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On Friday, the Port of Cleveland held a ribbon-cutting ceremony for a new rail loop.

Slightly more than a mile long, the loop connects the two sides of the port's rail system for the first time, allowing cargo to move via either CSX Transportation or Norfolk Southern Railway, port officials said in a prepared statement. The loop doubles the port's rail capacity and provides more shippers opportunities to use the facility to transport larger volumes to more markets, they said.

"We needed to reinvent the way the port connects shippers to railroads," said Will Friedman, the port's chief executive officer. "With our rail expansion, we have the opportunity to provide improved and lower-cost services to shippers, expand our geographic reach, grow our customer base and spur job creation."

The Ohio Department of Development provided about $3 million for the $4.5 million project. Cleveland Commercial Railroad Co. (CCR), which operates 23 miles of track in the area, created Cleveland Harbor Belt Railroad as a subsidiary to operate and market the new loop.

"Cleveland's port is becoming a hub of commercial activity, and the new rail loop will provide even greater access for shippers moving cargo to and from points in North American and beyond," said CCR Chief Financial Officer Bill Brown.