Mesabi Trust initiates new arbitration against Northshore/Cliffs for 2022-23 idling damages

Filed April 22, 2026 · Period ending January 31, 2026 · Compared to 10-K Apr 24, 2025 · ~1 min read

Key Changes

• high

  Trust filed arbitration in Sept 2025 seeking damages for Northshore's May 2022-April 2023 idling and ongoing royalty underpayment on intercompany shipments from 2023 to present. Separate from prior dispute that concluded with $71M payment in Oct 2024.

  Legal Proceedings verify on EDGAR →
• medium

  Corporate Trustee compensation rose from $118,301 to $316,442, driven by higher distributions to unitholders (variable component increased from $51,331 to $228,616 as 1/4 of 1% of distributed trust moneys).

  MD&A: Trustee Compensation verify on EDGAR →
• medium

  Horizon Kinetics increased its stake from 2,843,010 units (21.7%) to 2,999,326 units (22.9%), adding ~156,000 units. ValueWorks reduced its position from 824,397 units (6.3%) to 685,846 units (5.2%).

  MD&A: Beneficial Ownership verify on EDGAR →