Trustees of Mesabi Trust Announce That There Will Be No Quarterly Distribution

Apr 20, 2001, 01:00 ET from Mesabi Trust

    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- As
 anticipated, the Trustees of the Mesabi Trust (NYSE:   MSB) have determined that
 no distribution will be declared in April with respect to Units of Beneficial
 Interest of Mesabi Trust.  Only a minimum advance royalty is received by
 Mesabi Trust for the first calendar quarter of each year as little or no
 shipments of iron ore are made in the first calendar quarter by Northshore
 Mining Company, the lessee/operator of the Trust's properties, because the
 Great Lakes shipping lanes are frozen during most of the period.  Shipments of
 iron ore pellets resumed in April.
     The volume of shipments by Northshore varies 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.
 Current unusually difficult conditions in the domestic steel industry are
 resulting in both greater uncertainty and production decreases.
     With respect to the balance of 2001, Northshore has not advised Mesabi
 Trust as to its expected 2001 shipments or what percentage of 2001 shipments
 will be from Mesabi Trust iron ore.  Northshore has indicated that currently
 scheduled 2001 pellet production will approximate 3.6 million tons, which is
 less than actual 2000 pellet production of 4.2 million tons.
 
     This news release contains certain forward-looking statements with respect
 to iron ore production at Northshore in 2001, which statements are intended to
 be made under the safe harbor protections of the private Securities Litigation
 Reform Act of 1995.  Actual production and shipments of iron ore pellets could
 differ materially 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.
 
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SOURCE Mesabi Trust
    NEW YORK, April 20 /PRNewswire Interactive News Release/ -- As
 anticipated, the Trustees of the Mesabi Trust (NYSE:   MSB) have determined that
 no distribution will be declared in April with respect to Units of Beneficial
 Interest of Mesabi Trust.  Only a minimum advance royalty is received by
 Mesabi Trust for the first calendar quarter of each year as little or no
 shipments of iron ore are made in the first calendar quarter by Northshore
 Mining Company, the lessee/operator of the Trust's properties, because the
 Great Lakes shipping lanes are frozen during most of the period.  Shipments of
 iron ore pellets resumed in April.
     The volume of shipments by Northshore varies 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.
 Current unusually difficult conditions in the domestic steel industry are
 resulting in both greater uncertainty and production decreases.
     With respect to the balance of 2001, Northshore has not advised Mesabi
 Trust as to its expected 2001 shipments or what percentage of 2001 shipments
 will be from Mesabi Trust iron ore.  Northshore has indicated that currently
 scheduled 2001 pellet production will approximate 3.6 million tons, which is
 less than actual 2000 pellet production of 4.2 million tons.
 
     This news release contains certain forward-looking statements with respect
 to iron ore production at Northshore in 2001, which statements are intended to
 be made under the safe harbor protections of the private Securities Litigation
 Reform Act of 1995.  Actual production and shipments of iron ore pellets could
 differ materially 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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X88555162
 
 SOURCE  Mesabi Trust