-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K6CyNGmNFFspL/F8P6uPHSUeLgFyP0Q5sFzt/dgpXf/QaotdcrRJDMwQL/d+X77D I7WCZyMqkTYFOJYcSeq2Vg== 0001047469-99-031327.txt : 19990813 0001047469-99-031327.hdr.sgml : 19990813 ACCESSION NUMBER: 0001047469-99-031327 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990811 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990812 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MESABI TRUST CENTRAL INDEX KEY: 0000065172 STANDARD INDUSTRIAL CLASSIFICATION: MINERAL ROYALTY TRADERS [6795] IRS NUMBER: 136022277 STATE OF INCORPORATION: NY FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-04488 FILM NUMBER: 99685155 BUSINESS ADDRESS: STREET 1: P O BOX 318 CHURCH ST STATION STREET 2: C/O BANKERS TRUST CO CORP TRUST CITY: NEW YORK STATE: NY ZIP: 10015 BUSINESS PHONE: 2122506696 MAIL ADDRESS: STREET 1: C/O BANKERS TRUST COMPANY, CORPORATE STREET 2: P.O. BOX 318 CHURCH STREET STATION CITY: NEW YORK STATE: NY ZIP: 10015 8-K 1 8-K 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): August 11, 1999 ------------------- MESABI TRUST (Exact name of registrant as specified in its charter) New York 1-4488 13-6022277 (State of or other juris- (Commission (I.R.S. Employer diction of incorporation) File Number) Identification No.) c/o Bankers Trust Company Corporate Trust and Agency Group P. O. Box 318, Church Street Station, New York, New York 10008-0318 (Address of principal executive offices) (zip code) Registrant's telephone number, including area code: (212) 250-6519 ITEM 5. OTHER EVENTS. The Mesabi Trustees report that a press release dated August 11, 1999 was made publicly available on August 11, 1999. A copy of the press release is filed herewith as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. a. FINANCIAL STATEMENTS OF BUSINESS ACQUIRED. Not applicable. b. PRO FORMA FINANCIAL INFORMATION. Not applicable. c. EXHIBITS. 99.1 Press Release dated August 11, 1999 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MESABI TRUST Dated: August 11, 1999 By: /s/ Ednora Linares --------------------------- Ednora Linares Assistant Vice President 3 INDEX TO EXHIBITS
Item Method of Filing - ---- ----------------- 99.1 Press Release dated August 11, 1999. Filed electronically herewith.
4 EX-99.1 2 EXHIBIT 99.1 EXHIBIT 99.1 MESABI TRUST PRESS RELEASE New York, New York August 11, 1999 The Trustees of Mesabi Trust (NYSE: MSB) have learned through a public announcement by Cleveland-Cliffs Inc., the corporate parent of Northshore Mining Company, which is the lessee/operator of Mesabi Trust lands, that Cleveland-Cliffs will implement cutbacks in production at Cliffs-managed mines in order to reduce iron ore pellet output for the year by approximately 2.7 million tons. This production cutback will include anticipated reductions of between 500,000 and 600,000 tons at the Northshore plant which produces iron ore pellets from iron ore mined from the Mesabi Trust lands, representing an annual iron ore pellet reduction of approximately 14% compared to 1998. Northshore shut down its smallest pelletizing furnace on July 22 and it is expected to be closed through November 24. Northshore tentatively plans to shut down the entire plant from October 30 to November 24. Cleveland-Cliffs also announced that it revised its overall sales forecast for the year for iron ore pellets from all Cliffs-operated facilities to 9 million tons versus record sales of 12.1 million tons in 1998. This would be the lowest level of sales since Cleveland-Cliffs acquired the Northshore mine in 1994. These production cutbacks and anticipated sales reductions indicate to the Mesabi Trustees that pellet shipments and pellet pricing will likely decrease during the current quarter and during the second half of the current year, which would accordingly result in lower distributions to Unitholders in comparison to similar periods in prior years. The volume of shipments of iron ore pellets by Northshore and pellet sales prices vary from quarter to quarter and year to year based on a number of factors including weather conditions on the Great Lakes, the requested delivery schedules of customers and general economic conditions in the iron ore industry. The resulting royalties to the Trust are dependent on the volume of shipments for the quarter and the year to date, the pricing of the iron ore product sales, and the percentage of iron ore shipments which is from Mesabi Trust lands rather than other lands. Currently, unusually high levels of steel imports have significantly reduced demand for domestic steel production. This release contains forward-looking statements regarding iron ore pellet sales and production volume, as well as resulting distributions to Unitholders of Mesabi Trust, all of which could differ significantly from current expectations due to inherent risks such as lower demand for steel and iron ore, higher steel imports, processing difficulties and other factors. Although the Mesabi Trustees believe that the forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, which could cause actual results to differ materially. CONTACT: Daniel Chipko c/o Bankers Trust Company 212-250-6519 -----END PRIVACY-ENHANCED MESSAGE-----