Mesabi Trust declares no November 2026 distribution

Q: How much royalty income did Mesabi Trust receive from Cleveland-Cliffs?

Mesabi Trust received $1,807,779 from Cleveland-Cliffs Inc. on July 30, 2026, compared with $5,300,287 received from Cleveland-Cliffs in July 2025. The 2026 payment included no bonus royalty payment.

July royalty receipts were $1,807,779, compared with $5,300,287 in July 2025, and included no bonus royalty payment.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

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How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

Mesabi Trust (MSB) declared no distribution for the current quarter, and no payment will be made in November 2026. For the same period last year, the Trust declared a distribution of $0.34 per Unit of Beneficial Interest.

The Trustees said the decision primarily reflected royalty payments of $1,807,779 received July 30, 2026, from Cleveland-Cliffs Inc., parent of Northshore Mining Company; the payment included no bonus royalty and was lower than the $5,300,287 received from Cleveland-Cliffs in July 2025. The Trust reported zero bonus royalties for the three months ended March 31 and June 30, 2026, when deemed shipments were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton. The Trustees also cited maintaining reserves for expenses and pending arbitration, and uncertainty related to Cleveland-Cliffs’ vertical supply chain plans.

0 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 1 point

How the balance works

Positive

None.

Negative

Moderate pointNo quarterly distribution versus $0.34 per Unit in the prior-year period.

Filing Explained

The third-calendar-quarter royalty payment and report are due October 30, 2026; Mesabi Trust says it plans to file a summary with the SEC after receiving both.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Distribution declared: $0.34 per Unit Royalty payments received: $1,807,779 Royalty payments received: $5,300,287 +2 more

5 metrics

Distribution declared $0.34 per Unit Same period last year; no distribution was declared for the current quarter.

Royalty payments received $1,807,779 Received from Cleveland-Cliffs on July 30, 2026.

Royalty payments received $5,300,287 Received from Cleveland-Cliffs in July 2025.

Bonus royalties $0 Credited in each of the quarterly royalty reports for the three months ended March 31 and June 30, 2026.

Adjusted bonus royalty threshold $71.70 per ton 2026 threshold; deemed shipments were priced below it.

Key Terms

bonus royalties, adjusted bonus royalty threshold, unallocated reserve, deemed shipments

4 terms

bonus royalties financial

"the Trust was credited with no bonus royalties"

adjusted bonus royalty threshold financial

"2026 adjusted bonus royalty threshold of $71.70 per ton"

unallocated reserve financial

"maintain adequate levels of the Trust’s unallocated reserve"

deemed shipments technical

"all deemed shipments out of Silver Bay"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What distribution did MSB declare?

MSB declared no distribution for the current quarter, and no distribution will be paid in November 2026. For the same period last year, the Trust declared $0.34 per Unit of Beneficial Interest.

How much royalty income did Mesabi Trust receive from Cleveland-Cliffs?

Mesabi Trust received $1,807,779 from Cleveland-Cliffs Inc. on July 30, 2026, compared with $5,300,287 received from Cleveland-Cliffs in July 2025. The 2026 payment included no bonus royalty payment.

When are MSB's third-quarter royalty payments due?

Quarterly royalty payments from Cleveland-Cliffs and Northshore Mining Company for third-calendar-quarter iron ore production and shipments, together with the quarterly royalty report, are due October 30, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/15/2026 - 04:35 PM EDT Accepted by SEC EDGAR 10/15/2026 - 04:35 PM EDT

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): October 15, 2026

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 No.)

c/o Deutsche Bank Trust Company Americas
Trust & Agency Services
1 Columbus Circle, 17th Floor

Mail Stop: NYC01-1710
New York, New York

10019

(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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on

which registered

Units of Beneficial Interest, no par value

MSB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

Announcement of Mesabi Trust Distribution

On October 15, 2026, Mesabi Trust (NYSE: MSB) issued a press release announcing that the Trustees of Mesabi Trust have determined that no distribution has been declared this quarter, and no distribution will be paid in November 2026, with respect to Units of Beneficial Interest. This compares to a thirty-four cents ($0.34) per Unit distribution declared for the same period last year. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.		Description
99.1		Press Release dated October 15, 2026

104		Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)

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/ Chris Niesz
		Chris Niesz
		Director
		Deutsche Bank Trust Company Americas, Corporate Trustee of Mesabi Trust

Dated: October 15, 2026

Exhibit 99.1

MESABI TRUST PRESS RELEASE

October 15, 2026 @ 04:05 PM Eastern Daylight Time

NEW YORK--(BUSINESS WIRE)

Mesabi Trust Announcement of No Distribution

The Trustees of Mesabi Trust (NYSE: MSB) have determined that no distribution has been declared this quarter, and no distribution will be paid in November 2026, with respect to Units of Beneficial Interest. This compares to a thirty-four cents ($0.34) per Unit distribution declared for the same period last year.

The Trustees’ announcement today of declaring no distribution this quarter reflects consideration of several factors. The Trustees’ current distribution determination primarily reflects that the total royalty payments received by the Trust of $1,807,779 on July 30, 2026, from Cleveland-Cliffs Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), included no bonus royalty payment and were lower than the total royalty payments of $5,300,287 received by the Trust from Cliffs in July 2025.

As recently reported by the Trust in its two Current Reports on Form 8-K dated May 4, 2026 and July 31, 2026, based on Cliffs’ most recent quarterly royalty reports of shipments to an unaffiliated third party customer for the three months ended March 31, 2026 and June 30, 2026, during the current fiscal year, the Trust was credited with no bonus royalties (zero dollars) in each of Cliffs’ quarterly royalty reports. In its April 30, 2026 and July 30, 2026 quarterly royalty reports to the Trust, Cliffs reported that all deemed shipments out of Silver Bay for the relevant 2026 calendar quarter ends were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton.

The Trustees’ distribution announcement today also takes into account several other factors, including the desire to maintain adequate levels of the Trust’s unallocated reserve in order to meet current expenses for ongoing matters as well as those related to its pending arbitration and to maintain funds to address uncertainties resulting from Cliffs’ prior announcements regarding its vertical supply chain implementation. Other contributing factors included the current volatility of the iron ore and steel industries generally, national and global economic uncertainties, potential changes in trade laws, the volume of unfairly traded imports, the imposition or termination of international duties or tariffs and ongoing disturbances from global unrest.

The Trustees have received no specific updates on Cliffs’ plans for the current year concerning Northshore iron ore operations or Northshore’s production, sale or shipments of iron ore products.

Quarterly royalty payments from Cliffs and Northshore for iron ore production and shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due October 30, 2026, together with the quarterly royalty report. After receiving the quarterly royalty report and payment, 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.

Forward-Looking Statements

This press release contains certain forward-looking statements with respect to Northshore operations and Cliffs during 2026 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, sales 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, imposition or termination of duties or tariffs and retaliatory tariffs, 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 and other factors. Further, historically some of the royalties earned by Mesabi Trust have been based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and may be dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust was not a party and that were 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 under the caption “Risk Factors” in Mesabi Trust’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (filed April 22, 2026) and each of its Quarterly Reports on Form 10-Q for the fiscal quarter ended April 30, 2026 (filed June 12, 2026) and for the fiscal quarter ended July 31, 2026 (filed September 11, 2026). 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

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

EX-99.1 EX-99.1 10.3 KB