<PAGE>

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                          SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C.  20549

                                      FORM 10-K

                                          
                   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) 
                       OF THE SECURITIES EXCHANGE ACT OF 1934

     For the fiscal year ended:                         Commission File No.:
          JANUARY 31, 1998                                      1-4488


                               ------------------------

                                     MESABI TRUST
                (Exact name of registrant as specified in its charter)

                   NEW YORK                               13-6022277
        (State or other jurisdiction of                (I.R.S. Employer
        incorporation or organization)               Identification No.)
                                          
                             C/O BANKERS TRUST COMPANY
                          CORPORATE TRUST AND AGENCY GROUP
                                    P.O. BOX 318
                               CHURCH STREET STATION
                                 NEW YORK, NEW YORK
                                     10008-0318
                      (Address of principal executive offices)
                                          
                Registrant's telephone number, including area code:
                                   (212) 250-6519

Securities registered pursuant to Section 12(b) of the Act: UNITS OF BENEFICIAL
                              INTEREST IN MESABI TRUST
         Securities registered pursuant to Section 12(g) of the Act:   NONE

      Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  YES   /X/         NO   / /

      Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K.     /X/

     As of April 20, 1998, the aggregate market value of the Units of Beneficial
Interest held by non-affiliates of the registrant, based on the closing price as
reported on the New York Stock Exchange, aggregated approximately $55,760,043*. 
As of April 20, 1998, 13,120,010 Units of Beneficial Interest were outstanding.

---------------------
*    Includes approximately $64,175 representing the market value, as of
     April 20, 1998, of 15,100 Units the beneficial ownership of which is
     disclaimed by affiliates (see Item 12 herein).

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<PAGE>


          Certain items in Parts I and II incorporate information by reference
from the Annual Report of the Trustees of Mesabi Trust to the Holders of
Certificates of Beneficial Interest for the fiscal year ended January 31, 1998,
which is annexed hereto and filed herewith as Exhibit 13.1.

                                        PART I

ITEM 1.   BUSINESS.

          (a)  GENERAL DEVELOPMENT OF BUSINESS.

          The information under the headings "Mesabi Trust," "The Trust Estate,"
"Leasehold Royalties" and "Land Trust and Fee Royalties" set forth on pages 7
through 11 of the Annual Report of the Trustees of Mesabi Trust for the fiscal
year ended January 31, 1998 (the "Annual Report") is incorporated herein by
reference.  Certain capitalized terms used below in this Part I are defined in
the Annual Report.

          Mesabi Trust ("Mesabi Trust" or the "Trust"), formed pursuant to an
Agreement of Trust dated July 18, 1961 (the "Agreement of Trust"), is a trust
organized under the laws of the State of New York.  Mesabi Trust holds all of
the interests formerly owned by Mesabi Iron Company, including all right, title
and interest in the Amended Assignment of Peters Lease, the Amended Assignment
of Cloquet Lease, the beneficial interest in the Mesabi Land Trust and all other
assets and property identified in the Agreement of Trust.  The Amended
Assignment of Peters Lease relates to an Indenture made as of April 30, 1915
among East Mesaba [sic] Iron Company, Dunka River Iron Company and Claude W.
Peters (the "Peters Lease") and the Amended Assignment of Cloquet Lease relates
to an Indenture made May 1, 1916 between Cloquet Lumber Company and Claude W.
Peters (the "Cloquet Lease").

          The Trust will terminate twenty-one (21) years after the death of the
survivor of twenty-five (25) persons named in an exhibit to the Agreement of
Trust.  The youngest person on this exhibit is now 37 years old.

          (b)  FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS.

           Substantially all of the Trust's revenue, operating profits and
assets relate to one business segment--iron ore mining. 

          (c)  NARRATIVE DESCRIPTION OF BUSINESS.

          The Agreement of Trust specifically prohibits the Trustees from
entering into or engaging in any business.  This prohibition applies even to
business activities the Trustees deem necessary or proper for the preservation
and protection of the Trust Estate.  Accordingly, the Trustees' activities in
connection with the administration of Trust assets are limited to collecting
income, paying expenses and liabilities, distributing net income and protecting
and conserving the assets held.

