CSX Announces Advances on Future Wage Adjustments for

JACKSONVILLE, Fla., April 19, 2022 (GLOBE NEWSWIRE) — CSX Corp. (NASDAQ: CSX) today announced that it has reached a tentative agreement with the Transportation Division of Sheet Metal, Air, Rail and Transportation Workers (SMART-TD) to provide train attendants and to SMART-TD yardmasters monthly advances on future scheduled wage adjustments as part of the settlement of the 2020 national round of bargaining between Railroad Workforce and Class I Railroads. CSX has also notified its other union representatives of its intention to enter into agreements to offer identical payments to all unionized employees.

James M. Foote, President and CEO of CSX, said, “Our unionized employees have waited nearly two years for a wage increase and now face the challenge of high inflation. This tentative agreement with SMART-TD is good for our employees, and we are committed to working with all of our unions to get this done for all unionized employees, who shouldn’t be left behind for months and months so that we expect complex issues. in the national negotiation to be settled.

The tentative agreement with SMART-TD provides that monthly payments of up to $600 would be made from May 2022 until the end of the year, or until a negotiated wage settlement is reached, depending on the first possibility. Advance payments would be deducted from any retroactive or future salary increases that may be agreed in national negotiations.

The 2020 round of bargaining began in November 2019, and the National Rail Carriers Conference and labor coalitions are currently in mediation before the National Mediation Board. It is not known how long it will take to conclude the negotiations. CSX has advised its unions and is seeking their agreement to implement these advances as required by the Railway Labor Act.

Jamie Boychuk, Executive Vice President of Operations, CSX, said, “We know that collective bargaining in the rail industry tends to take years. We also know that our union-represented operating employees are suffering from broader economic challenges. These are unprecedented times, and our operations employees have served our customers, communities and the nation through the pandemic, continued supply chain disruptions and rising housing, food and fuel prices. . It is time that we recognize their efforts and the difficult circumstances they and their families face by providing some relief through these fair and rightfully earned wage adjustments.

About CSX

CSX, based in Jacksonville, Florida, is a leading transportation company. It provides rail, intermodal and rail-truck transloading services and solutions to customers in a wide range of markets, including energy, industrial, construction, agriculture and consumer products. For nearly 200 years, CSX has played a vital role in the country’s economic expansion and industrial development. Its network connects all major metropolitan areas in the eastern United States, where nearly two-thirds of the country’s population resides. It also connects over 230 shortline railways and over 70 ocean, river and lake ports with major population centers and agricultural towns. More information about CSX Corp. and its subsidiaries are available at www.csx.com. Like us on facebook (http://facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).

Forward-looking statements

This information and other company statements may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding, among other things, projections and estimates of profits, revenues, margins, volumes, rates, cost savings, expenses, taxes, cash, capital expenditures, dividends, share buybacks or other financial items, statements of management‘s plans, strategies and objectives for future operations, and management’s expectations regarding future performance and operations and when targets will be achieved, statements regarding new services offered and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are generally identified by words or phrases such as “shall”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates”, “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statements. If the Company updates any forward-looking statement, no inference should be drawn that the Company will make additional updates with respect to that statement or any other forward-looking statement.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from those anticipated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by the forward-looking statements include, among others; (i) the company’s success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of competition, conditions, performance and industry consolidation); (iii) legislative or regulatory changes; (iv) inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as extreme weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projections of economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those contained in the forward-looking statements are specified in the company’s SEC reports, available on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.

Contact:
Matthew Korn, CFA, Head of Investor Relations, Service Metrics and Pensions
904-366-4515

Bryan Tucker, Corporate Communications
855-955-6397

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