The Hamilton Port Authority in Ontario, Canada suffered a major loss in steel imports last year, the Port has reported.
Steel imports at the Port fell 65 percent in 2007, resulting in a 43 percent loss in net profits. Raw material shipments such as iron ore and coke did increase slightly in 2007, but imports of semi-finished products fell to 350,000 mt from one million mt the year before.
"Because of our geography and because we are home to two major steel mills, steel remains our primary customer," Port spokesperson Brent Kinnaird told press. "With steel, we are seeing shifting trade patterns because of new ownership and new players."
The two major steel mills Mr. Kinnaird refers to are Stelco, bought out by US Steel last year, and Dofasco, which was taken over by ArcelorMittal. A significant change has occurred since ArcelorMittal acquired Dofasco that accounts for the drastic loss of semi-finished product cargo -- Slabs are now being transported to the mill via truck and rail from ArcelorMittal's Quebec operations, not by ship, as they once were.
On the bright side, despite the loss of steel imports, the Hamilton Port Authority saw steel exports grow to 120,000 mt in 2007, up from 88,000 mt the year before. Mr. Kinnaird told press that he expects the Port's steel export business to continue growing.
The Port of Hamilton handles the largest volume of cargo and shipping traffic of all the Canadian Great Lakes ports, and is linked to two Great Lakes shipping routes, namely, the Welland Canal, and the St. Lawrence River, a major international seaway that connects the Great Lakes to the Atlantic Ocean.