CSX Announces Risk Reduction Plan, Higher Safety Spending

The board of directors of Jacksonville, Fla.-based CSX Corporation -- one of the largest U.S. transportation companies, with extensive rail operations in the East -- will raise its capital spending to accelerate improvements in safety, service reliability, and capacity. The company also said yesterday that it will buy back another $1 billion of its own stock, raising its current buyback program to a total of $3 billion.

Joseph Boardman, administrator of the Federal Railroad Administration, said the safety spending decision "reflects a wise commitment to making the kind of funding priorities needed to improve its operations and better safeguard neighboring communities. In particular, CSX’s decision to establish a risk reduction program by expanding its use of technology to identify track and equipment problems before accidents occur is the right approach the rail industry needs to follow," Boardman added. "As we continue to review the company’s safety operations, we look forward to learning exactly how and when the additional safety funding will be invested across CSX’s rail network.”

The company's chairman, president, and CEO, Michael Ward, said the actions "emphasize our confidence in the earnings power of CSX businesses as demand for our rail and intermodal services is robust and expected to grow." CSX's core capital investments will be approximately $1.5 billion this year, $1.6 billion in both 2008 and 2009, and $1.7 billion in 2010. This spending will improve and add track, equipment, technology, and facilities, the company said.

Download Center

HTML - No Current Item Deck
  • Green Quadrant EHS Software 2021

    Reserve your copy of the new report by independent analyst firm, Verdantix, to get a detailed, fact-based comparison of the 22 most prominent EHS software vendors in the industry.

  • Best Practices to Navigate ISO 45001

    Learn helpful tips and tricks to navigate your transition to ISO 45001 certification and ensure an effective health and safety management system.

  • Improve Your Safety Culture

    Learn the 3 fundamental areas to focus on to achieve safety culture excellence and what you can do to boost employee engagement in your EHS programs.

  • Chemical Safety: 5 Questions Answered by Experts

    Get answers to 5 of the most frequently asked questions about how to effectively mitigate chemical risk, get the most value out of your chemical data, and gain buy-in for a chemical management technology program.

  • How Has COVID-19 Changed Safety Culture?

    The COVID-19 pandemic has provided unique opportunities for health and safety professionals to rethink how they manage risk and develop stronger safety cultures. Read this eBook to learn actionable steps you can implement today to improve your programs.

  • Industry Safe

OH&S Digital Edition

  • OHS Magazine Digital Edition - January February 2021

    January February 2021


      Tips for Choosing the Best Training Software
      Assessing the Dangers of Dust Explosions
      Pushing the Boundaries of Hand Protection
      Getting a Grip on Slip Resistance
    View This Issue