CN to Invest $20 Million in Iowa Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety

Rhea-AI Summary

CN invests $20 million in Iowa to enhance its railroad infrastructure and improve operations throughout the state. Announced on June 30, 2022, this investment targets technology upgrades, rolling stock, and decarbonization initiatives. Key maintenance activities include replacing over 14 miles of rail, installing around 9,000 new railroad ties, and upgrading road crossings. Over the past five years, CN has invested over $150 million in Iowa, supporting local economies and ensuring efficient transport of agricultural and manufactured products.

Positive

• Investment of $20 million aimed at technology and capacity enhancements.
• Significant maintenance program includes replacing over 14 miles of rail and installing 9,000 railroad ties.
• Over $150 million invested in Iowa in the last five years, supporting local economies.

Negative

• None.

CN is building the premier railway of the 21st century by investing in Iowa

HOMEWOOD, Ill., June 30, 2022 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today plans to invest approximately $20 million in Iowa in 2022. This includes investments in technology, capacity, rolling stock units and company-wide decarbonization initiatives, as well as network improvements. These investments will power sustainable growth and ensure the continued safe movement of goods in Iowa and everywhere on CN’s transcontinental network.

“We continue to make significant investments in our network, technology, and capacity. We are building the premier railroad of the 21st century to do even more for our customers, railroaders, shareholders, and the communities in which we operate.”

• Sean Finn, Executive Vice-President, Corporate Services and Chief Legal Officer of CN
  

“Railways help move Iowa’s agricultural and manufactured products to markets throughout the country. Our economy depends on all types of infrastructure. We’re very fortunate to have access to rail service throughout Iowa, and this investment from CN will help our manufacturers and farmers continue to feed, build and fuel the world.”

• Chuck Grassley, U.S. Senator, Iowa
  

Maintenance program highlights include:

• Replacing more than 14 miles of rail;
• Installing approximately 9,000 new railroad ties;
• Rebuilding 14 road crossing surfaces; and
• Maintenance work on bridges, culverts, signal systems, and other track infrastructure

Iowa in numbers:

• Capital investments: More than US$150 million in the last five years
• Employees: approximately 230
• Railroad route miles operated: 574
• Community partnerships: US$8,000 in 2021
• Local spending: US$24 million in 2021
• Cash taxes paid: US$5.8 million in 2021

Forward-looking Statements
Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words. Forward-looking statements reflect information as of the date on which they are made. CN assumes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN does update any forward-looking statement, no inference should be made that CN will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

About CN

CN is a world-class transportation leader and trade-enabler. Essential to the economy, to the customers, and to the communities it serves, CN safely transports more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year. As the only railroad connecting Canada’s Eastern and Western coasts with the U.S. South through a 19,500-mile rail network, CN and its affiliates have been contributing to community prosperity and sustainable trade since 1919. CN is committed to programs supporting social responsibility and environmental stewardship.

Contacts:

Media	Investment Community
Mathieu Gaudreault	Paul Butcher
Senior Advisor	Vice-President
Media Relations	Investor Relations
514-249-4735 media@cn.ca	(514) 399-0052 investor.relations@cn.ca

FAQ

What recent investment did CN announce for Iowa?

CN announced a $20 million investment in Iowa on June 30, 2022, focusing on infrastructure and technology.

How much has CN invested in Iowa over the last five years?

CN has invested over $150 million in Iowa in the last five years.

What are the main maintenance activities CN is undertaking in Iowa?

CN's maintenance activities include replacing over 14 miles of rail and installing approximately 9,000 new railroad ties.

What is the purpose of CN's investment in Iowa?

The investment aims to enhance technology, capacity, and support sustainable growth in the region.

When was CN's latest announcement regarding investments?

CN's latest investment announcement for Iowa was made on June 30, 2022.