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Mesabi Trust  (MSB)
Other Ticker:  
 
    Sector  Basic Materials    Industry Metal Mining
   Industry Metal Mining
   Sector  Basic Materials
 
Price: $17.2000 $0.05 0.292%
Day's High: $17.425 Week Perf: -2.77 %
Day's Low: $ 16.69 30 Day Perf: -12.73 %
Volume (M): 84 52 Wk High: $ 27.77
Volume (M$): $ 1,445 52 Wk Avg: $20.40
Open: $17.10 52 Wk Low: $16.69



 Market Capitalization (Millions $) 226
 Shares Outstanding (Millions) 13
 Employees 1
 Revenues (TTM) (Millions $) 78
 Net Income (TTM) (Millions $) 75
 Cash Flow (TTM) (Millions $) 8
 Capital Exp. (TTM) (Millions $) 0

Mesabi Trust

Mesabi Trust (“Mesabi Trust” or the “Trust”), formed pursuant to an Agreement of Trust dated July 18, 1961 (the “Agreement of Trust”), is a trust organized under the laws of the State of New York. Mesabi Trust holds all of the interests formerly owned by Mesabi Iron Company, including all right, title and interest in the Amendment of Assignment, Assumption and Further Assignment of Peters Lease (the “Amended Assignment of Peters Lease”), the Amendment of Assignment, Assumption and Further Assignment of Cloquet Lease (the “Amended Assignment of Cloquet Lease” and together with the Amended Assignment of Peters Lease, the “Amended Assignment Agreements”), the beneficial interest in in a trust organized under the laws of the State of Minnesota to administer the Mesabi Fee Lands (as defined below) as the trust corpus in compliance with the laws of the State of Minnesota on July 18, 1961 (the “Mesabi Land Trust”) and all other assets and property identified in the Agreement of Trust. The Amended Assignment of Peters Lease relates to an Indenture made as of April 30, 1915 among East Mesaba Iron Company (“East Mesaba”), Dunka River Iron Company (“Dunka River”) and Claude W. Peters (the “Peters Lease”) and the Amended Assignment of Cloquet Lease relates to an Indenture made May 1, 1916 between Cloquet Lumber Company and Claude W. Peters (the “Cloquet Lease”).

Pursuant to a ruling from the Internal Revenue Service, which ruling was based on the terms of the Agreement of Trust including the prohibition against conducting any business, the Trust is not taxable as a corporation for federal income tax purposes. Instead, the holders of Certificates of Beneficial Interest in Mesabi Trust (“Unitholders”) are considered “owners” of the Trust and the Trust’s income is taxable directly to the Unitholders. The Certificates of Beneficial Interest in Mesabi Trust are listed on the New York Stock Exchange (“NYSE”) and is therefore subject to extensive regulation under, among others, the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), each as amended, and the rules and regulations of the NYSE.

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Base overriding royalties. Base overriding royalties have historically constituted the majority of Mesabi Trust’s royalty income. Base overriding royalties are determined by both the volume and selling price of iron ore products shipped. Northshore is obligated to pay Mesabi Trust base overriding royalties in varying amounts, based on the volume of iron ore products shipped. Base overriding royalties are calculated as a percentage of the gross proceeds of iron ore products produced at Mesabi Trust Lands (and to a limited extent other lands) and shipped from Silver Bay, Minnesota. The percentage ranges from 2-1/2% of the gross proceeds for the first one million tons of iron ore products so shipped annually to 6% of the gross proceeds for all iron ore products in excess of 4 million tons so shipped annually. Base overriding royalties are subject to interim and final price adjustments under the Cliffs Pellet Agreements and, as described elsewhere in this report, such adjustments may be positive or negative.


Royalty bonuses. The Trust earns royalty bonuses when iron ore products shipped from Silver Bay are sold at prices above a threshold price per ton. The royalty bonus is based on a percentage of the gross proceeds of product shipped from Silver Bay. The threshold price is adjusted (but not below $30.00 per ton) on an annual basis for inflation and deflation (the “Adjusted Threshold Price”).

Fee royalties. Fee royalties have historically constituted a smaller component of the Trust’s total royalty income. Fee royalties are payable to the Mesabi Land Trust, a Minnesota land trust, which holds a 20% interest as fee owner in the Peters Lease. Mesabi Trust holds the entire beneficial interest in the Mesabi Land Trust for which U.S. Bank N.A. acts as the corporate trustee. Mesabi Trust receives the net income of the Mesabi Land Trust, which is generated from royalties on the amount of crude ore mined after the payment of expenses to U.S. Bank N.A. for its services as the corporate trustee. Crude ore is the source of iron oxides used to make iron ore pellets and other products. The fee royalty on crude ore is based on an agreed price per ton, subject to certain indexing.


