The trustees of Mesabi Trust (MSB) declared a distribution of eighty-nine cents per unit of beneficial interest payable on May 20 to unit holders of record at the close of business on April 30. That compares to a distribution of forty-five cents per unit of beneficial interest for the same period last year.

The forty-four cents per unit increase, as compared with the same quarter last year, was attributabled to a higher volume of shipments during the fourth calendar quarter 2018 at higher average iron ore sales prices compared with the fourth quarter 2017, and to the trust’s receipt of total royalty payments of $12,388,664 on Jan. 30 from Northshore Mining Co., which was higher than the total royalty payments of $6,198,950 received by the trust from Northshore during January 2018. The announcement also reflects the Mesabi Trustees’ determination that Mesabi Trust has sufficient reserves available to make such a distribution while also maintaining an appropriate level of unallocated reserve in order to meet current and future expenses, and present and future liabilities that may arise in connection with the current and ongoing challenges in the iron ore and steel industries generally.