Monday, January 24, 2011

Northshore Mining's January Shipping and Its Implications for Mesabi Trust's Q1 Distribution

James Duade submits:

In a previous article, I discussed Northshore Mining's month by month shipping in 2010. Northshore Mining is a subsidiary of Cliffs Natural Resources (CLF), and the company mines iron ore from lands mostly owned by the Mesabi Trust (MSB). Once Northshore mines the iron ore from trust lands (see the picture below taken from Mesabi's 2010 10-K), it is then shipped via rail to pelletizing facilities in Silver Bay, Minnesota.

The iron ore pellets are then shipped via bulk carrier vessels off to customers, or stored in storage facilities on site. Most months, the pelletized iron ore is shipped from Silverbay to customers in Canada like Essar Algoma, and ArcelorMittal (MT) in Burns Harbor, Indiana. In order to get to these customers, ships must first pass through the Soo Locks in Sault Ste. Marie, Michigan.

Complete Story »

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