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			msb_Current_Folio_8K
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:14pt;">UNITED STATES</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:18pt;">FORM 8-K</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:12pt;">Current Report</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Date of Report (Date of earliest event reported):&nbsp; </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:11pt;">October 30, 2019</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:20pt;">MESABI TRUST</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">(Exact name of registrant as specified in its charter)</font>
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						<font style="display:inline;font-weight:bold;font-size:11pt;">New York</font></p>
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						<font style="display:inline;font-weight:bold;font-size:11pt;">1-4488</font></p>
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						<font style="display:inline;font-weight:bold;font-size:11pt;">13-6022277</font></p>
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						<font style="display:inline;font-size:11pt;">(State or other jurisdiction of&nbsp;incorporation)</font></p>
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						<font style="display:inline;font-size:11pt;">(Commission File Number)</font></p>
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						<font style="display:inline;font-size:11pt;">(I.R.S. Employer Identification&nbsp;No.)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">c/o Deutsche Bank Trust Company Americas <br></font><font style="display:inline;color:#000000;font-size:11pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Trust &amp; Agency Services <br></font><font style="display:inline;color:#000000;font-size:11pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">60 Wall Street, 24th Floor <br></font><font style="display:inline;color:#000000;font-size:11pt;"></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">New York, New York</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">10005</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">(Address of principal executive offices)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">(Zip Code)</font></p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">(904) 271-2520</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">(Registrant&#x2019;s telephone number, including area code)</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">N/A</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">(Former name or former address, if changed since last report)</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">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:</font>
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			<font style="display:inline;font-size:11pt;">&#x2610;<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
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			<font style="display:inline;font-size:11pt;">&#x2610;<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
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			<font style="display:inline;font-size:11pt;">&#x2610;<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
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			<font style="display:inline;font-size:11pt;">&#x2610;<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;font-family:Wingdings;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 18pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Securities registered pursuant to Section 12(b) of the Act:</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Title of each class</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Trading Symbol(s)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Name of each exchange on</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">which registered</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">Units of Beneficial Interest, no par value</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">MSB</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">New York Stock Exchange</font></p>
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			<font style="display:inline;font-size:11pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter).</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Emerging growth company </font><font style="display:inline;font-size:11pt;">&#x2610;</font></p>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">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.&nbsp; </font><font style="display:inline;font-size:11pt;">&#x2610;</font>
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			&nbsp;
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</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Item 7.01 Regulation FD.</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Quarterly Royalty Report</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">On October 30, 2019, the Trustees of Mesabi Trust (NYSE: MSB) received the quarterly royalty report of iron ore shipments from Silver Bay, Minnesota during the quarter ended September 30, 2019 (the &#x201C;Royalty Report&#x201D;) from Cleveland-Cliffs Inc. (&#x201C;Cliffs&#x201D;), the parent company of Northshore Mining Company (&#x201C;Northshore&#x201D;).</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">As reported to the Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended September 30, 2019, Mesabi Trust was credited with a base royalty of $8,354,828.&nbsp; Also for the three months ended September 30, 2019, Mesabi Trust was credited with a bonus royalty in the amount of $ 5,089,002. Royalties paid to Mesabi Trust reflected the reduction of $ 1,514,371 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in prior quarters.