This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mesabi Trust Declares Distribution

The Trustees of Mesabi Trust (NYSE: MSB) declared a distribution of forty-nine cents ($0.49) per Unit of Beneficial Interest payable on February 20, 2013 to Mesabi Trust unitholders of record at the close of business on January 30, 2013. This compares to a distribution of seventy-six cents ($0.76) per Unit for the same period last year.

The twenty-seven cents ($0.27) per Unit decrease in the current distribution, as compared to the distribution announced in same quarter last year, is primarily due to a 19% decrease in the average price per ton credited to the Trust on all shipments during the fourth calendar quarter of 2012, as compared to the fourth calendar quarter of 2011. In addition, there was a 13% decrease in the volume of shipments credited to Mesabi Trust and shipped from Silver Bay, Minnesota, reported by Northshore Mining Company (“Northshore”), the lessee/operator of the mine on Mesabi Trust lands, during the fourth quarter of calendar year 2012, as compared to the fourth calendar quarter of 2011. Finally, for the fourth calendar quarter of 2012, the Trust is expecting to receive approximately $150,000 of negative pricing adjustments relating to prior shipments and royalty payments paid to the Trust during the first three calendar quarters of 2012, while the Trust received approximately $632,000 of positive pricing adjustments in the fourth calendar quarter of 2011.

Based on the shipments of iron ore reported by Northshore during the fourth calendar quarter of 2012, on January 30, 2013, Mesabi Trust is expecting to receive a base royalty of $4,472,552. Mesabi Trust is also expecting to receive a bonus royalty in the amount of $2,236,276. Mesabi Trust is also expecting to have its royalties from Northshore reduced by $149,251 as a result of negative pricing adjustments to prior shipments and royalty payments previously paid to Mesabi Trust during the first three calendar quarters of 2012. Accordingly, the total royalty payment expected to be received by Mesabi Trust from Northshore is $6,727,912 (including a royalty payment of $168,336 payable to the Mesabi Land Trust).

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $247.54 -1.60%
YHOO $36.59 -0.97%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs