Bethlehem Steel Sells Two Ore Carriers To Oglebay Norton
Bethlehem Steel Corporation, Bethlehem, Pa., recently announced it has completed the sale of two of its Great Lakes ore vessels, the Lewis Wilson Foy and the Sparrows Point, to Oglebay Norton Company, a Cleveland, Ohio-based raw materials and Great Lakes marine transportation company.
The Foy, built in 1978, is a 1,000- foot-long, self-unloading vessel, which can carry more than 61,000 tons of iron ore pellets. The Sparrows Point, built in 1952, is 698 feet long with an iron ore pellet capacity of almost 22,000 tons.
With the sale of the Foy and the Sparrows Point, Bethlehem Steel's Great Lakes fleet consists of two 1,000-foot vessels, the Stewart J. Cort and the Burns Habor, which are used to transport iron ore pellet from Minnesota to Bethlehem's Burns Harbor, Ind., plant on Lake Michigan.
Bethlehem said the sale of the two vessels is in keeping with its overall strategy of selling assets not required to support its core steel business. Bethlehem will recognize a gain in the fourth quarter of 1990 as a result of the sale.