For the second time in 3½ months, the Cleveland-Cuyahoga County Port Authority voted last Friday to cut its budget for the year, due mainly to falloffs in the steel industry.

Mr Steven Williams, the port board chairman said that the precipitous drop in business and resulting cuts are no different from what other ports are feeling.

The port now expects to collect just USD 708,000 in fees for docking, loading and unloading ships, just over half of what it estimated early this year.

Mr Brent Leslie the port's CFO said that the port will probably see historic lows in the tonnage of steel and other commodities across its docks.

Iron ore shipments are projected at 400,000 tonnes this year, down from 900,000. Demand sank because steel maker ArcelorMittal has idled its Cleveland blast furnaces.

The company that handles the port's docks and warehouses sliced its yearly forecast for steel tonnage to 300,000, from 378,000.

The port now projects USD 7.53 million in revenue this year, down from earlier forecasts of USD 7.78 million.