Railfanning.org News Wire

CSX Announces Fourth Quarter and Full-Year 2009 Earnings

February 17, 2010 Railfanning.org News Wire

JACKSONVILLE, Fla. — CSX Corp. announced fourth quarter earnings from continuing operations of $305 million, or 77 cents a share, versus $361 million, or 92 cents a share, in the same period last year. Fourth quarter revenue of $2.3 billion was 13 percent down from the prior year. This was driven by a 7 percent overall decline in volume as growth in the intermodal and automotive sectors was more than offset by declines in coal and merchandise. In addition, lower fuel prices led to decreased fuel surcharge recovery. Despite these factors, core pricing remained strong, reflecting high service levels and

Robertson Named CSX AVP-Regional Development

February 17, 2010 Railfanning.org News Wire

JACKSONVILLE, Fla. — CSX Transportation announced that Clark Robertson, a veteran of commercial real estate investment and management, has joined the company as Assistant Vice President-Regional Development. Robertson, who has significant experience in business development of port, intermodal and industrial properties and facilities, will report to Fredrik Eliasson, Vice President-Emerging Markets. Robertson was most recently First Vice President at ProLogis where he was responsible for several strategic alliances with marine ports and railroads. His 25-year career has also included work at Cherokee Investment Partners, The Broe Companies and Trammell Crow. “We are pleased to welcome Clark Robertson to CSX Transportation

L. B. Foster Company to Acquire Portec Rail Products

February 17, 2010 Railfanning.org News Wire

PITTSBURGH — L. B. Foster Co. and Portec Rail Products Inc. announced the signing of an Agreement and Plan of Merger, under which L. B. Foster will make, through its wholly owned acquisition subsidiary, a cash tender offer to acquire all of Portec’s outstanding shares of common stock for $11.71 per share. “The proposed acquisition will bring together two organizations with a rich history of successfully delivering products and services to the global rail industry,” said Stan Hasselbusch, L . B. Foster’s President and Chief Executive Officer. “The addition of Portec will complement our existing array of products and furthers

Genesee & Wyoming Inc. and Consolidated Thompson Iron Mines Limited Sign Rail Services Agreement

February 16, 2010 Railfanning.org News Wire

GREENWICH, Conn. — Genesee & Wyoming Inc. said that GWI and a newly formed GWI subsidiary, Western Labrador Rail Services (WLRS), have entered into a long term agreement with Bloom Lake Railway Company (BLRC), a subsidiary of Consolidated Thompson Iron Mines Limited (CLM), for WLRS to provide rail transportation services to BLRC. Operated as part of GWI’s Canada Region, WLRS will haul unit trains of iron ore over BLRC’s newly constructed 31-kilometer railway from CLM’s Bloom Lake mine, located in the province of Quebec on the south end of the Labrador Trough, to Wabush, Labrador. The iron ore will then travel

Union Pacific Railroad Named to Most Admired for HR List by Human Resource Executive

February 12, 2010 Railfanning.org News Wire

OMAHA, Neb. — Human Resource Executive has named Union Pacific Railroad as one of its 50 Most Admired for Human Resources companies for 2009. Union Pacific is the highest-rated U.S. Class I railroad on the list and is ranked No. 19 overall, up 10 spots from 2008. “Americans depend on Union Pacific to deliver the products they use every day so we work hard to recruit, hire and retain the best talent in every one of our job functions,” said Barb Schaefer, Union Pacific senior vice president – Human Resources. “It is our people who have made Union Pacific one

Union Pacific Invests $29 Million for Track Improvements to Its Line from Spring to Houston

February 12, 2010 Railfanning.org News Wire

SPRING, Texas – Union Pacific will improve Houston’s transportation infrastructure with a $29 million investment to improve the rail line that runs from Spring, Texas, to the Washington Avenue Corridor. Work on the 23-mile stretch of railroad tracks will begin on the line that parallels the Hardy Toll Road February 18. Crews also will make track improvements to the rail line located along Washington Avenue, between downtown Houston and Hempstead Road. The project includes removing and installing new rail, 29 track switches and more than 62,000 concrete ties. Crews also will spread 99,000 tons of rock ballast to ensure a

NTSB Heads to WMATA Derailment

February 12, 2010 Railfanning.org News Wire

WASHINGTON — The National Transportation Safety Board has dispatched an investigator to a Washington Metropolitan Area Transit Authority (WMATA) derailment in Washington, DC. NTSB has designated Jim Southworth, Chief, Railroad Division, as the Investigator-in-Charge. At 10:15 am, (EST), a northbound WMATA Red Line train, consisting of six train cars, derailed north of the Farragut North station. There were three minor injuries reported.

Illinois Railroads Ordered to Compensate Employee Fired for Reporting Work-Related injury

February 12, 2010 Railfanning.org News Wire

KANSAS CITY — The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has ordered the Illinois Central Railroad Co. and the Chicago, Central & Pacific Railroad, both headquartered in Homewood, Ill., to pay a former railroad employee more than $80,000 in back wages, compensatory damages and attorney’s fees. OSHA investigated the employee’s allegation that the railroads terminated his employment in retaliation for reporting a work-related injury he sustained while performing his job. OSHA’s investigation found that officials from both railroads ordered an investigation into the cause of the employee’s injury, which ultimately resulted in their decision to terminate

NTSB to meet on ‘Most Wanted’ List

February 12, 2010 Railfanning.org News Wire

WASHINGTON — The National Transportation Safety Board will hold a public Board meeting Thursday, February 18, at 9:30 a.m., in its Board Room and Conference Center, 429 L’Enfant Plaza, S.W., Washington, D.C. The Board will review its list of Most Wanted safety recommendations directed at federal agencies. The Most Wanted List was developed in 1990 to focus attention on safety improvements the Board believes will have the greatest impact on transportation safety. Some of the issues to be reviewed this year include emergency helicopter medical services, intelligent highway technologies, motor carrier operations and operator fatigue. The Board will also discuss

Union Pacific Reports Fourth Quarter Earnings

February 12, 2010 Railfanning.org News Wire

OMAHA, Neb. — Union Pacific Corp. reported 2009 fourth quarter net income of $551 million, or $1.08 per diluted share, compared to $661 million, or $1.31 per diluted share in the fourth quarter 2008. “Union Pacific’s fourth quarter earnings reflected the continued impact of the recession that began in 2008,” said Jim Young, Union Pacific chairman and chief executive officer. “In this difficult environment, we’ve continued to focus on running our business efficiently and improving customer service. As a result, we finished the year with new records in safety, service, customer satisfaction and efficiency.” Slightly stronger fourth quarter demand led