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#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-weight:bold;letter-spacing:0.5pt;">FORM </b><ix:nonNumeric contextRef="Duration_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:DocumentType" id="Narr_lTgUgfGIa0WOuG04c5PQig"><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;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 style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Date of Report (Date of earliest event 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id="_0427ff48_951a_411f_915c_7ca161bf91ee"></a><a id="Tc_YoboghbUjkWmu9i87XQ1KQ_1_0"></a><a id="Tc_dWwHl1ktSEyFHO9uyi-RDA_2_0"></a><a id="Tc_l9rZTn6Wi0CZ9rNLiJIBGw_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:1pt;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: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_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:EntityAddressAddressLine1" id="Narr_T0HKsbasrUy8LISIi2RB5g"><b style="font-family:'Times New Roman Bold';font-weight:bold;">c/o Deutsche Bank Trust Company Americas</b></ix:nonNumeric><b style="font-family:'Times New Roman Bold';font-weight:bold;"> <br /></b><ix:nonNumeric contextRef="Duration_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:EntityAddressAddressLine2" id="Narr_G_v8KFyOiU65WSdGf7B1mQ"><b style="font-family:'Times New Roman Bold';font-weight:bold;">Trust &amp; Agency Services</b></ix:nonNumeric><b style="font-family:'Times New Roman Bold';font-weight:bold;"> <br /></b><ix:nonNumeric 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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_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:EntityAddressPostalZipCode" id="Tc_hjikdfd7hUinMzo-chnTjQ_1_1"><b style="font-family:'Times New Roman Bold';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:11pt;line-height:13.6pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Address of principal executive offices)</b></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;"><b style="font-weight:bold;">(Zip Code)</b></p></td></tr></table><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;line-height:12.85pt;text-align:center;margin:0pt;"><b style="font-family:'Times New Roman Bold';font-size:10pt;font-weight:bold;">(</b><ix:nonNumeric contextRef="Duration_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:CityAreaCode" id="Narr_aZbQRBg-dkmjyTD2fH0pgA"><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_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:LocalPhoneNumber" id="Narr__d111Wi-ekKr2_zYKj4L4Q"><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 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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:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:1.0pt;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_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" format="ixt-sec:boolballotbox" name="dei:WrittenCommunications" id="Narr_dQhZGLqodkaTFczS9C9VYg"><b style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">&#9744;</b></ix:nonNumeric></span><b style="font-size:10pt;font-weight:bold;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:1.0pt;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_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" format="ixt-sec:boolballotbox" name="dei:SolicitingMaterial" id="Narr_WWoOFIxvp0acUypsu9-SLw"><b style="font-family:'Segoe UI Symbol';font-size:10pt;font-style:normal;font-weight:bold;text-align:justify;">&#9744;</b></ix:nonNumeric></span><b style="font-size:10pt;font-weight:bold;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:1.0pt;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_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" format="ixt-sec:boolballotbox" name="dei:PreCommencementTenderOffer" id="Narr_OZc0i-vjAU2hIS-gH8VHbw"><b style="font-family:'Segoe UI 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New Roman','Times','serif';font-size:10pt;margin:6pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Securities registered pursuant to Section 12(b) of the Act:</b></p><a id="_8b724350_b184_4c2a_9cf0_47dbbbccec8f"></a><a id="Tc_z5mQ0Bzl-kyvbgZZBE0Xzw_1_0"></a><a id="Tc_cyBZ6o3Z-kmiSBjCm3mO8w_1_1"></a><a id="Tc_3e68BFWRHU2aDxduWpggMA_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:41.82%;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:37.55%;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:41.82%;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 #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:37.55%;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: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:41.82%;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:11pt;text-align:center;margin:0pt 0pt 2.2pt 0pt;"><ix:nonNumeric