Mesabi Trust ( NYSE: MSB ) -8.1% post-market Friday after the trustees said no distribution will be declared this month , reflecting uncertainties caused by Cleveland-Cliffs' ( CLF ) announcement in July to extend the idling of operations at Northshore Mining until at least April 2023 and possibly beyond.
The trustees said their determination also considers other factors, including uncertainties resulting from Cleveland-Cliffs' ( CLF ) previous announcements to make Northshore a swing operation as the company's Minorca operation becomes increasingly utilized.
Cleveland-Cliffs' ( CLF ) recent acquisitions have degraded Mesabi Trust's ( MSB ) economic leverage within their relationship, Nat Stewart writes in an analysis published on Seeking Alpha .
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Mesabi Trust says no October distribution, citing Northshore uncertainties