MESABI TRUST Announces Arbitration Final Award
Mesabi Trust (MSB)
US:NYSE Investor Relations:
mesabi-trust.com
Company Research
Source: Business Wire
NEW YORK--(BUSINESS WIRE)--AAA Arbitration Final AwardAs 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.The evidentiary hearing was completed before a panel of three arbitrators in March 2024 under the commercial rules of the
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Sec Filings
- 11/1/24 - Form 8-K
- 10/17/24 - Form 8-K
- 9/10/24 - Form 8-K
- MSB's page on the SEC website