American Lakers Invest $126 Million in the Great Lakes States
CLEVELAND, OHIO (February 6, 2023) – U.S. shipping companies operating exclusively on the Great Lakes transitioned from sailing to the annual process of repairing, maintaining and modernizing their fleet of lakers. Vessels ranging in length from over 1000-feet to smaller tug and barge combinations have taken to docks and ship repair facilities around the Great Lakes region.
This year alone U.S. Great Lakes shipping companies will invest over $126 million in their vessels at shipyards and facilities across the Great Lakes. That includes over $48 million in Wisconsin, $43.5 million in Ohio, $9 million in Michigan, and $26 million spread across Minnesota, Illinois, New York, and Pennsylvania. The work includes replacing steel plating, engine overhauls, navigation equipment updates, and painting. Some vessels will be completely pulled from the water in a dry dock to be inspected, cleaned, and repainted.
The work is critical to maintaining a fleet of freshwater behemoths that beginning in March will constantly ply Great Lake waterways until January when the vessels return to the docks for the next repair cycle. “It is a unique system here on the Great Lakes where U.S. shipping companies transport critical raw materials from the northern Great Lakes to manufacturing facilities on the lower lakes. The raw materials are transformed into finished products like steel which are then reinvested into our vessels,” stated Jim Weakley, President of the Lake Carriers’ Association. “The relationship between Great Lakes shipyards and U.S. shipping is vital to the regional economy and supports our national economic security. Without this mutually beneficial relationship, it would be difficult to keep the pilot light of North American manufacturing lit.”
Hundreds of skilled workers will be employed welding, pipefitting, and installing electronics and other critical components. The amount of work being invested by U.S. Great Lakes shipping companies remains a testament to the continued vitality of U.S. Great Lakes shipping.
LCA
US Steel reports second-best earnings year in its history
United States Steel Corp. logged its second-best financial performance in the company’s more than a century in business, just behind the record it set in 2021.
The Pittsburgh-based steelmaker saw revenue of $21.06 billion for 2022, up from $20.27 billion in 2021, and earnings were $2.5 billion, $9.16 a share, for the year, down from the record last year of $4.17 billion, $14.88 a share. The earnings were released Thursday afternoon after the close of the New York Stock Exchange.
“2022 was another exceptional year for U. S. Steel, marking our second-best financial performance in the Company’s history,” said President and CEO David B. Burritt in a statement. Burritt and other executives will be talking with financial analysts and reviewing the company’s performance Friday morning in the quarterly conference call.
U.S. Steel (NYSE: X) fourth-quarter revenue dropped from $5.6 billion in 2021 to $4.3 billion in 2022, while revenue slid from $1.1 billion, $3.75 a share, in the fourth quarter of 2021 to $174 million, 68 cents a share, in 2022. The big story in revenue was in the tubular segment, which saw a sharp increase. The mini mill and U.S. Steel segments posted losses while flat-rolled steel saw a drop in sales.
“Our fourth-quarter results exceeded our guidance expectations thanks to the combined efforts of our domestic steelmaking operations and Tubular segment,” Burritt said.
He said there was a positive EBITDA in mini mill in December and that showed positive momentum.
Burritt also voiced optimism for 2023, saying that the company would continue to with shareholder rewards after $900 million was returned to shareholders in 2022.
“We are already delivering on strategic commitments, including the Gary Works pig iron machine that was commissioned ahead of schedule and on-budget,” Burritt said. “Later this year, our non-grain oriented electrical steel line at Big River Steel will begin producing advanced steel grades to meet the growing electric vehicle demand.”
BizJournals
Sailors enduring harsh winter on 3 tugboats detained in Quebec port
Groups that advocate for seafarers are expressing concern for 11 sailors who are spending a harsh Quebec winter aboard three tugboats that have been detained for months in the port of Trois-Rivières.
Paul Racette, who operates the Foyer des Marins seafarers’ club in the port, said the workers, who hail from Mexico, Cuba and Guyana, aren’t used to winter.
“For them, 17 degrees is cold, so imagine them having to work outdoors at the temperatures we’re having now,” he said in an interview.
Montreal CTV News
Rotting 183-year-old Lake Erie lighthouse at risk of toppling: Officials
Port Burwell’s 1840-vintage wooden lighthouse – the oldest one on Lake Erie’s north shore – is so rickety it’s sealed off and at risk of being blown over.
More than a month after a three-day storm battered the lakeside community, downing trees and power lines and ripping the roof off a restaurant, part of the main road running past the lighthouse is closed.
Read the rest here: https://lfpress.com/news/local-news/rotting-183-year-old-lake-erie-lighthouse-at-risk-of-toppling-officials?fbclid=IwAR1fBuB-PhcwF-McIO7yjVKnXS36D628vxYC0OwgCC0Tfrvcx9j6DLwPUac
