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Mesabi

 
Hoover's Profile: Mesabi Trust
(NYSE:MSB)
Company Financials
Income Statement
Balance Sheet
Cash Flow Statement

Contact Information
Mesabi Trust
c/o Deutsche Bank Trust Company Americas, Trust & Securities Services - GDS, 60 Wall St., 27th Fl.
New York, NY 10005
NY Tel. 615-835-2749
Fax 615-835-2700

Type: Public
Employees: 0

In the Iron Range of Mesabi the stockholders trust. Mesabi Trust collects royalties and bonuses from the sale of minerals that are shipped from Northshore Mining's Silver Bay, Minnesota facility. The mining company is a wholly owned subsidiary of Cliffs, a supplier of iron ore products to the steel industry. Northshore Mining pays royalties to Mesabi Trust based on production and sales of crude ore pulled from the trust's property; it has curtailed its extraction efforts, citing lack of demand. Independent consultants track production and sales for Mesabi Trust. Deutsche Bank Trust Company Americas is the corporate trustee of Mesabi Trust.

Key numbers for fiscal year ending January, 2009:
Sales: $35.5M
One year growth: 88.0%
Net income: $34.7M
Income growth: 90.2%

Officers:
VP, Deutsche Bank Trust, Trustee: Industrial Metals & Minerals

Competitors:
BHP Billiton
Great Northern Iron Ore
Rio Tinto Limited

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Company News: Mesabi
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Mesabi (məsäb'ē), range of low hills, NE Minn., once famous for its extensive iron ore deposits. The ores were found in a belt c.110 mi (180 km) long and from 1 to 3 mi (1.6-4.8 km) wide between Babbitt and Grand Rapids, occurring in horizontal layers (up to 500 ft/152 m thick) near the surface and mined by the open pit method. Reserves of high-grade hematite iron are now exhausted, and lower-grade taconite deposits are being worked. The taconite contains mostly chert and magnetite (an iron-bearing mineral) and must undergo a costly and complex beneficiation process before being shipped in the form of pellets containing c.60% iron. Most of the ore found is shipped by rail to Duluth, Minn., and other ports on Lake Superior. The Mesabi iron ore deposits were first discovered in 1887 by Leonidas Merritt and his brothers, who organized the Mountain Iron Company in 1890 to mine the ore; John D. Rockefeller gained control of the company in the Panic of 1893.


 
 

 

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