Foreign Steel Imports News

Shipments of iron ore on the Great Lakes totaled just 800,000 tons in March, the lowest level for the month since 2010 and nearly 60 percent below the month’s five-year average, the Lake Carriers’ Association (LCA) reported. Heavy ice and lack of icebreaking resources on both sides of the border were the culprits,  according to  the LCA. “The winter of 2014/2015 was again brutal,” said James H.I. Weakley, President of Lake Carriers’ Association. “The ice formations were so formidable that a number of LCA’s members chose to delay getting underway rather than risk a repeat of last spring when ice caused more than $6 million in damage to the vessels. Compounding the problem is that both U.S. and Canadian icebreakers have experienced a number of mechanical issues. The Mackinaw, the U.S.

International Shipholding Corp., in announcing its fourth quarter results yesterday, noted that while fourth quarter results were improved from the third quarter, the period was negatively impacted by lower results in the company’s TransAtlantic LASH service, which experienced reduced cargo volume largely because of U.S. sanctions on foreign steel imports. For the three months ended December 31, 2002, recorded revenue was $58.3 million versus $65.9 million during the same period in the previous year. For the year ended Dec. 31, the company recorded revenues of $217.7 million versus $289.9 million during the previous year. This is countered with reduced voyage expenses (Three months ended $45.9 million vs. $53.5 million in 2001; 12 months ended $177.8 million vs.