Apr. 20 at 7:49 PM
$MSB Mesabi Trust just cut its quarterly distribution to
$0.24 per unit payable May 20, 2026 — down sharply from
$0.56 per unit at the same time last year. The reason: the Trust received total royalty payments of
$4,943,488 on January 30, 2026, from Cleveland-Cliffs, which was materially lower than the
$8,986,464 received in January 2025.
The broader trend is deteriorating. Recent royalty payments have been declining — October 2025 receipts were
$4,005,142 versus
$7,355,929 in October 2024, with the trustees citing Cleveland-Cliffs/Northshore operational uncertainty, iron ore market volatility, and trade risks. Volumes are down in Q1, and Cleveland-Cliffs announced a partial idling at Hibbing Taconite amid tough conditions.
Additionally, MSB’s 52-week range is
$22.55 to
$42.38, with the current price around
$30 — well off the highs and reflecting the deteriorating royalty income.
