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Mesabi Trust Press Release New York, New York

The following excerpt is from the company's SEC filing.

March 14, 2016

The Trustees of Mesabi Trust (NYSE: MSB) are reporting that Cliffs Natural Resources Inc. (Cliffs), the parent company of Northshore Mining Company (Northshore), announced today that it will be restarting iron ore pellet production at its Northshore mining operation in Minnesota by May 15, 2016. Iron ore pellet production at Northshore has been temporarily idled since December 1, 2015. Cliffs stated that it is taking such action based on its domestic customers demand for iron ore pellets and consistent with its previously announced production plans for the year.

In its news release today, the President and Chief Executive Officer of Cliffs was quoted as saying: In 2015, Cliffs developed at Northshore Mining a new product, the DR-grade pellets used as feedstock to DRI production. As we restart operations at Northshore in May, we will also resume the production of DR-grade pellets destined to EAF clients. Cliffs previously announced in November 2015 that it would maintain minimal staffing during the temporary idle for basic maintenance duties and for on-going work to support...