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Mesabi Trust Declares Distribution

Stocks in this article: MSB

The Trustees of Mesabi Trust (NYSE:MSB) declared a distribution of fifty-seven cents ($0.57) per Unit of Beneficial Interest payable on February 20, 2014 to Mesabi Trust’s unitholders (“ Unitholders”) of record at the close of business on January 30, 2014. This compares to a distribution of forty-nine cents ($0.49) per Unit for the same period last year.

The eight cents ($0.08) per Unit increase in the current distribution for the fourth calendar quarter of 2013, as compared to the same quarter of 2012, is mostly attributable to significant positive pricing adjustments resulting from changes in pricing estimates by Northshore Mining Company ("Northshore") during the first three calendar quarters of 2013. These positive pricing adjustments were offset somewhat by a slight decrease in the average sales price per ton of iron ore pellets for the fourth calendar quarter of 2013, and a decrease in the volume of iron ore pellet shipments that was credited to Mesabi Trust for the same period, as compared to the fourth calendar quarter of 2012, respectively. The base and bonus royalties payable to Mesabi Trust (before the application of pricing adjustments by Northshore) decreased from approximately $6.71 million in the fourth calendar quarter of 2012 to approximately $5.67 million for the fourth calendar quarter of 2013.

Based on shipments of iron ore pellets during the fourth calendar quarter of 2013 reported by Northshore, Mesabi Trust expects to be credited with a base royalty of $3,666,911 during the fourth calendar quarter of 2013. Mesabi Trust also expects to be credited with a bonus royalty in the amount of $2,000,133 based on the average sales price per ton of iron ore pellets and the volume of shipments during the fourth calendar quarter of 2013. Mesabi Trust is expecting an increase in base and bonus royalty payment of $1,863,251 as a result of positive pricing adjustments due to changes in pricing estimates made in the first, second and third calendar quarters of 2013. Accordingly, the total royalty payment expected to be received on January 30, 2013 for the fourth calendar quarter of 2013 by Mesabi Trust is $7,680,038 (which includes a royalty payment of $149,744 payable to the Mesabi Land Trust).

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