Norfolk Southern said it has already spent about $55 million to dig up and remove nearly 39,000 tons of contaminated soil.
even though officials say that repeated testing hasn’t shown harmful levels of chemicals in the air or drinking water.
Norfolk Southern and other major freight railroads have announced new safety measures, including installing more than 1,000 more trackside detectors. But they’re not likely to totally abandon the lean operating model adopted over the past six years that labor unions say has made the industry riskier because so many jobs have been cut, forcing inspections to be rushed and leaving train crews on call 24-7.
Federal Railroad Administration data shows that Norfolk Southern reported 12.95 train accidents per every million miles last year. That’s better than the three previous years but still worse than a decade earlier when it reported 11.4 total accidents per million miles. Shaw pledged to continue working to improve that record as the railroad applies the lessons from East Palestine.
Citi analyst Christian Wetherbee said the railroad’s core results were weaker than he expected and shares were down more than 3% Wednesday afternoon at $200.58.
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