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Wednesday, June 10, 2009

Report: Iron ore shipments down on Great Lakes

Wednesday, 10 June 2009

Iron ore shipments on the Great Lakes are down substantially because of the low demand for steel, a report from a trade association of cargo ships said Tuesday. The Lake Carriers' Association said iron ore shipments in May totaled only 3 million tons, a decrease of nearly 60 percent compared to a year ago. Iron ore trade has fared even worse on a year-to-date basis. Through May, shipments are down 65 percent compared with a year ago.
The Lake Carriers' Association, based in Rocky River, Ohio, represents U.S. vessel operators on the Great Lakes. Its 16 member companies operate 63 lakers and other ships.
Mined iron ore is a primary ingredient in making steel at mills.
The slow pace of carrying iron ore to ports on the Great Lakes is off due to the nation's steel industry's production being off by about 40 percent, association spokesman Glen Nekvasil said.
The iron ore trade's woes are also complicated by an ongoing need for dredging in some ports and waterways, he said. He cited higher water levels in some areas easing the problem,
Source: Associated press