Mesabi Trust is a royalty trust organized under the laws of the State of New York in 1961 to derive income from an iron mine (the Peter Mitchell Mine) located near Babbitt, Minnesota, at the eastern end of the Mesabi Iron Range. Under various agreements the mine is operated by Northshore Mining Company (“Northshore”), a subsidiary of Cleveland-Cliffs Inc. (“CCI”). Northshore mines the ore, which is in the form of taconite, a hard rock containing approximately 21% recoverable iron, crushes it, separates the iron particles from the non-metallic, and forms the resulting concentrate into pellets which are shipped for use in steel-producing blast furnaces of customers of CCI, an international mining company, the largest producer of iron ore pellets in North America.