&nbsp;&nbsp;In addition, a royalty payment of $166,505 was paid to the Mesabi Land Trust.&nbsp;&nbsp;Accordingly, the total royalty payments received by Mesabi Trust on October 30, 2019 from Cliffs were $ 12,095,964.</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands.&nbsp;&nbsp;In the third calendar quarter of 2019, Cliffs  credited Mesabi Trust with 1,697,627 tons of iron ore shipped, as compared to </font><font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">1,898,984 </font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">tons shipped during the third calendar quarter of 2018.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">The volume of shipments of iron ore pellets (and other iron ore products) by Northshore varies from quarter to quarter and year to year based on a number of factors, including the requested delivery schedules of customers, general economic conditions in the iron ore industry, and weather conditions on the Great Lakes.&nbsp;&nbsp;Further, the prices under the term contracts among Northshore, Cliffs, and certain of their customers (the &#x201C;Cliffs Pellet Agreements&#x201D;), to which Mesabi Trust is not a party, are subject to interim and final pricing adjustments, dependent in part on multiple price and inflation index factors, some of which are not known until after the end of a contract year.&nbsp;&nbsp;The factors that could result in price adjustments under Cliffs&#x2019; customer contracts include changes in the Platts 62% Price, hot-rolled coil steel price, the Atlantic Basin pellet premium, published Platts international indexed freight rates and changes in specified producer price indices, including those for industrial commodities, fuel and steel.&nbsp;&nbsp;These multiple factors can result in significant variations in royalties received by Mesabi Trust (and in turn, the resulting funds available for distribution to Unit holders by Mesabi Trust) from quarter to quarter and from year to year.&nbsp;&nbsp;These variations, which can be positive or negative, cannot be predicted by the Trustees of Mesabi Trust.&nbsp;&nbsp;Royalty payments anticipated to be received during fiscal 2020 will continue to reflect pricing estimates for shipments of iron ore products that will be subject to positive or negative pricing adjustments pursuant to the Cliffs Pellet Agreements.&nbsp;&nbsp;Based on the above factors, and as indicated by the Trust&#x2019;s historical distribution payments, the royalties received by the Trust, and the distributions paid to Unit holders, if any, in any particular quarter are not necessarily indicative of royalties that will be received, or distributions that will be paid, if any, in any subsequent quarter or full year.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">With respect to calendar year 2019, Northshore has not advised Mesabi Trust of its expected shipments of iron ore products (except as noted below with regard to DR-grade pellets) or what percentage of 2019 shipments will be from Mesabi Trust iron ore.&nbsp; In the Cliffs&#x2019; Royalty Report, Cliffs stated that the royalty payments being reported today were based on estimated iron ore pellet prices under the Cliffs Pellet Agreements, which are subject to change.&nbsp;&nbsp;It is possible that future negative price adjustments could offset, or even eliminate, royalties or royalty income that would otherwise be payable to Mesabi Trust in any particular quarter, or at year end, thereby potentially reducing cash available for distribution to Mesabi Trust&#x2019;s Unit holders in future quarters.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-size:11pt;">1</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Other Recent Developments</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">In its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, Cliffs disclosed that it is continuing construction of its HBI plant in Toledo, Ohio, and it expects to complete construction and begin commercial production ahead of schedule, in the first half of 2020.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">In its October 23, 2019 earnings call, Cliffs further disclosed that, during its third quarter, its company sales to the Toledo HBI plant were 346,000 tons, and that intercompany sales were lower than Cliffs had previously guided, as it diverted a portion of DR-grade pellet tonnage to the seaborne market.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">Forward-looking Statements</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">This report contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2019, royalty (including bonus royalty) amounts, 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.&nbsp;&nbsp;Actual production, prices, price adjustments, 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 and other global events, 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, market inputs tied to indexed price adjustment factors found in Cliffs Pellet Agreements resulting in future adjustments to royalties payable to Mesabi Trust and other factors.&nbsp;&nbsp;Further, substantial portions of royalties earned by Mesabi Trust are based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and are dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust is not a party and that are not known until after the end of a contract year.&nbsp;&nbsp;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.&nbsp;&nbsp;Additional information concerning these and other risks and uncertainties is contained in the Trust&#x2019;s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2019.&nbsp;&nbsp;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.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be &#x201C;filed&#x201D; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:24pt 0pt 0pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">

