Mesabi Trust
NYSE:MSB

  • LAST PRICE
    22.7699
  • TODAY'S CHANGE (%)
    -1.3501 (-5.5974%)
  • Bid / Lots
    22.5600/ 4
  • Ask / Lots
    22.7700/ 1
  • Open / Previous Close
    23.9900 / 24.1200
  • Day Range
    22.5100
    23.9900
  • 52 Week Range
    15.9300
    24.6499
  • Volume
    21,428

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  • Sep 10, 2024

      Show headlines and story abstract

    • 5:01PM ET on Tuesday Sep 10, 2024 by Dow Jones
      Companies Mentioned: MSB
      NEW YORK--(BUSINESS WIRE)--September 10, 2024--
      AAA Arbitration Final Award

      As previously reported, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore Mining Company ("Northshore"), the lessee/operator of the leased lands, and its parent, Cleveland-Cliffs Inc. ("Cliffs"), with the American Arbitration Association ("AAA"). The Trust sought an award of damages relating to Cliffs' and Northshore's underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs' and Northshore's failure to use the highest priced arm's-length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022. The Trust also sought declaratory relief related to the Trust's entitlement to certain documentation and to the time when Cliffs' and Northshore's royalty obligations accrue.