Steel exports start at Cleveland port with ISG cargoes
Cleveland port of the US is about to start shipping export cargoes after a long interval of 9 years. No steel exports have been effected since the year 1994, as reported by the officials. The port annually handles about 14 million tons. Some material produced by the integrated flat rolled plant of International Steel Group in Cleveland, formerly operated by LTV Corp. , will be exported from this port, as per the information given by port authorities. International Steel Group is formed by WL Ross & Co LLC, by taking over the bankrupt LTV Corp. and has been transformed into an internationally competitive producer. The company operates integrated flat rolled steel plants in Cleveland and East Chicago, Ind., a finishing plant in Hennepin III a coke plant in Warren Ohio and a caster and hot strip mill in Riverdale III. The company also has a bid of $1.5 billion to acquire Bethlehem Steel's assets.