			<font style="display:inline;font-size:11pt;">2</font>

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">

			&nbsp;

		</p>

</div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">SIGNATURE</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">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.</font>
		</p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display:inline;font-size:1pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;font-size:11pt;">MESABI TRUST</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">By:</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">/s/ Jeffrey Schoenfeld</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Jeffrey Schoenfeld</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Vice President</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Deutsche Bank Trust Company Americas,</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">&nbsp;</font></p>
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						<font style="display:inline;font-size:11pt;">&nbsp;</font></p>
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					<p style="margin:0pt;color:#000000;font-family:Times New Roman,Times,serif;font-size: 11pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;font-size:11pt;">Corporate Trustee of Mesabi Trust</font></p>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
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		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman,Times,serif;font-size: 11pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-size:11pt;">Dated: November 4, 2019</font>
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			<font style="display:inline;font-size:11pt;">3</font>

		</p>

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msb_Current_Folio_8K
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 30, 2019
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
60 Wall Street, 24th Floor
New York, New York
10005
(Address of principal executive offices)
(Zip Code)
(904) 271-2520
(Registrant's telephone number, including area code)
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(Former name or former address, if changed since last report)
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MSB
New York Stock Exchange
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Emerging growth company
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Item 7.01 Regulation FD.
Quarterly Royalty Report
On October 30, 2019, the Trustees of Mesabi Trust (NYSE: MSB) received the quarterly royalty report of iron ore shipments from Silver Bay, Minnesota during the quarter ended September 30, 2019 (the "Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore").
As reported to the Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended September 30, 2019, Mesabi Trust was credited with a base royalty of $8,354,828.  Also for the three months ended September 30, 2019, Mesabi Trust was credited with a bonus royalty in the amount of $ 5,089,002. Royalties paid to Mesabi Trust reflected the reduction of $ 1,514,371 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in prior quarters.  In addition, a royalty payment of $166,505 was paid to the Mesabi Land Trust.  Accordingly, the total royalty payments received by Mesabi Trust on October 30, 2019 from Cliffs were $ 12,095,964.
The royalties paid to Mesabi Trust are based on the volume of shipments of iron ore pellets for the quarter and the year to date, the pricing of iron ore product sales, and the percentage of iron ore pellet shipments from Mesabi Trust lands rather than from non-Mesabi Trust lands.  In the third calendar quarter of 2019, Cliffs  credited Mesabi Trust with 1,697,627 tons of iron ore shipped, as compared to
1,898,984
tons shipped during the third calendar quarter of 2018.
The volume of shipments of iron ore pellets (and other iron ore products) by Northshore varies from quarter to quarter and year to year based on a number of factors, including the requested delivery schedules of customers, general economic conditions in the iron ore industry, and weather conditions on the Great Lakes.  Further, the prices under the term contracts among Northshore, Cliffs, and certain of their customers (the "Cliffs Pellet Agreements"), to which Mesabi Trust is not a party, are subject to interim and final pricing adjustments, dependent in part on multiple price and inflation index factors, some of which are not known until after the end of a contract year.  The factors that could result in price adjustments under Cliffs' customer contracts include changes in the Platts 62% Price, hot-rolled coil steel price, the Atlantic Basin pellet premium, published Platts international indexed freight rates and changes in specified producer price indices, including those for industrial commodities, fuel and steel.  These multiple factors can result in significant variations in royalties received by Mesabi Trust (and in turn, the resulting funds available for distribution to Unit holders by Mesabi Trust) from quarter to quarter and from year to year.  These variations, which can be positive or negative, cannot be predicted by the Trustees of Mesabi Trust.  Royalty payments anticipated to be received during fiscal 2020 will continue to reflect pricing estimates for shipments of iron ore products that will be subject to positive or negative pricing adjustments pursuant to the Cliffs Pellet Agreements.  Based on the above factors, and as indicated by the Trust's historical distribution payments, the royalties received by the Trust, and the distributions paid to Unit holders, if any, in any particular quarter are not necessarily indicative of royalties that will be received, or distributions that will be paid, if any, in any subsequent quarter or full year.
With respect to calendar year 2019, Northshore has not advised Mesabi Trust of its expected shipments of iron ore products (except as noted below with regard to DR-grade pellets) or what percentage of 2019 shipments will be from Mesabi Trust iron ore.  In the Cliffs' Royalty Report, Cliffs stated that the royalty payments being reported today were based on estimated iron ore pellet prices under the Cliffs Pellet Agreements, which are subject to change.  It is possible that future negative price adjustments could offset, or even eliminate, royalties or royalty income that would otherwise be payable to Mesabi Trust in any particular quarter, or at year end, thereby potentially reducing cash available for distribution to Mesabi Trust's Unit holders in future quarters.
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Other Recent Developments
In its Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, Cliffs disclosed that it is continuing construction of its HBI plant in Toledo, Ohio, and it expects to complete construction and begin commercial production ahead of schedule, in the first half of 2020.
In its October 23, 2019 earnings call, Cliffs further disclosed that, during its third quarter, its company sales to the Toledo HBI plant were 346,000 tons, and that intercompany sales were lower than Cliffs had previously guided, as it diverted a portion of DR-grade pellet tonnage to the seaborne market.
Forward-looking Statements
This report contains certain forward-looking statements with respect to iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2019, royalty (including bonus royalty) amounts, 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, 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 and other global events, 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, market inputs tied to indexed price adjustment factors found in Cliffs Pellet Agreements resulting in future adjustments to royalties payable to Mesabi Trust and other factors.  Further, substantial portions of royalties earned by Mesabi Trust are based on estimated prices that are subject to interim and final adjustments, which can be positive or negative, and are dependent in part on multiple price and inflation index factors under agreements to which Mesabi Trust is not a party and that are 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 in the Trust's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2019.  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.
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.
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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/ Jeffrey Schoenfeld
Jeffrey Schoenfeld
Vice President
Deutsche Bank Trust Company Americas,
Corporate Trustee of Mesabi Trust
Dated: November 4, 2019
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