11,024.33 TRY BIST 100 BIST 100
4.57 CNY CNY CNY
32.97 USD USD USD
35.87 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
40.55 TRY Interest Interest
85.89 USD Fossil Oil Fossil Oil
31.06 USD Silver Silver
4.49 USD Copper Copper
107.83 USD Iron Ore Iron Ore
382.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,553.39 TRY Gold (gr) Gold (gr)

Sault Ste. Marie and Algoma Steel reach agreement on port project

Algoma Steel has reached an agreement with the city council of Sault Ste. City, Canada on a port project.

Sault Ste. Marie and Algoma Steel reach agreement on port project

Algoma Steel has reached an agreement with the city council of Sault Ste. City, Canada on a port project.

Algoma Steel and the Sault Ste. Marie city council announced their collaboration and agreed to accelerate the development of a public port project.

The project aims to use the city's strategic location in the heart of the Great Lakes region to create a transportation hub serving a variety of industries. Opposing ideas for the development of the harbor have been raised in Sault Ste. Marie is deeply rooted in its historical importance as a trading center for more than a century. Recently, Algoma Steel's modernization efforts have led to a resurgence of interest.

With Algoma Steel's transition to electric arc furnaces, the expectation is for a reduction in raw material storage space requirements and a corresponding change in transportation needs. Sault Ste. Marie mayor Matthew Shoemaker said it was time to consider waterway transportation as a means of diversifying the local economy and regional growth.

Over the last decade, the port complex at Algoma Steel has handled 5.5 million tons of product annually, making it the fourth largest port by volume in the Canadian Great Lakes region. The port, which currently serves Algoma Steel, is also known for providing investment opportunities to various industries.

The first phase of the project involves updating the old business plan to align with current market dynamics and collaborate with stakeholders to create a broader port model. The city council has allocated funding for the next three years to move the project forward.

Mayor Shoemaker emphasized the importance of moving from the planning stage to implementation, adding that the momentum needed to be built to realize the potential of the project. The establishment of a Port Authority to oversee port operations reflected the adoption of a community-centered approach to economic growth and opportunity creation.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In
SteelRadar Insight - Sayı 1 (Haziran 2024)

Most read news

Çolakoğlu turns to sustainable steel production projects

Saturday, July 13, 2024

Russian steel production decreased by 4% in June

Thursday, July 11, 2024

Cargo handled at Turkish ports increased

Friday, July 12, 2024

AISI reports decline in steel imports for June 2024

Friday, July 12, 2024

Chinese scrap market follows a volatile trend

Friday, July 12, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now