          Pursuant to a ruling from the Internal Revenue Service, which ruling
was based on the terms of the Agreement of Trust including the prohibition
against entering into any business, the Trust is not taxable as a corporation
for Federal income tax purposes.  Instead, the holders of the Units of
Beneficial Interest (the "Unitholders") are considered as "owners" of the Trust
and the Trust's income is taxable directly to the Unitholders.

          Leasehold royalty income constitutes the principal source of the
Trust's revenue.  Royalty rates are determined in accordance with the terms of
Mesabi Trust's leases and assignments of leases.  Until 


<PAGE>


August 17, 1989, the overriding royalty was based on the quantity and iron
content of pellets shipped by Reserve Mining Company ("Reserve") from Mesabi
Trust lands, although Mesabi Trust did not receive any royalty income from
May 1986 until July 1990 because Reserve filed a Chapter 11 bankruptcy petition
suspended its operations.  On August 17, 1989, Cyprus Northshore Mining
Corporation ("Cyprus NMC") purchased substantially all of Reserve's assets,
including Reserve's interest in the Mesabi Trust lands.  At the same time,
Mesabi Trust entered into certain agreements with Reserve's Chapter 11 Trustee
and Cyprus NMC (the "Amended Assignment Agreements").  The Amended Assignment
Agreements modified the method of calculating overriding royalties payable to
Mesabi Trust and transferred Reserve's interest in the Mesabi Trust lands to
Cyprus NMC.  Pursuant to the Amended Assignment Agreements, overriding royalties
are determined by both the volume and selling price of iron ore products
shipped.  In 1994, Cyprus NMC was sold by its parent corporation to
Cleveland-Cliffs Inc. ("CCI") and renamed Northshore Mining Corporation
("Northshore").  CCI now operates Northshore as a wholly-owned subsidiary.

          In its recently released annual report, CCI, parent company of
Northshore, the lessee/operator of Mesabi Trust iron ore interests, stated that
it is continuing to evaluate whether to build a facility to produce pig iron in
the United States using a coal-based process.  CCI also stated that if
engineering, marketing and economic evaluations prove positive, the plant will
be located at its Northshore facility in Minnesota presumably using Mesabi Trust
ore.  In the same annual report, it was stated that a decision relative to
proceeding with this project is expected to be made around the middle of 1998. 
Because of the preliminary nature of this information, the Mesabi Trustees are
unable to determine at this time how the addition of a pig iron facility (if the
project proceeds) would impact overall revenues of Mesabi Trust.  As indicated
elsewhere in this report, the Trust's revenues are currently derived almost
entirely from iron ore pellet production and sales.

          Mesabi Trust has no employees, but it engages independent consultants
to assist the Trustees in monitoring, among other things, the amount and sales
prices of minerals shipped by Northshore from Silver Bay, Minnesota.  As noted
above, the information regarding amounts and sales prices of shipped minerals is
used to compute the royalties payable to Mesabi Trust by Northshore.  Bankers
Trust Company, one of the Trustees, also performs certain administrative
functions for Mesabi Trust.

ITEM 2.   PROPERTIES.

          The information under the heading "The Trust Estate" set forth on page
7 of the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended
January 31, 1998 is incorporated herein by reference.  

          The Peters Lease provides that each leasehold estate will continue
until the reserves of iron ore, taconite and other minerals or materials on the
land subject to the Peters Lease are exhausted.  The Mesabi Lease terminates
when the Peters Lease terminates.  The Cloquet Lease, executed in 1916,
terminates in the year 2040.  If Northshore decides to terminate or surrender
one or more of these leases, it must first give Mesabi Trust at least six
months' notice of its intention to do so and, at Mesabi Trust's request,
reassign all of such leases to Mesabi Trust.  If any such reassignment occurs,
Northshore must transfer the lease interests to Mesabi Trust free and clear of
liens, except public highways.  In return, Mesabi Trust must assume Northshore's
future obligations as lessee under the reassigned leases.

