The railway had been in the shipping business since 1900, when it had purchased four steamships. Starting during the 1960s, the railway greatly expanded its marine operations and diversified into trucking, real estate, forestry, and mining operations. These operations were more profitable than the railway operations, and on April 30, 1990, as part of a corporate reorganization, the name of the company was changed to Algoma Central Corporation, with the Algoma Central Railway becoming one of its subsidiary. A few years later, the Algoma Central Railway was put up for sale.