Recession Pounds Rail Industry; Trains Carry 20% Less Cargo Than in 2008
January 14, 2010 /EIN PRESSWIRE/ U.S. railroads were squeezed by the hand of the market as railways carried 20% less freight in 2009 than in 2008.
Coal, lumber and motor vehicle parts traditionally carried by the likes of Union Pacific and Burlington Northern Santa Fe (BNSF) saw their demand weaken dramatically, and with less to ship, the rail carriers shed than 20,000 jobs.
Several analysts are predicting increased rail traffic in 2010, and Warren Buffett’s Berkshire Hathaway went so far as to spend $34 billion to buy BNSF. But if the analysts are wrong, how will the rail industry bounce back after two devastating years?
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