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MESABI TRUST TO OMIT QUARTERLY DISTRIBUTION

 MESABI TRUST TO OMIT QUARTERLY DISTRIBUTION
 NEW YORK, July 20 /PRNewswire/ -- The trustees of Mesabi Trust


(NYSE: MSB) have determined not to make a quarterly distribution for the quarter to end on July 30, 1992. This decision was based on the following circumstances:
 As previously reported, on June 1, Cyprus Northshore Mining Corp., the trust's lessee/operator, shut down its mining operations. Cyprus advised the trust at that time that the shutdown would be for a duration of approximately five months. Shipment of previously mined iron ore products are expected to continue during the shutdown.
 Cyprus has advised the trust that economic conditions in the steel industry have deteriorated further relative to 1991, resulting in weaker markets for iron ore products.
 The trustees will continue to monitor the economic circumstances of the trust in an effort to strike a responsible balance between distributions to the unitholders and the need to maintain reserves adequate to protect the trust corpus.
 Once Cyprus resumes mining operations, the trustees will be able with greater certainty to evaluate the trust's circumstances and whether a lower level of the unallocated reserve may be appropriate.
 -0- 7/20/92
 /CONTACT: Michael K. Clark of Bankers Trust, 212-250-6862, for Mesabi Trust/
 (MSB) CO: Mesabi Trust; Cyprus Northshore Mining Corp. ST: New York IN: FIN SU: DIV


GK-OS -- NY075 -- 0890 07/20/92 16:07 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
Words:227
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