Analysts have been weighing the impact of Thursday’s Senate hearing where Norfolk Southern CEO Alan Shaw was grilled about the East Palestine disaster.
Norfolk Southern Corp. CEO Alan Shaw was in Washington this week, providing testimony on the East Palestine, Ohio, train derailment before the Senate Committee on Environment and Public Works.
During the hearing, Senate Democrats Jeff Merkley of Oregon and Debbie Stabenow of Michigan pushed Shaw on Norfolk Southern’s stock buybacks. “We think the longer-term value opportunity presented by the U.S. rails, including NS, is building,” wrote Wetherbee. No one was killed or injured in the Ohio derailment, but the incident has been described as a “PR nightmare” for Norfolk Southern and the rail industry. The derailed cars included 11 tank cars carrying hazardous materials that subsequently ignited, damaging an additional 12 railcars, according to the National Transportation Safety Board, and setting off concerns about impacts on air and water quality and dangers to health in the region.
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