<?xml version='1.0' encoding='UTF-8'?>

      <!-- iXBRL document created with: Toppan Merrill Bridge iXBRL 9.6.8042.36810 -->
      <!-- Based on: iXBRL 1.1 -->
      <!-- Created on: 2/14/2022 11:14:02 AM -->
      <!-- iXBRL Library version: 1.0.8042.36816 -->
      <!-- iXBRL Service Job ID: 42eceba9-b302-4a02-9693-2edc321478e4 -->

  <html xmlns:dei="http://xbrl.sec.gov/dei/2021" xmlns="http://www.w3.org/1999/xhtml" xmlns:msb="http://www.MesabiTrust.com/20220214" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xs="http://www.w3.org/2001/XMLSchema-instance" xmlns:ixt-sec="http://www.sec.gov/inlineXBRL/transformation/2015-08-31" xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2015-02-26" xmlns:ix="http://www.xbrl.org/2013/inlineXBRL" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:xbrli="http://www.xbrl.org/2003/instance"><head><meta http-equiv="content-type" content="text/html" /><title></title></head><body><div style="margin-top:30pt;"></div><div style="display:none;"><ix:header><ix:hidden><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityCentralIndexKey" id="Tc_zu7766AKt0qPJFCwZoPGlQ_2_1">0000065172</ix:nonNumeric><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:AmendmentFlag" id="Tc_A0EM2rrbQ0WEWfdvM-gohw_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="msb-20220214.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000065172</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2022-02-14</xbrli:startDate><xbrli:endDate>2022-02-14</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:12.65pt;"><a id="_3301d617_2940_4bee_9ae5_5c46e52acb2c"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;text-align:center;border-bottom:1px solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-size:14pt;font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 5pt 0pt;"><b style="font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION </b><b style="font-size:14pt;font-weight:bold;"><br /></b><b style="font-size:12pt;font-weight:bold;">Washington, D.C. 20549</b></p><div style="font-family:'Times New Roman','Times','serif';font-size:11.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:18pt;text-align:center;margin:5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:0.5pt;">FORM </b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:DocumentType" id="Narr_UImkZRCMN0Od1A9T3qMIwA"><b style="font-weight:bold;letter-spacing:0.5pt;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:5pt 0pt 0pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Current Report</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-size:12pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 5pt 0pt;">Date of Report (Date of earliest event reported): <ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt:datemonthdayyearen" name="dei:DocumentPeriodEndDate" id="Narr_--PhZ98ISE6iJqA8zeusog"><b style="font-weight:bold;">February 14, 2022</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:20pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityRegistrantName" id="Narr_ewU8-eM9N0aQ9HB25b8FpQ"><b style="font-weight:bold;letter-spacing:-0.05pt;">MESABI TRUST</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 5pt 0pt;">(Exact name of registrant as specified in its charter)</p><a id="_b3067be5_2068_4891_a7b2_db7529813d8d"></a><a id="Tc_1106bI5tJki-dY1vdJtl0w_2_0"></a><a id="Tc_ITx-UI91v0GTP95CbzqKTg_2_1"></a><a id="Tc_3k5wKiKIYUiHYlgEP9ySVQ_2_2"></a><a id="Tc_ob2nEihEJEyr1vXv4Gr_ZA_3_0"></a><a id="Tc_7e5MhMdsSUGqJc6po6y3tQ_3_2"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:34.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:33.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:32.14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:34.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:stateprovnameen" name="dei:EntityIncorporationStateCountryCode" id="Tc_QNkS47cqGEeu7sEl6VFdIw_1_0"><b style="font-size:10pt;font-weight:bold;">New York</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:33.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityFileNumber" id="Tc_slDie298cE66f5imiUJ0Mg_1_1"><b style="font-size:10pt;font-weight:bold;">1-4488</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:32.14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityTaxIdentificationNumber" id="Tc_DqafRlrsQkO4qZOyNtWNvA_1_2"><b style="font-size:10pt;font-weight:bold;">13-6022277</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:34.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(State or other jurisdiction of</p></td><td style="vertical-align:bottom;width:33.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Commission File Number)</p></td><td style="vertical-align:bottom;width:32.14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(I.R.S. Employer Identification</p></td></tr><tr><td style="vertical-align:bottom;width:34.