Twin Ports Iron Ore Shipments Worst Since Thirties

By at least one economic measure, the Great Recession is approaching the Great Depression in Duluth.

Shipping organizations reported Tuesday that iron ore shipments from the Twin Ports have declined by nearly two-thirds this season, hitting levels not seen since the 1930s.

Just over 1 million tons of ore have been shipped out of Duluth and Superior, Wis., so far this year, a drop of nearly one-half from a year ago, according to the Lake Carriers Association.

That's well below levels reached in the wake of the crash of 1929, according to the Duluth Seaway Port Authority.

The picture is even grimmer up the north shore of Lake Superior, where shipments out of Two Harbors and Silver Bay have declined even more precipitously.

The association reported another indication of the cratering economy: Throughout the Great Lakes, shipments for all commodities, other than coal, have slumped by more than one-third since last year. The slump in iron ore shipments led all other categories, according to the association.

The recession-battered market for iron and steel has been acutely painful on the Iron Range, where Minnesota's six taconite plants are or have been idle in recent months in short- or long-term closures.

The most recent blow to the beleaguered taconite industry came early this month when Cliffs Natural Resources Inc. announced it would keep Hibbing Taconite shut down until next April, keeping 700 employees out of work.

Source: Minneapolis Star Tribune