Minimum advance royalties. Northshore’s obligation to pay base overriding royalties and royalty bonuses with respect to the sale of iron ore products generally accrues upon the shipment of those products from Silver Bay. However, regardless of whether any shipment has occurred, Northshore is obligated to pay to 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 $883,875 for calendar year 2015 and $897,008 for calendar year 2016, and will be $912,725 for calendar year 2017. Until overriding royalties (and royalty bonuses, if any) for a particular year 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 prepayments of base overriding royalties and royalty bonuses earned 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.



   Company Address: 1 Columbus Circle, 17th Floor New York 10019 NY
   Company Phone Number: 271-2520   Stock Exchange / Ticker: NYSE MSB
   MSB is expected to report next financial results on April 23, 2024.


Customers Net Income grew by MSB's Customers Net Profit Margin grew to

27.26 %

8.23 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

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Dividend

Milestone Moment for Mesabi Trust: Announces a Breakthrough Distribution, Triggering Market Speculation

Published Fri, Jan 12 2024 9:05 PM UTC


There is good news for the unit holders of Mesabi Trust (NYSE:MSB) as the company announced for the first time it will commence a distribution to its stakeholders. The New York-based entity, Mesabi Trust, recently declared it will distribute thirty-seven cents ($0.37) per unit of Beneficial Interest. This distribution is scheduled to be payable on February 20, 2024, to ...

Mesabi Trust

EPS fell while revenue grown rapidly in the financial third quarter of 2024

Mesabi Trust, a prominent player in the Basic Materials sector, recently made headlines with its strong financial performance in the third quarter of 2024. The company reported a remarkable revenue advance of 5681.776% year-on-year, reaching $4.90 million. As a result, Mesabi Trust's bottom-line turned positive, with a profit of $0.31 per share. These figures represent a significant improvement compared to the previous financial reporting period, where profit plummeted by -55.51% and revenue tumbled by -50.491%.
The company's net income in the third quarter of 2024 was $4.086 million, a notable improvement compared to the corresponding financial reporting period a year ago, which experienced a net shortfall of $-0.414 million. Mesabi Trust also highlighted its improving profit margins, with net margin rising to 83.46% and operating margin edging up to 83.46%. These positive developments reflect the company's effective cost management and operational efficiency.

Dividend

Mesabi Trust's Distribution Announcement Sparks Investor Speculation on Dividend Increase

Published Fri, Oct 13 2023 8:05 PM UTC



Mesabi Trust, a leading entity in the Basic Materials sector, made headlines recently with its press release announcing a distribution of thirty-five cents ($0.35) per Unit of Beneficial Interest. This distribution, scheduled for November 20, 2023, marks a significant change compared to the previous year when no distribution was declared for the same period.
Th...

Mesabi Trust

Mesabi Trust Achieves Remarkable Financial Turnaround with Positive Income Growth, Earning $0.70 per Share in Fiscal Interval Ending July 31, 2023

Mesabi Trust, a metal mining company, has shown positive growth and improvement in its financial performance for the fiscal interval closing on July 31, 2023. The company has reported profits of $0.70 per share, a significant increase compared to the negative earnings of $-0.37 per share in the same quarter a year before. This demonstrates a positive turnaround for Mesabi Trust, as the company has been able to generate profits and improve its financial position.
In the prior quarter, Mesabi Trust realized earnings of $0.08 per share, indicating a substantial growth in EPS by 797.31%. Additionally, the company's revenue has more than doubled, with a growth rate of 434.886% from $1.85 million in the prior quarter. This surge in revenue is a positive sign for Mesabi Trust, suggesting increased demand and improved sales performance.

Mesabi Trust

Mesabi Trust Reports Significant Decline in Q2 2023 Revenue and Earnings

Mesabi Trust, a Minnesota-based mining corporation that produces iron ore pellets, has experienced a sharp decline in its income and revenue for the fiscal span ending April 30 2023. Its income fell by -92.47% to $0.08 per share, which is a significant drop from $1.04 per share recorded in the previous year. Its EPS also dropped by -98.31% to $4.61 per share from the previous quarter. This indicates that the company is struggling to maintain its profitability.
The company's revenue plummeted by -86.976% to $1.85 million from $14.20 million in the same quarter a year prior. Sequentially, the revenue tumbled by -96.996% from $61.55 million. This steep decline in revenue indicates that Mesabi Trust has experienced severe challenges in maintaining its operations. In the same fiscal span, the company's net profits also fell by -92.47%, from $13.595 million to $1.023 million.






 

Mesabi Trust's Segments
 
 
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