2023-04-26 07:27:38 ET
Mesabi Trust ( NYSE: MSB ) closed -12.9% in Tuesday's trading after Cleveland-Cliffs ( NYSE: CLF ) CEO Lourenco Goncalves said Northshore Mining would continue to serve as a " swing operation ," meaning Northshore would be used "as needed."
Northshore Mining partly reopened this month after being shuttered for nearly a year, but "at this time, we still do not expect to operate Northshore in full any time this year," Goncalves said on Cleveland-Cliffs ( CLF ) post-earnings conference call Tuesday.
Cleveland-Cliffs ( CLF ) idled Northshore in May 2022, as it was engaged in a bitter dispute with Mesabi Trust ( MSB ) over "absurdly high" royalty payments, which does not appear to be solved.
Cleveland-Cliffs ( CLF ) closed -5.8% Tuesday after swinging to a Q1 net loss of $42M, or $0.11/share, from a net profit of $814M, or $1.50/share, in the year-earlier quarter.
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Mesabi Trust plummets as Northshore not expected to fully open this year