In 1855, the Ontario, Simcoe & Huron (later called the Northern) Railway came into Collingwood, and the harbour became the shipment point for goods destined for the upper Great Lakes ports of Chicago and Port Arthur-Fort William (now Thunder Bay). Shipping produced a need for ship repairs, so it was not long before an organized shipbuilding business was created. On May 24, 1883, the Collingwood Shipyards, formally known as Collingwood Dry Dock Shipbuilding and Foundry Company Limited, opened with a special ceremony. On September 12, 1901, the "Huronic", the first steel-hulled ship in Canada, was launched in Collingwood. The shipyards produced Lakers and during World War II contributed to the production of corvettes for the Royal Canadian Navy. Shipbuilding was one of the principal industries in the town, employing as much as 10% of the total labour force. However, overseas competition and overcapacity in shipbuilding in Canada led to the demise of shipbuilding in Collingwood in September 1986.