           The Trustees have neither made nor caused to be made any surveys or
test drillings to ascertain the iron ore reserves on any land subject to the
Peters Lease or the Cloquet Lease.  However, initial surveys and test drillings
made by Mesabi Iron Company many years ago indicated that these lands 


                                          2
<PAGE>

contained accessible reserves of at least 1-1/2 billion tons of mineable raw 
material, capable of yielding approximately 500 million tons of concentrated 
product.  In its recently released annual report, CCI estimated that there 
currently remains enough ore reserve in the Peters and Cloquet Lease Lands to 
produce concentrated product for 83 years of mining at current extraction 
rates. Little or no commercial ore deposits exist in the Mesabi Lease Lands.

ITEM 3.   LEGAL PROCEEDINGS.

           None.

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

           None.

                                     PART II

ITEM 5.   MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

           The information set forth in the section titled "Certificates of
Beneficial Interest" on page 13 of the Annual Report of the Trustees of Mesabi
Trust for the fiscal year ended January 31, 1998 is incorporated herein by
reference.

ITEM 6.   SELECTED FINANCIAL DATA.

           The information set forth in the sections titled "Selected Financial
Data" and "Reserves and Distributions" on pages 2 and 12-13, respectively, of
the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended
January 31, 1998 is incorporated herein by reference.

ITEM 7.   TRUSTEES' DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          OF OPERATION.

           The information set forth in the sections titled "Trustees'
Discussion and Analysis of Financial Condition and Results of Operations,"
"Income and Expense" and "Reserves and Distributions" on pages 2-6, 11-12 and
12-13, respectively, of the Annual Report of the Trustees of Mesabi Trust for
the fiscal year ended January 31, 1998 is incorporated herein by reference.

ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

          Not applicable.

ITEM 8.   FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

          The financial statements, including the independent auditor's report
thereon, filed as a part of this report, are presented on pages F-1 through F-9
and are incorporated herein by reference.

ITEM 9.   CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
          FINANCIAL DISCLOSURE.

          None.


                                          3
<PAGE>

                                       PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

          There are no directors or executive officers of the registrant.  The
Agreement of Trust provides for a Corporate Trustee and four Individual Trustees
(collectively, the "Trustees").  Generally, Trustees continue in office until
their resignation or removal.  Any Trustee may be removed at any time, with or
without cause, by the holders of two-thirds in interest of the Trust
Certificates then outstanding.  In the case of an Individual Trustee, a
successor is also appointed if the Individual Trustee dies, becomes incapable of
acting or is adjudged bankrupt or insolvent.  In the case of the Corporate
Trustee, a successor is also appointed if a receiver of the Corporate Trustee or
of its property is appointed, or if any public officer takes charge or control
of the Corporate Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation.  

          The present Trustees of Mesabi Trust and their respective ages, terms
in office as Trustees, and business experience during the past five years are
set forth in the following table:

<TABLE>
<CAPTION>
                                            Trustee              Business Experience
       Name                  Age             Since             During Past Five Years
       -----                 ----           --------           -----------------------
 <S>                         <C>            <C>         <C>
 Bankers Trust Company         N/A            1961      Trust Company

 David J. Hoffman             62              1977      Mining geologist; Until January 1988,
                                                        President of Towne Mines Exploration
                                                        Company, Inc., a privately-held mining
                                                        corporation.

 Richard G. Lareau            69              1990      Partner in the law firm of Oppenheimer
                                                        Wolff & Donnelly LLP; Director of
                                                        Ceridian Corporation, Merrill
                                                        Corporation, Nash Finch Company and
                                                        Northern Technologies International
                                                        Corporation.

 Ira A. Marshall, Jr.         75              1976      Private investor and self-employed
                                                        petroleum engineer; Until February
                                                        1986, Director and Vice President of
                                                        New American Fund, Inc., a closed-end
                                                        investment trust.

 Norman F. Sprague III        50              1981      Private investor; Orthopedic surgeon.

</TABLE>


                                          4
<PAGE>

Item 11.  TRUSTEES' COMPENSATION.

