GLIN==> Lake Ore Down Almost 60 Percent in May

Lakes Iron Ore Trade Off Almost 60 Percent in May

 

CLEVELAND-With the capacity utilization rate for the nation's steel
industry still hovering around 40 percent, iron ore shipments on the
Great Lakes in May totaled only 3 million tons, a decrease of nearly 60
percent compared to a year ago.  One dock loaded only one cargo during
the month.  Another dock's total for the month of May would be typical
of a week's operations in a healthy economy.

 

The iron ore trade has fared even worse on a year-to-date basis.
Through May, shipments are down 65 percent compared to a year ago.
Comparisons with the 5-year average for the month and January-May
timeframe are only slightly better.

 

Adding to the iron ore trade's woes are the debilitating effects of the
dredging crisis.  Mother Nature has provided some relief in the form of
higher water levels, but even so, the largest vessels are still
forfeiting 5,000 tons or more each trip because the U.S. Army Corps of
Engineers is not maintaining ports and waterways to project dimensions.
The Corps had an opportunity to ease the dredging crisis, but elected to
allocate only 2 percent of its stimulus dollars to the Great Lakes.

 

See attached for more details.

 

 

Glen G. Nekvasil

Vice President-Corporate Communications

Lake Carriers' Association

Suite 720

20325 Center Ridge Road

Rocky River, OH  44116

   P:  440-333-9996

   F:  440-333-9993

   C:  216-702-6360

   E:  nekvasil at lcaships.com

 




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