CSX announced Friday morning to employees in Russell, Kentucky, that the company will be closing the Russell Locomotive Shop and eliminating 113 positions. CSX issued a Worker Adjustment and Retraining Notification (WARN) Act notice in conjunction with the shop closure.“As a result of the locomotive shop closure, 113 positions are being eliminated, and impacted…
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The NCCC has been negotiating with 13 unions in three coalitions, over a contract that expired January 1, 2015, covering 145,000 railroad workers across wide variety of crafts. In each proposal, there is zero or minimal wage increases from 2015-2017, and 2 percent wage increases for future years. The cost of monthly health care would…
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The CSX rail company, hard hit by a sharp decline in coal transport, said it currently moves about 70,000 barrels of crude oil per day, mostly between the Bakken region and terminals in New York and Pennsylvania. “It makes up a small part of our business, about 1 percent, but we do think there’s…
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CSX’s Coal team, in collaboration with partners from various CSX departments, won two new contracts to move utility coal in the coming year. Alabama Power and Gulf Power, two plants that are subsidiaries of Southern Company, signed on with CSX in late 2016. Both were previously served by competitors. Scope of the Deal “We…
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In fact, volumes in CSX’s coal segment were down by 21% on a year-over-year basis, which led to a massive drop in revenue from this segment. More specifically, CSX’s coal revenue, which accounted for 17% of its overall revenue last quarter, fell 20% year-over-year to $467 million last quarter. This is a trend that we…
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On October 13, 2016, it was reported by Bloomberg that Fortress Investment Group LLC, (FIG) was looking to sell Florida East Coast Railway Corporation, (FECR). Not much information was provided aside from Barclays and Morgan Stanley being involved in an advisement role, and the fact that Florida East Coast Industries, Inc. (FECI), the holding company…
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