CN and CP both reported their earnings for the three months ended June 30, 2012. CN saw a 4% increase in revenues while CP's revenues were up 7%. The Port of Sept-Îles had a strong 2011, with modest volume growth of 3.7% to 26 million tonnes, and expects volumes to increase to 32 million tonnes in 2012. Iron ore shipments through the port were 22.9 million tonnes in 2011 and are forecast to reach nearly 30 million tonnes in 2012. The port is undertaking a $220 million expansion to increase capacity by 50 million tonnes.