Mesabi Trust (NYSE: MSB) is a passive royalty trust organized under New York law in 1961. The sole purpose of the Trust is to conserve and protect its trust estate, collect royalties from iron ore mining operations, pay administrative expenses, and distribute the remaining net income to its unitholders. The Trust's principal asset is its royalty interest in the Peter Mitchell Mine, an iron mine located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. The mine is operated by Northshore Mining Company, a wholly-owned subsidiary of Cleveland-Cliffs Inc. (CCI). Mesabi Trust does not engage in active business operations, has no employees, and is structured as a pass-through grantor trust to avoid corporate-level taxation.

Research as of 19 Jun 2026