CHICAGO, IL, Nov. 1 /PRNewswire/ - CN (TSX: CNR) (NYSE:CNI)
and North America Stevedoring Company, LLC (NASCO) announced today
construction of a new multi-modal steel transloading facility in
Chicago, the North American hub
for steel transportation. NASCO is a division of Quebec Stevedoring
Company Ltd. (QSL).
The new facility will be located at the Port of Chicago on 190 acres of land adjacent to CN's
Kirk Yard and Interstate 90, roughly
13 miles south of downtown Chicago. It will offer producers multi-modal
transportation options by rail, truck, intermodal container, inland
barge and ocean-going vessel for steel coil, sheet, plate, bar,
structural, pipe and tube products, as well as dimensional loads
and heavy equipment, as early as January
2011.
Jean-Jacques Ruest, executive
vice-president and chief marketing officer for CN, said: "The
Chicago Metals & Minerals Transload facility will give both CN
and NASCO a strong foothold in the most important steel market in
North America. Approximately half
of steel production and consumption on the continent takes place
within a 300-mile radius of Chicago. Innovative and efficient facilities
are critical to the industry.
"CN will serve the facility directly, tying it into our North
American rail network reaching the Atlantic, Gulf and Pacific
coasts. Together with NASCO and QSL, we will offer the steel
industry new transportation options to tap regional and North
American markets and new port gateways for imported and exported
steel. We also believe the facility will improve supply chain
efficiencies for the steel industry and enhance CN's and NASCO's
competitiveness in important steel markets."
Denis Dupuis, founder and
president of QSL, said: "This transload operation will have
state-of-the-art machinery for quickly and efficiently transferring
steel loads between rail, truck, intermodal container, barge and
vessel. This new multi-modal option in North America's heartland will help reduce
highway congestion and provide added efficiency to all our
customers.
"This partnership will benefit our 25-marine-terminal network
beyond the Great Lakes and St. Lawrence Seaway system, enabling the
growth of our steel-handling business. It could be the first
stepping stone to future expansions along CN rail corridors."
The new Chicago metals
transload facility is part of a series of CN supply chain
initiatives aimed at positioning the company to better serve its
steel customers and grow its steel business. Last month, CN
announced the establishment of strategic car staging locations near
producer facilities, allowing it to respond quickly to steelmakers'
spot sales requirements. One staging location is at Sorel-Tracy, Que., northeast of Montreal, the other at Paris, Ont., located west of Hamilton.
CN also recently announced the acquisition of 200 standard
gondolas and 200 open coil gondolas to expand and improve the
quality of its freight car fleet serving the steel industry. The
new gondolas and coil cars follow CN's acquisition of almost 700
new iron ore cars this year and last for hauling pelletized iron
ore in the Upper Midwest.
QSL, a privately held company, handles more than 11 million
tonnes of general and dry bulk cargo annually over its network of
port facilities strategically located from the Canadian eastern
seaboard, the St. Lawrence River and the Great Lakes. For more
information on QSL, visit the Company's website at www.qsl.com.
CN - Canadian National Railway Company and its operating railway
subsidiaries - spans Canada and
mid-America, from the Atlantic and Pacific oceans to the
Gulf of Mexico, serving the ports
of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New
Orleans, and Mobile, Ala.,
and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth,
Minn./Superior, Wis.,
Green Bay, Wis., Minneapolis/St. Paul, Memphis, St.
Louis, and Jackson, Miss.,
with connections to all points in North
America. For more information on CN, visit the Company's
website at www.cn.ca.
Forward-Looking Statements
Certain information included in this news release constitutes
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws, including statements relating to the
expected completion of the new Chicago Metals & Minerals
Transload facility. CN cautions that, by their nature, these
forward-looking statements involve risks, uncertainties and
assumptions. The Company cautions that its assumptions may not
materialize and that current economic conditions render such
assumptions, although reasonable at the time they were made,
subject to greater uncertainty. Such forward-looking statements are
not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results of performance of the Company or the rail industry to be
materially different from the outlook or any future results or
performance implied by such statements. Important factors that
could affect the above forward-looking statements include, but are
not limited to, the effects of general economic and business
conditions, industry competition, inflation, currency and interest
rate fluctuations, changes in fuel prices, legislative and/or
regulatory developments, compliance with environmental laws and
regulations, actions by regulators, various events which could
disrupt operations, including natural events such as severe
weather, droughts, floods and earthquakes, labor negotiations and
disruptions, environmental claims, uncertainties of investigations,
proceedings or other types of claims and litigation, risks and
liabilities arising from derailments, and other risks detailed from
time to time in reports filed by CN with securities regulators in
Canada and the United States. Reference should be made to
"Management's Discussion and Analysis" in CN's annual and interim
reports, Annual Information Form and Form 40-F filed with Canadian
and U.S. securities regulators, available on CN's website, for a
summary of major risks.
CN assumes no obligation to update or revise forward-looking
statements to reflect future events, changes in circumstances, or
changes in beliefs, unless required by applicable Canadian
securities laws. In the event CN does update any forward-looking
statement, no inference should be made that CN will make additional
updates with respect to that statement, related maters, or any
other forward-looking statement.
SOURCE CN
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