<PAGE>

================================================================================
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                         ------------------------------
                                    FORM 10-K
(Mark one)
/X/  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                   FOR THE FISCAL YEAR ENDED JANUARY 31, 2001

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

     For the transition period from ________________ to __________________.

                          COMMISSION FILE NUMBER 1-4488
                              --------------------

                                  MESABI TRUST
                 (Name of Small Business Issuer 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                               10008-0318
           NEW YORK, NEW YORK                                (Zip Code)
(Address of Principal Executive Offices)

                                 (615) 835-2749
                (Issuer's telephone number, including area code)

         Securities registered under Section 12(b) of the Exchange Act:
                  UNITS OF BENEFICIAL INTEREST IN MESABI TRUST

       Securities registered under Section 12(g) of the Exchange 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 19, 2001, 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 $38,954,647*. As of April 19, 2001, 13,120,010 Units of Beneficial
Interest were outstanding.

                       DOCUMENTS INCORPORATED BY REFERENCE

         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, 2001,
which is annexed hereto and filed herewith as Exhibit 13.1.

-------------------------------------------
*  Includes approximately $75,049 representing the market value, as of April 19,
   2001, of 25,100 Units of Beneficial Interest the beneficial ownership of
   which is disclaimed by affiliates (see Item 12 herein).

<PAGE>

                                     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 9 through 13 of the Annual Report of the Trustees of Mesabi Trust for the
fiscal year ended January 31, 2001 (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 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 40 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 conservation
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 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 and 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


                                       2
<PAGE>

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 Annual Report for the year ended December 31, 1999 ("CCI's
Annual Report"), CCI, parent company of Northshore, the lessee/operator of
Mesabi Trust iron ore interests, stated that it was continuing to evaluate
whether to build a facility to produce pig iron at CCI's Northshore Mine in
Minnesota that would produce premium grade pig iron. CCI's Annual Report stated
that while progress has been made in a number of areas on the project, a
decision relative to proceeding with this project has been delayed by
uncertainty about market conditions and timing of state environmental
permitting. Except for its May 2000 announcement regarding environmental
permitting for the facility (see below), CCI has made no public disclosure
regarding the pig iron facility project since CCI's Annual Report. (CCI made no
reference to the project in its Annual Report for the year ended December 31,
2000.) 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.

           Following LTV Steel's decision to close the LTV Steel Mining
Company's plant at Hoyt Lakes, Minnesota this year, CCI announced in May 2000
that it has asked the Minnesota Pollution Control Agency to delay a decision on
environmental permitting for the possible pig iron facility at CCI's Northshore
Mine in order to evaluate whether its iron ore pellet production should be
increased to meet CCI's future sales requirements. CCI stated that the requested
delay should not be interpreted to mean that CCI has abandoned plans for a
possible pig iron facility. CCI reported that it will be supplying LTV with a
majority of its iron ore pellets over the next 10 years with most of the pellets
expected to come from Minnesota sources that are owned or managed by CCI.
Besides potential expansion at CCI's Northshore Mine, CCI announced that it is
reviewing ways to increase production levels at other CCI-managed mines.

           Additionally, in a press release dated January 9, 2001, CCI announced
that it intends to reduce iron ore pellet production at the Northshore Mine by
approximately 700,000 tons in 2001. CCI stated that one of the pellet production
furnaces at the Northshore Mine would be shut down for an estimated nine month
period beginning in January. CCI cited the impact on its customers of perceived
unfairly traded imports and the general deterioration in overall steel demand in
North America as reasons for the production cutback. No forecast of the volume
of shipments of iron ore pellets for 2001 was provided.

           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 9 of the Annual Report of the Trustees of Mesabi Trust for the fiscal year
ended January 31, 2001 is incorporated herein by reference.


                                       3
<PAGE>

           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 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
CCI's 2000 Annual Report, CCI estimated that there currently remains enough ore
reserve in the Peters and Cloquet Lease Lands to produce concentrated product
for 81 years of mining at the then 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 14 of the Annual Report of the Trustees of Mesabi
Trust for the fiscal year ended January 31, 2001 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 14, respectively, of the
Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January
31, 2001 is incorporated herein by reference.

ITEM 7.    TRUSTEE'S 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, 13 and 14,
respectively, of the Annual Report of the Trustees of Mesabi Trust for the
fiscal year ended January 31, 2001 is incorporated herein by reference.


                                       4
<PAGE>

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-3 through F-6
and are incorporated herein by reference.

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

           The information required by Item 304 of Regulation S-K regarding the
change in Mesabi Trust's accountants was previously filed as part of Mesabi
Trust's Current Report on Form 8-K filed on August 1, 2000.

                                    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                 65         1977          Mining geologist; Until January 1988,
                                                          President of Towne Mines Exploration
                                                          Company, Inc., a privately-held mining
                                                          corporation.

Richard G. Lareau                72         1990          Partner in the law firm of Oppenheimer Wolff
                                                          & Donnelly LLP; Director of Nash Finch
                                                          Company and Northern Technologies
                                                          International Corporation.


                                       5
<PAGE>

Ira A. Marshall, Jr.             78         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            53         1981          Private investor; Orthopedic surgeon.
</TABLE>

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, 2001, for services in all capacities as Trustees to
Mesabi Trust during the fiscal year ended January 31, 2001.