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">incorporation)</p></td><td style="vertical-align:bottom;width:33.04%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:32.14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">No.)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><a id="_5f0a05b0_5832_4eb4_bdf2_e3eb05317697"></a><a id="Tc_I9M2jwo1F0i7c8QEuzlwMw_1_0"></a><a id="Tc_pLJnknJY5kuKqS04YjH2NQ_2_0"></a><a id="Tc_H6T6zS9WuESiP4teG88JGA_2_1"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:41.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:13.6pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityAddressAddressLine1" id="Narr_F8_Otk0IdkqjdRn8CVcaJA"><b style="font-size:10pt;font-weight:bold;">c/o Deutsche Bank Trust Company Americas</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;"> </b><b style="font-size:10pt;font-weight:bold;"><br /></b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityAddressAddressLine2" id="Narr_fFwPqLYfn0OMq032CfCgPw"><b style="font-size:10pt;font-weight:bold;">Trust &amp; Agency Services</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;"> </b><b style="font-size:10pt;font-weight:bold;"><br /></b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityAddressAddressLine3" id="Narr_hvEYYyXHQUCCLyOgTanCvg"><b style="font-size:10pt;font-weight:bold;">60 Wall Street, 24th Floor</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;"> </b><b style="font-size:10pt;font-weight:bold;"><br /></b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityAddressCityOrTown" id="Narr_Qaw4k_A4uEClo_7f_7YhQg"><b style="font-size:10pt;font-weight:bold;">New York</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:stateprovnameen" name="dei:EntityAddressStateOrProvince" id="Narr_B5G-PqWC1USj0Ve0rjJa0w"><b style="font-size:10pt;font-weight:bold;">New York</b></ix:nonNumeric></p></td><td style="vertical-align:bottom;width:41.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:13.75pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:EntityAddressPostalZipCode" id="Tc_pnpJZuhUBESUfzAK_SjTUA_1_1"><b style="font-size:10pt;font-weight:bold;">10005</b></ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:58.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:13.6pt;text-align:center;margin:0pt;">(Address of principal executive offices)</p></td><td style="vertical-align:bottom;width:41.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:13.75pt;text-align:center;margin:0pt;">(Zip Code)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">(</b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:CityAreaCode" id="Narr_dh8I6q72wk61K0v4aSMEAA"><b style="font-size:10pt;font-weight:bold;">904</b></ix:nonNumeric><b style="font-size:10pt;font-weight:bold;">) </b><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:LocalPhoneNumber" id="Narr_d2kpyR1y80ewyEOPOrcsww"><b style="font-size:10pt;font-weight:bold;">271-2520</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Registrant&#8217;s telephone number, including area code)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:6pt 0pt 0pt 0pt;"><b style="font-weight:bold;">N/A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Former name or former address, if changed since last report)</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:1.0pt;text-align:justify;margin:0pt;"><span style="font-size:6pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 3pt 0pt;">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:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="Narr_V7cMOPT3Bkyf6bqUwupQpw"><span style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="Narr_44lsSOEE3kmZZVn8ReN4IQ"><span style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="Narr_n-hZcDZaoUGfXfO8nPnA3g"><span style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 3pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:18pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:boolballotbox" name="dei:PreCommencementIssuerTenderOffer" id="Narr_FA9UBy7G-kye-ENObo3ovg"><span style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:normal;">&#9744;</span></ix:nonNumeric></span><span style="font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:5pt 0pt 5pt 0pt;">Securities registered pursuant to Section 12(b) of the Act:</p><a id="_8b724350_b184_4c2a_9cf0_47dbbbccec8f"></a><a id="Tc_hwzKARmwrkGkewppGCGNuQ_1_0"></a><a id="Tc_A4cRw4jcrEyex76NhSlzjg_1_1"></a><a id="Tc_PHxaQ_bNG0mk1bh4xmhLVg_1_2"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:41.81%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:20.61%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:37.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><span style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:41.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Title of each class</b></p></td><td style="vertical-align:bottom;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Trading Symbol(s)</b></p></td><td style="vertical-align:bottom;width:37.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of each exchange on </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">which registered</b></p></td></tr><tr><td style="vertical-align:top;width:41.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:Security12bTitle" id="Tc_NJQ6nxMumUaNf28m_tepCA_2_0"><span style="font-size:10pt;">Units of Beneficial Interest, no par value</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:20.61%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" name="dei:TradingSymbol" id="Tc_Sfbm-YSLUUug4FCUTEsipQ_2_1"><span style="font-size:10pt;">MSB</span></ix:nonNumeric></p></td><td style="vertical-align:top;width:37.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_EIFnEEONlEOaJ_TSoJA1Mg_2_2"><span style="font-size:10pt;white-space:pre-wrap;">New York Stock Exchange  </span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:right;margin:0pt 72pt 6pt 0pt;"><span style="font-size:10pt;">Emerging growth company </span><ix:nonNumeric contextRef="Duration_2_14_2022_To_2_14_2022_1zCFJbm010qrvk19MF4StQ" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_la_TfnT59UKWQjFnwAHjog"><span style="font-family:'Segoe UI Symbol';font-size:10pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;">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.  </span><span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1pt;padding-bottom:1pt;padding-top:1pt;text-align:center;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_c769d99b_b99c_4058_8465_a9f76861063d"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Item 7.01</b></span><b style="font-weight:bold;">Regulation FD.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Cliffs Announced Plan to Idle all Operations at Northshore Mining Company from Spring to at least Fall 2022</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On February 11, 2022, Cleveland-Cliffs Inc. (&#8220;Cliffs&#8221;), parent of Northshore Mining Company (&#8220;Northshore&#8221;), the lessee/operator of the leased lands upon which Mesabi Trust is dependent for its royalties, held a conference call to discuss Cliffs&#8217; full year and fourth-quarter 2021 earnings. &#160;During the call, Lourenco Goncalves, Chairman, President, and Chief Executive Officer of Cliffs, disclosed &#8220;&#8230;with the use of additional scrap in our BOF&#8217;s [basic oxygen furnaces], our iron ore needs are not as high as before, and we no longer need to run our mines full out. When determining where to adjust production, our first look is at our cost structure. Because <span style="color:#1c1d20;">we are now able to produce DR-grade pellets at Minorca, and mainly due to the ridiculous royalty structure we have in place with the Mesabi Trust, we will be idling all production at our Northshore mine, starting in the Spring, carrying through at least to the Fall period, and maybe beyond. At Northshore, no production, no shipments, no royalty payments. We also acknowledge that our strategy to stretch hot metal, by adding increased amounts of scrap to the BOF&#8217;s is working extremely well. With more scrap in the BOF&#8217;s, we need fewer tons of hot metal to produce the same tonnage of liquid steel. As a consequence, the Northshore idle could go longer than currently planned.&#8221;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Mr. Goncalves also said that, &#8220;Going forward, [<span style="color:#1c1d20;">Cliffs] will be limiting the tonnage of iron ore pellets we sell to third parties.&#8221;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Trustees of Mesabi Trust note that in Cliffs&#8217; most recent Form 10-K for the fiscal year ended December 31, 2021 (filed with the SEC on February 11, 2022, the same day as Cliffs&#8217; earnings call announcement about idling Northshore from spring to at least the fall period), Cliffs described the planned idling at Northshore as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">&#8220;As announced in February 2022, it is anticipated that the Northshore mine will be temporarily idled for approximately four months during 2022.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Cliffs&#8217; announcement during its February 11, 2022 earnings call follows comments made by Cliffs&#8217; CEO on October 22, 2021, about its plans to shift DR-grade pellet production away from Northshore and into Minorca, making Northshore a swing operation and idling the Northshore operations from time to time. Cliffs has not notified Mesabi Trust of any of the aforementioned operational changes. Further, Cliffs has not recently requested any changes to the royalty structure, which is governed by a 1989 royalty agreement, &#160;and Cliffs has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretations of the royalty structure.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Mesabi Trust notes that any change to the royalty structure would require an amendment to the royalty agreement, which would require the approval of the Trustees as well as approval of 66 2/3% in interest of the Trust Certificate Holders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Trustees of Mesabi Trust also wish to clarify that with respect to royalties, the royalty agreement also provides that regardless of whether any production or shipment of iron ore pellets has occurred, Northshore is obligated to pay Mesabi Trust a minimum advance royalty. Each year, the amount of the minimum advance royalty is adjusted (but not below $500,000 per annum) for inflation and deflation. The minimum advance royalty was $964,659 for calendar year 2020 and was $976,765 calendar year 2021. Until overriding royalties (and royalty bonuses, if any,) for a particular year or equal or exceed the minimum advance royalty for the year, Northshore must make quarterly payments of up to 25% of the minimum advance royalty for the year. Because minimum advance royalties are essentially pre-payments of base overriding royalty and royalty bonuses (if any) earned during the year each year, any minimum advance royalties paid in a fiscal quarter are recouped by credits against base overriding royalties and royalty bonuses earned in later fiscal quarters during the year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">1</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Forward-looking Statements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">This report contains certain forward-looking statements based on Cliffs&#8217; publicly announced plans with respect to DR-grade pellet production, third party sales, and use of Northshore in the future, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended. &#160;Cliffs&#8217; implementation of, or changes to, these plans are beyond Mesabi Trust&#8217;s control. &#160;As such, 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 Mesabi Trust&#8217;s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (filed April 27, 2021). 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt;"><span style="font-size:12.45pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_e3fff415_54ca_45bc_b04f_1de30b3f8b4c"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:46.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">MESABI TRUST</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:46.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jeffrey Schoenfeld</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:46.57%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Jeffrey Schoenfeld</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:46.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vice President</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:46.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deutsche Bank Trust Company Americas,</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:46.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Corporate Trustee of Mesabi Trust</p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:49.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dated: February 14, 2022</p></td><td colspan="2" style="vertical-align:bottom;width:50.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt;"><span style="font-size:12.45pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border:0;"></div></body></html>
[{"type": "8-K", "sequence": "1", "filename": "msb-20220214x8k.htm", "description": "8-K", "secsgml_size_bytes": 44705}]
{"company-data": {"conformed-name": "MESABI TRUST", "cik": "0000065172", "assigned-sic": "6795", "irs-number": "136022277", "state-of-incorporation": "NY", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-04488", "film-number": "22624968"}, "business-address": {"street1": "P O BOX 318 CHURCH ST STATION", "street2": "C/O BANKERS TRUST CO CORP TRUST", "city": "NEW YORK", "state": "NY", "zip": "10008-0318", "phone": "2122506519"}, "mail-address": {"street1": "C/O BANKERS TRUST COMPANY, CORPORATE", "street2": "P.O. BOX 318 CHURCH STREET STATION", "city": "NEW YORK", "state": "NY", "zip": "10008-0318"}}
​
​
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):
February 14, 2022
MESABI TRUST
(Exact name of registrant as specified in its charter)
​
​
​
New York
1-4488
13-6022277
(State or other jurisdiction of
(Commission File Number)
(I.R.S. Employer Identification
incorporation)
​
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)
N/A
(Former name or former address, if changed since last report)
​
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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
​
​
​
​
Title of each class
Trading Symbol(s)
Name of each exchange on
which registered
Units of Beneficial Interest, no par value
MSB
New York Stock Exchange
​
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
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.
☐
​
​
​
​
Item 7.01
Regulation FD.