     The Agreement of Trust was amended October 25, 1982 (the "Amendment"). 
Pursuant to the Amendment, each Individual Trustee receives at least $20,000 in
annual compensation for services as Trustee.  Each year, annual Trustee
compensation is adjusted up or down (but not below $20,000) in accordance with
changes from the November 1981 level of 295.5 (the "1981 Escalation Level") in
the All Commodities Producer Price Index (with 1967 = 100 as a base).  The All
Commodities Producer Price Index is published by the U.S. Department of Labor. 
The adjustment is made at the end of each fiscal year and is calculated on the
basis of the proportion between (a) the level of such index for the November
preceding the end of such fiscal year and (b) the 1981 Escalation Level.  

     Also pursuant to the Amendment, Bankers Trust Company, as the Corporate
Trustee, receives annual compensation in an amount equal to the greater of (i)
$20,000, or such other amount determined in accordance with the adjustments
described in the preceding paragraph, or (ii) one quarter of one percent (1/4 of
1%) of the Trust Moneys, exclusive of proceeds of sale of any part of the Trust
Estate (as such terms are defined in the Trust Agreement), received by the
Trustees and distributed to Trust Certificate Holders.  

     Additionally, each year the Corporate Trustee receives $62,500  (or more,
if unanimously approved by the Individual Trustees) to cover clerical and
administrative services to Mesabi Trust other than services customarily
performed by a registrar or transfer agent.

     The following table sets forth the cash compensation paid to the Trustees
through January 31, 1998, for services in all capacities as Trustees to Mesabi
Trust during the fiscal year ended January 31, 1998.

                                          
                              CASH COMPENSATION TABLE
<TABLE>
<CAPTION>
     (A)                         (B)                           (C)
     Name                Capacity in Which Served      Cash Compensation
     -----               ------------------------      -----------------
<S>                      <C>                           <C>       
Bankers Trust Company    Corporate Trustee                  $88,386*

David J. Hoffman         Individual Trustee                 $25,888

Richard G. Lareau        Individual Trustee                 $25,888

Ira A. Marshall, Jr.     Individual Trustee                 $25,888

Norman F. Sprague III    Individual Trustee                 $25,888
</TABLE>

*    Does not include $25,018 of fees and disbursements paid to Bankers Trust
     Company as registrar and transfer agent of the Units.


                                          5
<PAGE>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND TRUSTEES. 

     The following table sets forth information concerning each person known to
Mesabi Trust to own beneficially more than 5% of the Trust's Units outstanding
as of February 23, 1998.  Such information has been obtained from Mesabi Trust's
records and a review of statements filed with Mesabi Trust pursuant to Section
13(d) of the Securities Exchange Act of 1934 through March 20, 1998.

<TABLE>
<CAPTION>
         Name and Address                                 Amount of Beneficial                Percent of
         of Beneficial Owner(s)                            Ownership of Units                   Class
         -----------------------                          --------------------                ----------
 <S>                                                      <C>                                 <C>
 Norwest Corporation,
 Norwest Center
 Sixth and Marquette
 Minneapolis, MN  55479-1026
 and
 Norwest Bank Colorado, National Association
 1740 Broadway
 Denver, CO  80274-8620
                                                           1,434,333(1)                         10.9%
 Long-Term Investment Trust 
  (F.R.A., AT&T Master Pension
  Trust),
 The Northern Trust Company, as
  Trustee of the Long-Term 
  Investment Trust
 50 LaSalle Street
 Chicago, IL  60675                                        1,305,000(2)                         9.95%

 Appaloosa Management L.P.,
  a Delaware Limited Partnership
 and
 David A. Tepper
 26 Main Street
 Chatham, New Jersey 07928                                   713,600(3)                         5.54%

</TABLE>

     (1)  According to Amendment No. 17 to the Statement on Schedule 13G of
          Norwest Corporation and Norwest Bank Colorado, National Association,
          each of which is a subsidiary of Norwest Corporation, dated
          January 22, 1998, Norwest Corporation, indirectly through its
          subsidiaries (i) has sole voting power with respect to 1,431,833
          Units, (ii) shares voting power with respect to 1,000 Units, (iii) has
          sole dispositive power as to 1,430,333 Units, and (iv) shares
          dispositive power with respect to 3,000 Units.  Norwest Bank Colorado,
          National Association, has sole voting power with respect to 1,405,000
          units, shared voting power with respect to 1,000 units and sole
          dispositive power with respect to 1,405,000 of such Units.  Includes
          1,305,000 units held for the ATT, MCO Long-Term Investment Trust with
          respect to a portion of whose assets Norwest Bank Colorado, Inc. acts
          as investment advisor.  See footnote (2) below.

