CN buys Great Lakes’ rail and marine assets
MONTREAL, (May 11, 2004) — Canadian National Railway will begin integrating new railways and a marine operation CN acquired in a $380 million US acquisition from Great Lakes Transportation yesterday.
The railroads are the 550-kilometre Duluth, Missabe and Iron Range Railway Co., an iron ore carrier in Minnesota and Wisconsin; and the Bessemer and Lake Erie Railroad Co., which carries coal, iron ore and limestone between the Lake Erie port of Conneaut, Ohio, and steel mills in the Pittsburgh area. CN will also take over a switching railroad that performs bulk transfer operations between trains and ships at three docks at Conneaut.
CN also acquired a fleet of eight Great Lakes vessels, which will be operated by a third party. The vessels transport bulk commodities — principally steel — to U.S. markets.
Chief executive Hunter Harrison told media the acquisition will improve traffic flows for western Canadian shippers between Winnipeg and Chicago and provide access to CN’s network for iron ore mines in the Mesabi Range of Minnesota.
— from Canadian Press
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