Norfolk Southern working toward long-term funds to benefit East Palestine

Rhea-AI Summary

On March 14, 2023, Norfolk Southern Corporation (NYSE: NSC) issued a statement addressing concerns following a derailment in East Palestine, Ohio. The company is committed to assisting affected residents and businesses through site cleanup, financial support, and investments for community recovery. Discussions with Ohio Attorney General Dave Yost have led to plans for additional programs focusing on long-term health risks and property value protection. Norfolk Southern aims to establish a medical compensation fund and initiatives for safe drinking water while collaborating with local leaders to ensure community prosperity.

Positive

• Commitment to cleaning up the derailment site and assisting affected residents.
• Plans to establish a long-term medical compensation fund for health risks.
• Investment initiatives aimed at community recovery and prosperity.

Negative

• None.

ATLANTA, March 14, 2023 /PRNewswire/ -- Norfolk Southern Corporation (NYSE: NSC) issued the following statement Tuesday following an announcement by Ohio Attorney General David Yost.

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Every day since the derailment, our goal has been to make it right for the people of East Palestine and the surrounding communities. We are making progress every day cleaning the site safely and thoroughly, providing financial assistance to residents and businesses that have been affected, and investing to help East Palestine and the communities around it thrive. 

We are also listening closely to concerns from the community about whether there could be long-term impacts from the derailment. This week, we met with Ohio Attorney General Dave Yost to discuss three additional programs we plan to develop in conjunction with his office and other community leaders and stakeholders. 

Many residents are worried about what they will do if health impacts related to the derailment are discovered years from now. We appreciate Ohio Governor Mike DeWine's leadership and advocacy on this point. To date, environmental monitoring continues to show the air and drinking water are safe. To provide an additional level of assurance, we are committed to a solution that addresses long-term health risks through the creation of a long-term medical compensation fund. 

We also know residents are worried about their home values. While we are working with local leaders on investments to support the community's long-term prosperity, we understand these concerns. We are committed to working with the community to provide tailored protection for home sellers if their property loses value due to the impact of the derailment. 

Finally, we have heard the community's interest in programs that protect drinking water over the long term. We are prepared to work with stakeholders toward that goal as well. 

We look forward to working toward a final resolution with Attorney General Yost and others as we coordinate with his office, community leaders, and other stakeholders to finalize the details of these programs. 

For more information on Norfolk Southern's actions and assistance in East Palestine, please visit nsmakingitright.com.

About Norfolk Southern
Since 1827, Norfolk Southern Corporation (NYSE: NSC) and its predecessor companies have safely moved the goods and materials that drive the U.S. economy. Today, it operates a customer-centric and operations-driven freight transportation network. Committed to furthering sustainability, Norfolk Southern helps its customers avoid 15 million tons of yearly carbon emissions by shipping via rail. Its dedicated team members deliver more than 7 million carloads annually, from agriculture to consumer goods, and is the largest rail shipper of auto products and metals in North America. Norfolk Southern also has the most extensive intermodal network in the eastern U.S., serving a majority of the country's population and manufacturing base, with connections to every major container port on the Atlantic coast as well as the Gulf of Mexico and Great Lakes. Learn more by visiting www.NorfolkSouthern.com.

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SOURCE Norfolk Southern Corporation

FAQ

What is Norfolk Southern's response to the East Palestine derailment?

Norfolk Southern is focused on site cleanup, community support, and long-term health risk management following the East Palestine derailment.

What financial support is Norfolk Southern providing to East Palestine residents?

The company is offering financial assistance to residents and businesses affected by the derailment.

Is there a plan for long-term health impacts from the East Palestine derailment?

Yes, Norfolk Southern plans to create a medical compensation fund to address potential long-term health risks.

How is Norfolk Southern addressing concerns about property values in East Palestine?

Norfolk Southern is committed to providing tailored protection for home sellers if their property loses value due to the derailment.

What environmental monitoring is being done after the East Palestine derailment?

Environmental monitoring is ongoing, showing that air and drinking water are safe as of the latest assessments.