                             CASH COMPENSATION TABLE

<TABLE>
<CAPTION>
Name                          Capacity in Which Served        Cash Compensation
----                          ------------------------        -----------------
<S>                             <C>                               <C>
Bankers Trust Company           Corporate Trustee                 $     89,765*

David J. Hoffman                Individual Trustee                $     27,265

Richard G. Lareau               Individual Trustee                $     27,265

Ira A. Marshall, Jr.            Individual Trustee                $     27,265

Norman F. Sprague III           Individual Trustee                $     27,265
</TABLE>

*  Does not include $27,333 of fees and disbursements paid to Bankers Trust
   Company as registrar and transfer agent of the Units.


                                       6
<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 April 2, 2001. Such information has been obtained from Mesabi
Trust's records and a review of statements filed with Mesabi Trust pursuant to
Section 13(d)-102 of the Securities Exchange Act of 1934 through April 2, 2001.

<TABLE>
<CAPTION>
Name and Address                       Amount of Beneficial           Percent of
Of Beneficial Owner(s)                  Ownership of Units               Class
----------------------                  ------------------               -----
<S>                                      <C>                             <C>
Appaloosa Management L.P.,
a Delaware Limited Partnership
and David A. Tepper
26 Main Street                           655,500 (1)                     4.99%
Chatham, New Jersey 07928
</TABLE>

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

         (1)      According to a Schedule 13G dated May 4, 1998, filed by such
                  persons, which indicates that each of such persons has sole
                  voting power and sole dispositive power with respect to such
                  units. 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 655,500 Units
                  reported, 327,750 are owned by Appaloosa Investment Limited
                  Partnership I and 327,750 are owned by PLF.

           The table below sets forth information as to the Units of Beneficial
Interest in Mesabi Trust beneficially owned as of March 15, 2001 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 (1)                   3,000                 Less than 1%

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

Richard G. Lareau (3)                      27,000                 Less than 1%

Ira A. Marshall, Jr. (4)                   51,000                 Less than 1%

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

All Trustees as a group                   116,800                 Less than 1%
</TABLE>

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

(1)      In addition to the Units indicated above, 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.


                                       7
<PAGE>

(3)      Includes 10,000 Units owned by Mr. Lareau's wife, over which Mr. Lareau
         does not have any investment or voting power and as to which Mr. Lareau
         disclaims any beneficial ownership.

(4)      These Units consist of (a) 50,000 Units owned indirectly by Mr.
         Marshall through a family trust of which Mr. Marshall is the sole
         trustee and (b) 1,000 Units over which Mr. Marshall has joint voting
         and investment power.

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 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, 2001:

               Independent Auditor's Reports - pages F-1 through F-2

               Balance Sheets as of January 31, 2001 and 2000 - page F-3

               Statements of Income for the years ended January 31, 2001,
               2000 and 1999 - page F-4

               Statements of Unallocated Reserve and Trust Corpus for the
               years ended January 31, 2001, 2000 and 1999 - page F-5

               Statements of Cash Flows for the years ended January 31, 2001,
               2000 and 1999 - page F-6

               Notes to Financial Statements - pages F-7 through F-11

         3.    EXHIBITS:

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


                                       8
<PAGE>

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

               4              Instruments defining the rights of Trust
                              Certificate Holders.......................  Incorporated by reference from Exhibit 4
                                                                          to Mesabi Trust's Annual Report on Form
                                                                          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 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(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 Consent to
                              Assignment dated as of October 22, 1982...  Incorporated by reference from Exhibit
                                                                          10(e) to Mesabi Trust's Annual Report on
                                                                          Form 10-K for the fiscal year ended
                                                                          January 31, 1988.

               10(f)          Amendment of Assignment, Assumption and
                              Further Assignment of Peters Lease........  Incorporated by reference from Exhibit A
                                                                          to Mesabi Trust's Report on Form 8-K
                                                                          dated  August 17, 1989.


                                       9
<PAGE>

               10(g)          Amendment of Assignment, Assumption and
                              Further Assignments of Cloquet Lease......  Incorporated by reference from Exhibit B
                                                                          to Mesabi Trust's Report on Form 8-K
                                                                          dated August 17, 1989.

               13.1           Annual Report of the Trustees of Mesabi
                              Trust for the fiscal year ended January
                              31, 2001..................................  Filed herewith.

               99             Letter to Mesabi Trust Unitholders
                              regarding uncertainty of market
                              conditions in the steel and iron ore
                              industry and the decrease in iron ore
                              pellet production at Northshore...........  Filed herewith.
</TABLE>

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

                    A Form 8-K was filed on January 9, 2001 that reported that
                    CCI intends to reduce iron ore pellet production at
                    Northshore by approximately 700,000 tons in 2001.

                                       10
<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 19, 2001
                                  MESABI TRUST


                                       By:      Bankers Trust Company
                                                Corporate Trustee

                                       By:     /s/ Daniel M. Chipko
                                             -----------------------------------
                                                Daniel M. Chipko
                                                Associate


         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/ Daniel M. Chipko                   April 19, 2001
-------------------------------
Daniel M. Chipko
Associate
Bankers Trust Company

-------------------------------
David J. Hoffman
Individual Trustee

/s/ Richard G. Lareau                  April 19, 2001
-------------------------------
Richard G. Lareau
Individual Trustee

/s/ Ira A. Marshall, Jr.               April 19, 2001
-------------------------------
Ira A. Marshall, Jr.
Individual Trustee

/s/ Norman F. Sprague III              April 19, 2001
-------------------------------
Norman F. Sprague III
Individual Trustee


                                       11