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WASHINGTON, April 26, 2024 – Rail Unions released a statement warning that Ancora’s proposed strategy for Norfolk Southern will jeopardize the safety and service improvements at Norfolk Southern:
“Despite recent developments, the vast majority of rail unions would like to reiterate our views on the director candidates and operational changes that Ancora Catalyst Institutional, LP (“Ancora”) has proposed at Norfolk Southern Corporation’s 2024 annual meeting.
“In our view, Ancora’s business plan to reduce Norfolk Southern’s operating ratio while improving safety and service is not only unrealistic but runs contrary to their stated intent.
“Railway labor unions, shippers and federal regulators have all warned that Ancora’s plans will jeopardize the safety and service improvements that Norfolk Southern has made since the 2023 derailment in East Palestine, Ohio. We further believe that Ancora’s plans for increasing profits are nothing more than short-term cost-cutting to artificially lower the operating ratio – all at the expense of its customers, long-term investors and ultimately the U.S. economy.
“For these reasons alone, we believe that Ancora’s proposed strategy is not ‘fit for purpose,’ and we therefore urge shareholders not to support the Ancora director nominees.”
International Association of Machinists and Aerospace Workers (IAM) Rail Division
Transportation Communications Union (TCU/IAM)
Brotherhood of Railway Carmen (BRC)
International Brotherhood of Boilermakers (IBB)
Brotherhood of Railway Signalmen (BRS)
American Train Dispatchers Association (ATDA)
Sheet Metal, Air, Rail and Transportation Workers (SMART)
Transportation Division of the Sheet Metal, Air, Rail, and Transportation Workers (SMART-TD)
Sheet Metal, Air, Rail, and Transportation Workers- Mechanical (SMART-Mech)
National Conference of Firemen & Oilers (NCFO,SEIU)
Transport Workers Union (TWU)
