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 fifty-one cents ($0.51) per Unit of Beneficial Interest payable on November 20, 2013 to Mesabi Trust’s unitholders (hereinafter referred to as “ Unitholders”) of record at the close of business on October 30, 2013. This compares to a distribution of one dollar and thirteen cents ($1.13) per Unit for the same period last year.

The decrease in the current distribution of sixty-two cents ($0.62) per Unit, as compared to the same quarter last year, is attributable to a significant decrease in the volume of shipments for the third calendar quarter of 2013 and, to a lesser extent, a decrease in the average sales price per ton of iron ore pellets. The base and bonus royalties payable to Mesabi Trust (before the application of pricing adjustments by Northshore Mining Company (hereinafter referred to as “ Northshore”)) decreased from approximately $13.97 million in the third calendar quarter of 2012 to approximately $7.22 million for the third calendar quarter of 2013.

Based on shipments of iron ore pellets during the third calendar quarter of 2013 reported by Northshore, Mesabi Trust expects to be credited with a base royalty of $4,553,784 during the third calendar quarter of 2013. Mesabi Trust also expects to be credited with a bonus royalty in the amount of $2,661,607 based on the average sales price per ton of iron ore pellets and the volume of shipments during the third calendar quarter of 2013. Mesabi Trust is, however, expecting a decrease in base and bonus royalty payment of $151,371 as a result of negative pricing adjustments to shipments and royalty payments made in the first and second calendar quarters of 2013. Accordingly, the total royalty payment expected to be received on October 30, 2013 by Mesabi Trust from Northshore is $7,176,448 (which includes a royalty payment of $112,429 payable to the Mesabi Land Trust).

1 of 3

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


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs