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contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:AmendmentFlag" id="Tc_7YTvG8_vxEiMlw2toBlNbA_3_1">false</ix:nonNumeric></ix:hidden><ix:references><link:schemaRef xlink:href="msb-20211029.xsd" xlink:type="simple"></link:schemaRef></ix:references><ix:resources><xbrli:context id="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0000065172</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:startDate>2021-10-29</xbrli:startDate><xbrli:endDate>2021-10-29</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div style="max-width:100%;padding-left:8.94%;padding-right:8.71%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:16.1pt;"><a id="_798a18f2_f37c_40d9_8a32_79888660fcb1"></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-family:'Times New Roman Bold';font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:15.65pt;text-align:center;margin:4.34pt 0pt 0pt 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;"><b style="font-size:14pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION <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:14.0pt;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:8pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman Bold';font-weight:bold;">FORM </b><ix:nonNumeric contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:DocumentType" id="Narr_iTht69bCu0OfSrBpx0rA8Q"><b style="font-family:'Times New Roman Bold';font-weight:bold;">8-K</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:13.75pt;text-align:center;margin:6pt 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;line-height:13.7pt;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 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style="font-size:1pt;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_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:EntityAddressAddressLine1" id="Narr_GoW2w4gcf0GKNPuXQF2ppQ"><b style="font-weight:bold;">c/o Deutsche Bank Trust Company Americas</b></ix:nonNumeric><b style="font-weight:bold;"> <br /></b><ix:nonNumeric contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:EntityAddressAddressLine2" id="Narr_PaywVv-9HE2wR5Tuyw0cLA"><b style="font-weight:bold;">Trust &amp; Agency Services</b></ix:nonNumeric><b style="font-weight:bold;"> <br /></b><ix:nonNumeric contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:EntityAddressAddressLine3" id="Narr_ReL2N9L710qPSYjc8OaRCg"><b 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contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:CityAreaCode" id="Narr_n3cWqYez7kKIKbn3LZAGUw"><b style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;">904</b></ix:nonNumeric><b style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;">) </b><ix:nonNumeric contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:LocalPhoneNumber" id="Narr_M-ZbAZJM6kOJIZAPCKNyUw"><b style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;">271-2520</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12.45pt;text-align:center;margin:0.25pt 0pt 0pt 0pt;"><b style="font-weight:bold;">(Registrant&#8217;s telephone number, including area code)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:13.75pt;text-align:center;margin:5.84pt 0pt 0pt 0pt;"><b style="font-family:'Times New Roman 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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:41.82%;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 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#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_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:Security12bTitle" id="Tc_0WNwc_pEv0Krel0Dm9KVkA_2_0"><b style="font-size:10pt;font-weight:bold;">Units of Beneficial Interest, no par value</b></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_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" name="dei:TradingSymbol" id="Tc_pcC_RMqWdEmFqP_R7uodCA_2_1"><b style="font-size:10pt;font-weight:bold;">MSB</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:37.55%;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_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc__UAWNe8zokmpEZD_qP96HA_2_2"><b style="font-size:10pt;font-weight:bold;white-space:pre-wrap;">New York Stock Exchange  </b></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;"><b style="font-weight:bold;">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). </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:1.0pt;text-align:right;margin:0pt 18pt 6pt 0pt;"><b style="font-size:10pt;font-weight:bold;">Emerging growth company </b><ix:nonNumeric contextRef="Duration_10_29_2021_To_10_29_2021_6YmtJrjI_0WVmXWf_8PrkA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_B1JseKfvJEO1nH1PzLvnbw"><b style="font-family:'Segoe UI Symbol';font-size:10pt;font-weight:bold;">&#9744;</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;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.  </b><b style="font-family:'Segoe UI Symbol';font-weight:bold;">&#9744;</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-size:7pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;padding-bottom:1pt;padding-top:1pt;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:10pt;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:82.35%;border:0;margin:30pt 8.71% 30pt 8.94%;"></div><div style="max-width:100%;padding-left:8.94%;padding-right:8.71%;position:relative;"><div style="margin-top:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_6daa6e7a_8401_473c_8fe6_c190ebb92afb"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt 3.6pt 12pt 0pt;"><b style="font-weight:bold;">Item 2.02&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt 3.6pt 12pt 0pt;"><i style="font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Announcement of Receipt of Royalty Report and Royalty Payment </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">On October 29, 2021, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2021 (the &#8220;Royalty Report&#8221;) from Cleveland-Cliffs Inc. (&#8220;Cliffs&#8221;), the parent company of Northshore Mining Company (&#8220;Northshore&#8221;), and received a royalty payment as summarized below.</p><a id="_bbab9112_740c_4b9d_889c_bec4beb38f99"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt 3.6pt 12pt 0pt;"><b style="font-weight:bold;">Item 7.01&#160;&#160;&#160;&#160;Regulation FD.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt 3.6pt 12pt 0pt;"><i style="font-style:italic;text-decoration:underline;text-decoration-color:#000000;">Quarterly Royalty Report</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">On October 29, 2021, the Trustees of Mesabi Trust received the Royalty Report from Cliffs, the parent company of Northshore.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">As reported to Mesabi Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended September 30, 2021, Mesabi Trust was credited with a base royalty of $12,553,161. &#160;For the three months ended September 30, 2021, Mesabi Trust was also credited with a bonus royalty in the amount of<b style="font-weight:bold;"> </b>$7,245,537. The royalty also included a reduction of $6,078,357 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in prior quarters. &#160;The October 29, 2021 royalty amount also included an additional payment of $2,314,114 related to pellets and sinter volumes identified by Cliffs as<b style="font-weight:bold;"> </b>2020<b style="font-weight:bold;"> </b>deemed shipped adjustments. In addition, a royalty payment of $185,017 was paid to the Mesabi Land Trust. &#160;Accordingly, the total third quarter 2021 royalty payments received by Mesabi Trust on October 29, 2021 from Cliffs were $16,219,472.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">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. &#160;In the third calendar quarter of 2021, Cliffs credited Mesabi Trust with 1,169,461 tons of iron ore shipped, as compared to 916,364 tons shipped during the third calendar quarter of 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">Separately, on October 29, 2021, Cliffs/Northshore also paid Mesabi Trust $2,833,687 for past underpaid royalties on DR grade pellets in 2019 and 2020, including interest, pursuant to the AAA final award decision which was received by the Trust October 1, 2021. </p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 0pt 0pt;">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. &#160;In addition, Cliffs&#8217; recently announced plans to shift production of DR grade pellets away from Northshore to Minorca, <span style="background-color:#ffffff;color:#1c1d20;">to no longer sell pellets to third parties in the coming years</span> and to keep idle the Northshore plant from time to time, when and if implemented, would likely impact the volume of shipments of iron ore products from Silver Bay, Minnesota. Further, the prices under some contracts among Northshore, Cliffs, and certain of their customers (the &#8220;Cliffs Pellet Agreements&#8221;), 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. &#160;The factors that could result in price adjustments under Cliffs&#8217; customer contracts include changes in the Platts Prices, 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. &#160;These multiple factors can result in significant variations in royalties received by Mesabi Trust (and in turn, the resulting funds available for distribution to Unitholders by Mesabi Trust) from quarter to quarter and from year to year. &#160;These variations, which can be positive or negative, cannot be predicted by the Trustees of Mesabi Trust. &#160;</p></div><div style="clear:both;margin-bottom:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.71% 30pt 8.94%;"></div><div style="max-width:100%;padding-left:8.94%;padding-right:8.71%;position:relative;"><div style="margin-top:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="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:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">Royalty payments anticipated to be received during the current year 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. &#160;Based on the above factors, and as indicated by Mesabi Trust&#8217;s historical distribution payments, the royalties received by Mesabi Trust, and the distributions paid to Unitholders, 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">With respect to calendar year 2021, Northshore has not advised Mesabi Trust of its expected shipments of iron ore products, or what percentage of 2021 shipments will be from Mesabi Trust iron ore. &#160;Further, Cliffs has not advised the Trust of any implementation of, or changes to, its publicly announced plans for Northshore. In the Cliffs&#8217; 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. &#160;It is possible that future production decreases, idling of the Northshore plant, or 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&#8217;s Unitholders in future quarters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;"><b style="font-weight:bold;">Forward-looking Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.6pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;">This report contains certain forward-looking statements with respect to Cliffs&#8217; announcement to shift production away from Northshore, <span style="background-color:#ffffff;color:#1c1d20;">to no longer sell pellets to third parties in the coming years</span> and to keep idle the Northshore plant from time to time, iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2021, 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. &#160;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, the impact of the coronavirus (COVID-19) pandemic 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. &#160;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. &#160;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. &#160;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). &#160;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;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 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></div><div style="clear:both;margin-bottom:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.71% 30pt 8.94%;"></div><div style="max-width:100%;padding-left:8.94%;padding-right:8.71%;position:relative;"><div style="margin-top:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_9e14f444_151f_4da4_ad4a_73ed67ca332a"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;"><b style="font-weight:bold;">Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.65pt;text-align:justify;margin:0pt 3.6pt 12pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></span><i style="font-style:italic;">(d)&#160;&#160;&#160;&#160;Exhibits.</i></p><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:13.35%;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%;"></div></div></td><td style="vertical-align:top;width:86.64%;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%;"></div></div></td></tr><tr><td style="vertical-align:top;width:13.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Exhibit No.</span></p></td><td style="vertical-align:top;width:86.64%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 3.6pt 0pt 0pt;"><span style="text-decoration:underline;text-decoration-color:#000000;">Description</span></p></td></tr><tr><td style="vertical-align:top;width:13.35%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:6pt 3.6pt 0pt 0pt;">104</p></td><td style="vertical-align:top;width:86.64%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:6pt 3.6pt 0pt 0pt;">Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)</p></td></tr></table></div><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="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-bottom:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:82.35%;border:0;margin:30pt 8.71% 30pt 8.94%;"></div><div style="max-width:100%;padding-left:8.94%;padding-right:8.71%;position:relative;"><div style="margin-top:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;max-width:100%;position:relative;"><a id="_c4fc0d7d_4bc0_4a61_8f34_04528654a80d"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 6.44pt 0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 12pt 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><div style="margin-left:0pt;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td colspan="4" style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:11pt;">MESABI TRUST</span></p></td></tr><tr><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">&#160;&#160;&#160;&#160;</span></p></td><td style="vertical-align:top;width:46.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:11pt;">By:&#160;</span></p></td><td style="vertical-align:top;width:46.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">/s/ Jeffrey Schoenfeld</span></p></td></tr><tr><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:3.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:46.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Jeffrey Schoenfeld</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Vice President</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Deutsche Bank Trust Company Americas,</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;">Corporate Trustee of Mesabi Trust</span></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Dated: November 4, 2021</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:28.8pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div>
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​
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 29, 2021
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.)
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​
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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:
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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.
☐
​
​
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​
Item 2.02    Results of Operations and Financial Condition.
Announcement of Receipt of Royalty Report and Royalty Payment
On October 29, 2021, Mesabi Trust received the quarterly royalty report of iron ore shipments out of Silver Bay, Minnesota during the quarter ended September 30, 2021 (the "Royalty Report") from Cleveland-Cliffs Inc. ("Cliffs"), the parent company of Northshore Mining Company ("Northshore"), and received a royalty payment as summarized below.
Item 7.01    Regulation FD.
Quarterly Royalty Report
On October 29, 2021, the Trustees of Mesabi Trust received the Royalty Report from Cliffs, the parent company of Northshore.
As reported to Mesabi Trust by Cliffs in the Royalty Report, based on shipments of iron ore products by Northshore during the three months ended September 30, 2021, Mesabi Trust was credited with a base royalty of $12,553,161.  For the three months ended September 30, 2021, Mesabi Trust was also credited with a bonus royalty in the amount of
$7,245,537. The royalty also included a reduction of $6,078,357 as a result of negative pricing adjustments to base and bonus royalty calculations related to changes in price estimates made in prior quarters.  The October 29, 2021 royalty amount also included an additional payment of $2,314,114 related to pellets and sinter volumes identified by Cliffs as
2020
deemed shipped adjustments. In addition, a royalty payment of $185,017 was paid to the Mesabi Land Trust.  Accordingly, the total third quarter 2021 royalty payments received by Mesabi Trust on October 29, 2021 from Cliffs were $16,219,472.
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 2021, Cliffs credited Mesabi Trust with 1,169,461 tons of iron ore shipped, as compared to 916,364 tons shipped during the third calendar quarter of 2020.
Separately, on October 29, 2021, Cliffs/Northshore also paid Mesabi Trust $2,833,687 for past underpaid royalties on DR grade pellets in 2019 and 2020, including interest, pursuant to the AAA final award decision which was received by the Trust October 1, 2021.
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.  In addition, Cliffs' recently announced plans to shift production of DR grade pellets away from Northshore to Minorca,
to no longer sell pellets to third parties in the coming years
and to keep idle the Northshore plant from time to time, when and if implemented, would likely impact the volume of shipments of iron ore products from Silver Bay, Minnesota. Further, the prices under some 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 Prices, 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 Unitholders 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.
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​
Royalty payments anticipated to be received during the current year 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 Mesabi Trust's historical distribution payments, the royalties received by Mesabi Trust, and the distributions paid to Unitholders, 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 2021, Northshore has not advised Mesabi Trust of its expected shipments of iron ore products, or what percentage of 2021 shipments will be from Mesabi Trust iron ore.  Further, Cliffs has not advised the Trust of any implementation of, or changes to, its publicly announced plans for Northshore. 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 production decreases, idling of the Northshore plant, or 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 Unitholders in future quarters.
Forward-looking Statements
This report contains certain forward-looking statements with respect to Cliffs' announcement to shift production away from Northshore,
to no longer sell pellets to third parties in the coming years
and to keep idle the Northshore plant from time to time, iron ore pellet production, iron ore pricing and adjustments to pricing, shipments by Northshore in 2021, 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, the impact of the coronavirus (COVID-19) pandemic 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 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.
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Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.
Description
104
Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101)
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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
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By:
/s/ Jeffrey Schoenfeld
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Jeffrey Schoenfeld
Vice President
Deutsche Bank Trust Company Americas,
Corporate Trustee of Mesabi Trust
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Dated: November 4, 2021
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