Every 8-K that Mesabi Trust (MSB) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow MSB and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MSB filings page.
Mesabi Trust reports that, based on Cleveland-Cliffs’ quarterly royalty report for iron ore shipments from Northshore Mining, it received total royalty payments of $1,807,779 on July 30, 2026 for the quarter ended June 30, 2026. This reflects a base royalty credited to Mesabi Trust of $1,585,696 and a royalty payment of $222,083 paid to Mesabi Land Trust, with no bonus royalty for the period and no adjustments related to prior quarters.
Cliffs’ report shows Mesabi Trust was credited with 902,331 tons of iron ore shipped in the second calendar quarter of 2026, compared with 924,442 tons in the same quarter of 2025. All deemed shipments this quarter were priced below the 2026 adjusted bonus royalty threshold of $71.70 per ton, resulting in a bonus royalty of $0. Royalty calculations are based on estimated prices that may change and remain subject to Mesabi Trust’s due diligence review and verification. The Trust notes that future royalties and any distributions can vary significantly with Northshore operating decisions, shipment volumes, iron ore pricing, customer demand, and broader industry and macroeconomic factors, and it includes forward-looking statements subject to the risks outlined in its recent SEC reports.
Mesabi Trust declared a reduced cash distribution of five cents ($0.05) per Unit of Beneficial Interest, payable on August 20, 2026 to Unitholders of record at the close of business on July 30, 2026. This distribution is for the same seasonal period as in the prior year.
The new $0.05 per Unit payout compares with a twelve cents ($0.12) per Unit distribution declared for the same period last year. Trustees cited April 30, 2026 total royalty payments of $1,625,300 from Cleveland-Cliffs Inc., which included no bonus royalty and were below the $2,422,329 received in April 2025.
The Trustees also referenced uncertainties around Cleveland-Cliffs’ vertical supply chain planning, volatility in iron ore and steel markets, global economic and trade-policy risks, and ongoing geopolitical unrest. They reported receiving no specific updates on Northshore Mining Company’s 2026 operating plans. After receiving second-quarter royalties and the related report due July 30, 2026, Mesabi Trust plans to furnish a summary to the SEC.
Mesabi Trust reported Q1 2026 iron ore royalty income based on shipments from Northshore Mining’s Silver Bay operations. For the quarter ended March 31, 2026, the Trust received total royalty payments of $1,625,300, including a base royalty of $1,201,501 and $243,986 of positive prior-period adjustments.
The bonus royalty for the quarter was $0 because deemed shipment prices were below the 2026 adjusted bonus royalty threshold of $71.70 per ton, marking the first quarter in many years (excluding a prior idling period) without a bonus royalty. Cliffs credited Mesabi Trust with 938,572 tons shipped, compared with 457,728 tons in the first quarter of 2025, highlighting significantly higher volume but lower realized pricing. Management emphasized that royalties and related Unitholder distributions can vary widely from quarter to quarter.
Mesabi Trust declared a cash distribution of $0.24 per Unit of Beneficial Interest, payable on May 20, 2026 to Unitholders of record on April 30, 2026. This is a substantial reduction from the $0.56 per Unit distribution declared for the same period last year.
The lower distribution reflects a decline in royalty income and higher caution. The Trust received $4,943,488 in royalty payments from Cleveland-Cliffs on January 30, 2026, down from $8,986,464 in January 2025. Trustees also chose to maintain reserves for current and future expenses and liabilities and cited uncertainty around Northshore Mining’s operations, volatile iron ore and steel markets, trade policy changes, and broader economic and geopolitical risks.
Mesabi Trust reported that on January 30, 2026 it received total royalty payments of $4,943,488 from Cleveland-Cliffs based on iron ore shipments during the quarter ended December 31, 2025. This was made up of a base royalty of $3,622,142, a bonus royalty of $1,041,580, and $66,572 of royalty adjustments related to prior quarters.
Cliffs also paid $213,194 to the Mesabi Land Trust. Royalty calculations depend on shipment volumes, pricing, and the share of production from Mesabi Trust lands. Shipments credited to Mesabi Trust were 956,512 tons in the fourth calendar quarter of 2025, compared with 1,110,800 tons a year earlier, underscoring how volumes and resulting royalties can vary significantly over time.
Mesabi Trust emphasized that future royalties and distributions to unitholders can fluctuate widely due to operating decisions at Northshore, iron ore and steel market conditions, and other external risks, so any single quarter’s royalty level should not be viewed as a guide to future payments.
Mesabi Trust reported that its trustees declared a cash distribution of $0.26 per Unit of Beneficial Interest, payable on February 20, 2026 to unitholders of record at the close of business on January 30, 2026. This distribution is much lower than the $5.95 per Unit distribution declared for the same period a year earlier, indicating a significant reduction in cash being returned to unitholders compared with last year.
Mesabi Trust reported receipt of $4,005,142 in quarterly royalties on October 30, 2025, based on Northshore Mining’s iron ore shipments for the quarter ended September 30, 2025. The payment included a base royalty of $2,817,500 and a bonus royalty of $973,410, with $214,232 paid to the Mesabi Land Trust.
Cliffs credited the Trust with 987,370 tons of iron ore shipped in the quarter, up from 972,154 tons in the prior-year period. The report noted three pellet sales to a single third party in September 2025 that remain subject to continued due diligence review, and indicated that royalty calculations are based on prices that are subject to change.
Management reiterated that royalties can vary significantly due to shipment volumes, pricing, mine operating decisions, customer schedules, industry conditions, and Great Lakes weather, so any single quarter’s distributions may not indicate future levels.
Mesabi Trust reported a new cash distribution to its unitholders. The Trustees declared a distribution of $0.34 per Unit of Beneficial Interest, payable on November 20, 2025 to unitholders of record at the close of business on October 30, 2025. This compares with a distribution of $0.39 per Unit declared for the same period a year earlier, indicating a lower payout versus last year. The details were disclosed in a press release furnished as an exhibit.
Mesabi Trust filed a current report describing the start of an arbitration proceeding with the American Arbitration Association against Northshore Mining Company and its parent Cleveland-Cliffs Inc., together referred to as the Operator of its leased lands.
Mesabi Trust is seeking damages and declaratory relief related to the Operator’s idling of Northshore’s operations from May 2022 to April 2023 and its alleged underpayment of royalties on intercompany shipments from 2023 through the present. The filing also notes a related press release as an exhibit.