contextRef="Duration_10_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:Security12bTitle" id="Tc_EL57TXwOW0iw9IcyQX-jbA_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_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" name="dei:TradingSymbol" id="Tc_7smfZpBlQUKDt_Nqt6NCYA_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_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" format="ixt-sec:exchnameen" name="dei:SecurityExchangeName" id="Tc_-1lyR48pOkOnHWPFgd75hQ_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_25_2021_To_10_25_2021_cwOXuRDWJUq96iF7OrG-iA" format="ixt-sec:boolballotbox" name="dei:EntityEmergingGrowthCompany" id="Narr_pPrD1xneXE6VbB5oPA7WXA"><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="_7b33465e_bc1c_4b76_a0b7_db4336e0605c"></a><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:12.45pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:72pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:bold;line-height:12.45pt;text-align:left;">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:11pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On October 22, 2021, 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 its third-quarter 2021 earnings. &#160;During the call, Lourenco Gonclaves, Chairman, President, Chief Executive Officer of Cliffs, disclosed &#8220;&#8230;<span style="color:#1c1d20;">we will soon be shifting our DR-grade pellet production away from Northshore and into Minorca, where we will not have to deal with the unreasonable royalty structure at Northshore</span>.&#8221; &#160;Mr. Gonclaves also indicated that <span style="color:#1c1d20;">&#8220;As we plan to no longer sell pellets to third parties in the coming years, Northshore will become a swing operation, which we will keep idle every time we decided to do so. In any event, we will continue to be able to feed our Toledo plant with a consistent feed of DR-grade pellets but from Minorca and not from Northshore.&#8221;</span> &#160;During the call, Mr. Gonclaves acknowledged that the cost of the Northshore produced DR-grade pellets was not prohibitive and that Cliffs&#8217; all-cash cost of HBI in third quarter was a number much better than the cost projected when it first approved construction of the Toledo HBI plant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Cliffs has not notified Mesabi Trust of any of the aforementioned operational changes. &#160;Separately, Cliffs has not recently requested any changes to the royalty structure and has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretation of the royalty structure. &#160;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 0pt 12pt 0pt;">Quarterly royalty payments from Northshore for iron ore shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due on October 30, 2021, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.</p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;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:11pt;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. 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="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;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;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;"><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: October 25, 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>
<div style="background-color:#000000;clear:both;height:2pt;margin-left:8.94%;margin-right:8.71%;margin-top:30pt;page-break-after:avoid;width:82.35%;border:0;"></div></body></html>
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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 25, 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.)
​
​
​
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.
​
On October 22, 2021, 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 its third-quarter 2021 earnings.  During the call, Lourenco Gonclaves, Chairman, President, Chief Executive Officer of Cliffs, disclosed "…
we will soon be shifting our DR-grade pellet production away from Northshore and into Minorca, where we will not have to deal with the unreasonable royalty structure at Northshore
."  Mr. Gonclaves also indicated that
"As we plan to no longer sell pellets to third parties in the coming years, Northshore will become a swing operation, which we will keep idle every time we decided to do so. In any event, we will continue to be able to feed our Toledo plant with a consistent feed of DR-grade pellets but from Minorca and not from Northshore."
During the call, Mr. Gonclaves acknowledged that the cost of the Northshore produced DR-grade pellets was not prohibitive and that Cliffs' all-cash cost of HBI in third quarter was a number much better than the cost projected when it first approved construction of the Toledo HBI plant.
Cliffs has not notified Mesabi Trust of any of the aforementioned operational changes.  Separately, Cliffs has not recently requested any changes to the royalty structure and has historically failed to engage in meaningful negotiations requested by Mesabi Trust to address the interpretation 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.
Quarterly royalty payments from Northshore for iron ore shipments during the third calendar quarter, which are payable to Mesabi Trust under the royalty agreement, are due on October 30, 2021, together with the quarterly royalty report. After receiving the quarterly royalty report, Mesabi Trust plans to file a summary of the quarterly royalty report with the Securities and Exchange Commission in a Current Report on Form 8-K.
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.
​
​
​
​
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: October 25, 2021
​
​
​