Cliffs Announced Plan to Idle all Operations at Northshore Mining Company from Spring to at least Fall 2022
​
On February 11, 2022, Cleveland-Cliffs Inc. ("Cliffs"), parent of Northshore Mining Company ("Northshore"), the lessee/operator of the leased lands upon which Mesabi Trust is dependent for its royalties, held a conference call to discuss Cliffs' full year and fourth-quarter 2021 earnings.  During the call, Lourenco Goncalves, Chairman, President, and Chief Executive Officer of Cliffs, disclosed "…with the use of additional scrap in our BOF's [basic oxygen furnaces], our iron ore needs are not as high as before, and we no longer need to run our mines full out. When determining where to adjust production, our first look is at our cost structure. Because
we are now able to produce DR-grade pellets at Minorca, and mainly due to the ridiculous royalty structure we have in place with the Mesabi Trust, we will be idling all production at our Northshore mine, starting in the Spring, carrying through at least to the Fall period, and maybe beyond. At Northshore, no production, no shipments, no royalty payments. We also acknowledge that our strategy to stretch hot metal, by adding increased amounts of scrap to the BOF's is working extremely well. With more scrap in the BOF's, we need fewer tons of hot metal to produce the same tonnage of liquid steel. As a consequence, the Northshore idle could go longer than currently planned."
​
Mr. Goncalves also said that, "Going forward, [
Cliffs] will be limiting the tonnage of iron ore pellets we sell to third parties."
​
The Trustees of Mesabi Trust note that in Cliffs' most recent Form 10-K for the fiscal year ended December 31, 2021 (filed with the SEC on February 11, 2022, the same day as Cliffs' earnings call announcement about idling Northshore from spring to at least the fall period), Cliffs described the planned idling at Northshore as follows:
​
"As announced in February 2022, it is anticipated that the Northshore mine will be temporarily idled for approximately four months during 2022."
​
Cliffs' announcement during its February 11, 2022 earnings call follows comments made by Cliffs' CEO on October 22, 2021, about its plans to shift DR-grade pellet production away from Northshore and into Minorca, making Northshore a swing operation and idling the Northshore operations from time to time. Cliffs has not notified Mesabi Trust of any of the aforementioned operational changes. Further, Cliffs has not recently requested any changes to the royalty structure, which is governed by a 1989 royalty agreement,  and Cliffs has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretations of the royalty structure.
​
Mesabi Trust notes that any change to the royalty structure would require an amendment to the royalty agreement, which would require the approval of the Trustees as well as approval of 66 2/3% in interest of the Trust Certificate Holders.
​
The Trustees of Mesabi Trust also wish to clarify that with respect to royalties, the royalty agreement also provides that regardless of whether any production or shipment of iron ore pellets has occurred, Northshore is obligated to pay Mesabi Trust a minimum advance royalty. Each year, the amount of the minimum advance royalty is adjusted (but not below $500,000 per annum) for inflation and deflation. The minimum advance royalty was $964,659 for calendar year 2020 and was $976,765 calendar year 2021. Until overriding royalties (and royalty bonuses, if any,) for a particular year or equal or exceed the minimum advance royalty for the year, Northshore must make quarterly payments of up to 25% of the minimum advance royalty for the year. Because minimum advance royalties are essentially pre-payments of base overriding royalty and royalty bonuses (if any) earned during the year each year, any minimum advance royalties paid in a fiscal quarter are recouped by credits against base overriding royalties and royalty bonuses earned in later fiscal quarters during the year.
​
1
​
Forward-looking Statements
This report contains certain forward-looking statements based on Cliffs' publicly announced plans with respect to DR-grade pellet production, third party sales, and use of Northshore in the future, which statements are intended to be made under the safe harbor protections of the Private Securities Litigation Reform Act of 1995, as amended.  Cliffs' implementation of, or changes to, these plans are beyond Mesabi Trust's control.  As such, 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 Mesabi Trust's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended January 31, 2021 (filed April 27, 2021). 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.
​
​
​
​
​
2
​
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: February 14, 2022
​
​
​
​
3