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MESABI TRUST DISTRIBUTION ANNOUNCED

 NEW YORK, Jan. 21 /PRNewswire/ -- The trustees of Mesabi Trust (NYSE: MSB) today announced a distribution of $.05 per unit of beneficial interest, or an aggregate of $656,000.50, which will be payable on Feb. 20, 1993, to holders of record as of Jan. 30, 1993.
 Cyprus has advised the trustees that operations are currently anticipated to continue and that, as previously reported, Cyprus anticipates it will produce at least 2.6 million tons nf pellets during 1993. Shipments of iron ore, however, upon which the trust receives its principal income, ceased at the end of the shipping season in December, and no shipments will occur until the lake reopens in the spring. Consequently, unitholder distributions, made primarily from current royalty income, will be substantially less in the next quarter. Furthermore, conditions in the steel industry and the economy in general remain soft and the market for iron ore products generally remains weak. The trustees will continue to monitor the economic circumstances of the trust in an effort to strike a responsible balance between future distributions to the unitholders and the maintenance of adequate trust reserves.
 -0- 1/21/93
 /CONTACT: Dan Chipko of Bankers Trust Company, 212-250-6519, for Mesabi Trust/
 (MSB BT)


CO: Mesabi Trust; Bankers Trust Company ST: New York IN: FIN SU: DIV

CK-LR -- NY054 -- 7444 01/21/93 13:00 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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