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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): September 20, 1999
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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
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ITEM 5. OTHER EVENTS.
The Mesabi Trustees report that a press release dated September 20, 1999, a copy
of which is filed herewith as Exhibit 99.1, was made publicly available on
September 20, 1999 which included information concerning the following recent
developments: (i) the New York Stock Exchange ("NYSE") has advised Mesabi Trust
Trustees that under further review, the Units of Beneficial Interest ("Units")
are considered by the NYSE to be a "special security" and the Units will
continue to be listed under the NYSE, and (ii) Northshore Mining Company
announced on September 17, 1999 that it is canceling its previously announced
plan to shutdown its entire operation, although it will continue to keep its
smallest pelleting furnace down until the end of this year. The revised plan
would result in Northshore producing approximately 3.8 million tons of iron ore
pellets for the full year 1999. Northshore did not announce, and the Trustees
are not able to forecast, the volume of shipments of iron ore pellets for the
year.
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.
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 September 20, 1999
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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
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(Registrant)
By: BANKERS TRUST COMPANY
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Corporate Trustee
Principal Administrative Officer
and duly authorized signatory*
Date: September 24, 1999 By: /s/ Ednora Linares
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Ednora Linares
Assistant Vice President
* There are no directors
or executive officers
of the registrant
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INDEX TO EXHIBITS
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ITEM METHOD OF FILING
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<S> <C> <C>
99.1 Press Release dated September 20, 1999. Filed electronically
herewith.
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EXHIBIT 99.1
MESABI TRUST
PRESS RELEASE
New York, New York
September 20, 1999
The Trustees of Mesabi Trust (NYSE: MSB) have been informed by letter dated
September 20, 1999 from the New York Stock Exchange, Inc. ("NYSE") that the NYSE
has further reviewed the structure of the Mesabi Trust. Based on this review
under continued listing standards for specialized securities applicable to the
Trust, the NYSE has advised that the Mesabi Trust is not below continued listing
standards and should be considered in good standing. This updates an
announcement last Friday that Mesabi Trust was previously considered below NYSE
continued listing standards. Accordingly, Mesabi Trust's Units of Beneficial
Interest will continue to be listed on the NYSE.
In a separate development, on September 17, 1999 Northshore Mining Company
announced that it has canceled an earlier announced plan to shutdown its entire
operation in November due to adjustments in the pellet requirements of several
Northshore customers. Northshore is the lessee/operator of the Mesabi Trust
lands and is a wholly owned subsidiary of Cleveland-Cliffs, Inc. The revised
production plan will now keep Northshore's smallest pelleting furnace down
through the end of this year, but cancels the previously announced plan for a
full shutdown of the Northshore plant between October 30 and November 24. The
revised plan would result in Northshore producing approximately 3.8 million tons
of iron ore pellets for the full year 1999. Northshore did not announce, and the
Trustees are not able to forecast, the volume of shipments of iron ore pellets
for the year.
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.
This news release contains forward-looking statements regarding the revised iron
ore pellet production plan at Northshore in 1999. Actual production could differ
significantly from current expectations due to inherent risks such as lower
demand for steel, iron ore, higher steel imports, processing difficulties or
other factors. Although the Mesabi Trustees believe that its 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
