CSX Corp. said on Thursday it will cut about 300 jobs, as it reduces its train operations in Erwin, Tenn. because of significantly decreased coal traffic through the region. The railroad company said it will close a locomotive service center, project and car shops and eliminating switching operations. The company said coal revenue has declined by about $1 billion over the past four years, as low natural gas prices and regulatory actions significantly reduced coal movements, the company said in a statement. The stock, which was still inactive in premarket trade, had tumbled 25% year to date, while the S&P 500 has slipped 3.1%.
Copyright © 2015 MarketWatch, Inc.
Continue Reading Below