2023-04-14 16:26:29 ET
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Mesabi Trust ( NYSE: MSB ) said Friday its board will not declare distribution in April, compared to the distribution of $1.04 per unit for the same period last year.
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MSB said the decision to declare no distribution reflects its caution about uncertainties related to a number of factors, including principally Cleveland-Cliffs’ previously announced plans to idle Northshore Mining Company’s iron ore operations until April 2023 or maybe beyond.
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MSB said recent press reports of CLF’s public statements were not definitive on a date or scope of a possible restart of Northshore operations.
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MSB said it received no royalty payments in the last two fiscal quarters, and that there has been no apparent iron ore production or shipping at Northshore during the most recent quarter.
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MSB said negative pricing adjustments, which are expected to be recognized in the last quarter are anticipated to increase the contract liability portion of the its unallocated reserve.
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MSB said it has received no specific updates on CLF's plans concerning Northshore iron ore operations.
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Mesabi Trust cancels distribution for April