James Hamet Dunn - Canada Steamship Lines

Canada Steamship Lines

In 1944, Dunn was invited to serve on the board of directors of Canada Steamship Lines (CSL), whose ore carriers were an important transporter of ore and coal for the Algoma Steel plant which operated under a geographical disadvantage to its more southerly competitors. Unhappy over CSL's policy of prioritizing service to his steel mill competition on the lower section of the Great Lakes, with backing from a Winnipeg, Manitoba businessman plus the Montreal publishing magnate, John Wilson McConnell, James Dunn quietly set about buying up shares of the shipping line. He secured a line of credit from the Bank of Montreal and through Earle McLaughlin at the Royal Bank of Canada he raised a war chest that saw him gain effective control of Canada Steamship Lines in 1951. This was followed up by the acquisition of another shipping line with cargo vessels capable of cost-effective delivery of Algoma Steel's products to the southern markets. Within a few years, Dunn was exporting iron ore from his Algoma Ore Properties Limited to American buyers.