     (2)  According to a Schedule 13G dated February 13, 1997, filed on behalf
          of this person, such person has sole power to vote or to direct the
          vote, and sole power to dispose or to 


                                          6
<PAGE>

          direct the disposition of, all such Units.  As noted in footnote (1)
          above, these Units are also reflected in the amounts shown for Norwest
          Corporation and its subsidiaries.

     (3)  According to a Schedule 13D dated March 20, 1998, filed by such
          persons, which indicates that each of such persons has sole voting
          power and sole dispositive power with respect to such shares. 
          Appaloosa Management L.P. is general partner of Appaloosa Investment
          Limited Partnership I.  The general partner of Appaloosa Management
          L.P. is Appaloosa Partners, Inc., of which David Tepper is the sole
          shareholder and President.  Appaloosa Management L.P. acts as an
          investment advisor to Palomino Fund Ltd. ("PLF").  Of the 713,600
          Units reported, 385,488 are owned by Appaloosa Investment Limited
          Partnership I and 328,112 are owned by PLF.


                                          7
<PAGE>

     The table below sets forth information as to the Units of Beneficial
Interest in Mesabi Trust beneficially owned as of February 23, 1998 by the
Trustees individually and as a group.

<TABLE>
<CAPTION>
                                                        Amount of Beneficial                    Percent of
                        Name                             Ownership of Units                        Class
                        ----                            ---------------------                  ------------
         <S>                                            <C>                                    <C>
         Bankers Trust Company                                0 (1)                                      0   

         David J. Hoffman                                38,100 (2)                            Less than 1%

         Richard G. Lareau                                8,000                                Less than 1%
                              
         Ira A. Marshall, Jr.                           104,000 (3)                            Less than 1%

         Norman F. Sprague III                           12,700                                Less than 1%

         All Trustees as a group                        162,800                                        1.2%
</TABLE>

--------------------

(1)  Bankers Trust Company holds, on behalf of various customers, Units in its
     Fiduciary Department in so-called "directed" accounts.  Bankers Trust
     Company has no voting or investment power over, and thus no beneficial
     interest in, such Units.

(2)  Includes 15,100 Units owned by Mr. Hoffman's wife, over which Mr. Hoffman
     does not have any investment or voting power and as to which Mr. Hoffman
     disclaims any beneficial ownership.

(3)  These Units consist of (a) 101,000 Units owned indirectly by Mr. Marshall
     through a family trust of which Mr. Marshall is the sole trustee and (b)
     3,000 Units over which Mr. Marshall has full voting and investment power.


                                          8
<PAGE>

ITEM 13.  CERTAIN RELATIONSHIP AND RELATED TRANSACTIONS.

     Mr. Richard G. Lareau, who became a Trustee on March 7, 1990, is a senior
partner in the law firm of Oppenheimer Wolff & Donnelly LLP of Minneapolis,
Minnesota.  That firm has been retained by Mesabi Trust since 1961 to act with
respect to matters of Minnesota law, and was retained in 1991 by the Trustees
other than Mr. Lareau to act as general corporate counsel.
                                          
                                      PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

(a) 1.    FINANCIAL STATEMENTS:
   
   The following Financial Statements are incorporated in this reporting
   reference from the pages noted in our Annual Agreement of Trustees for the
   Year Ended January 31, 1998:

   Independent Auditor's Report - page F-1

   Balance Sheets as of January 31, 1998 and 1997 - page F-2

   Statements of Income for the years ended January 31, 1998, 1997 and 1996 -
   page F-3

   Statements of Unallocated Reserve and Trust Corpus for the years ended
   January 31, 1998, 1997 and 1996 - page F-4

   Statements of Cash Flows for the years ended January 31, 1998, 1997 and 1996
   - page F-5

   Notes to Financial Statements - pages F-6 through F-9

   2.     FINANCIAL STATEMENT SCHEDULES:

   None required.

