SONY SIGNS DEAL WITH REDWOOD SYSTEMS
CSX Corp.'s second-quarter results will show “a striking improvement” in reducing costs, John Snow, chairman, president and chief executive officer, told an industry group in New York Wednesday.
Snow did not cite specific figures, but noted that CSX’s cost cuts would help offset the continuing high price of diesel fuel.
He also predicted an increase in rates charged shippers. “We see a world where rates will have to go up,” Snow said. “Our service is of more value than we are getting paid for it.”
Despite overall weak demand across all lines of business, Snow said coal remains “a gloriously bright spot,” accounting for 30 percent of CSX’s total revenues. Coal volume rose 10 percent in the first quarter of 2001. CSX, based in Richmond, Va., expects to release figures for the second quarter in mid-July.