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.

 

 

Contact:

Mesabi Trust SHR Unit

 

Deutsche Bank Trust Company Americas

 

(904) 271-2520