   Schedules other than those listed above have been omitted because they are
not applicable or the required information is included in the financial
statements or notes thereto.


                                          9
<PAGE>

     3.    EXHIBITS:     

<TABLE>
<CAPTION>

       Item No.           Item                               Filing Method
       --------           -----                              --------------
       <S>            <C>                            <C>
       3              Agreement of Trust dated as    Incorporated by reference from Exhibit 3
                      of July 18, 1961. . . . . . .  to Mesabi Trust's Annual Report on Form
                                                     10-K for the fiscal year ended January 31,
                                                     1987.

       3(a)           Amendment to the Agreement of  Incorporated by reference from Exhibit
                      Trust dated as of October 25,  3(a) to Mesabi Trust's Annual Report on
                      1982. . . . . . . . . . . . .  Form 10-K for the fiscal year ended
                                                     January 31, 1988.

       4              Instruments defining the       Incorporated by reference from Exhibit 4
                      rights of                      to Mesabi Trust's Annual Report on Form
                      Trust Certificate Holders . .  10-K for the fiscal year ended January 31,
                                                     1987.

       10(a)          Peters Lease. . . . . . . . .  Incorporated by reference from Exhibits
                                                     10(a) - 10(d) to Mesabi Trust's Annual
                                                     Report on Form 10-K for the fiscal year
                                                     ended January 31, 1987.

       10(b)          Amendment Assignment of        Incorporated by reference from Exhibits
                      Peters Lease. . . . . . . . .  10(a) - 10(d) to Mesabi Trust's Annual
                                                     Report on Form 10-K for the fiscal year
                                                     ended January 31, 1987.

       10(c)          Cloquet Lease . . . . . . . .  Incorporated by reference from Exhibits
                                                     10(a) - 10(d) to Mesabi Trust's Annual
                                                     Report on Form 10-K for the fiscal year
                                                     ended January 31, 1987.

       10(d)          Assignment of Cloquet Lease .  Incorporated by reference from Exhibits
                                                     10(a) - 10(d) to Mesabi Trust's Annual
                                                     Report on Form 10-K for the fiscal year
                                                     ended January 31, 1987.

       10(e)          Modification of Lease and      Incorporated by reference from Exhibit
                      Consent to Assignment dated    10(e) to Mesabi Trust's Annual Report on
                      as of October 22, 1982. . . .  Form 10-K for the fiscal year ended
                                                     January 31, 1988.


                                      10
<PAGE>

       10(f)          Amendment of Assignment,       Incorporated by reference from Exhibit A
                      Assumption and Further         to Mesabi Trust's Report on Form 8-K dated
                      Assignment of Peters Lease. .  August 17, 1989.
                                     
       10(g)          Amendment of Assignment,       Incorporated by reference from Exhibit B
                      Assumption and Further         to Mesabi Trust's Report on Form 8-K dated
                      Assignments of Cloquet Lease.  August 17, 1989.
                       
       13.1           Annual Report of the Trustees  
                      of Mesabi Trust for the        
                      fiscal year ended January 31,  
                      1998. . . . . . . . . . . . .  Filed herewith.

       27.1           Financial Data Schedule . . .  Filed herewith.

       (b)            REPORTS ON FORM 8-K FILED IN   
                      THE FOURTH QUARTER:

                      None                           
</TABLE>


                                          11
<PAGE>

                                      SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dated:  April 23, 1998

                                        MESABI TRUST


                                        By:  Bankers Trust Company
                                             Corporate Trustee

                                        By:  /s/ Robert Caporale 
                                           ---------------------------
                                             Robert Caporale
                                             Vice President


     Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

/s/ Robert Caporale           April 23, 1998
--------------------------
Robert Caporale
Vice President
Bankers Trust Company

/s/ David J. Hoffman          April 23, 1998
--------------------------
David J. Hoffman
Individual Trustee

/s/ Richard G. Lareau         April 23, 1998
--------------------------
Richard G. Lareau
Individual Trustee

/s/ Ira S. Marshall           April 15, 1998
--------------------------
Ira A. Marshall, Jr.
Individual Trustee

/s/ Norman F. Sprague III     April 20, 1998
--------------------------
Norman F. Sprague III
Individual Trustee


                                          12