August 10, 2008
$300 Million Canadian Railway Deal Delayed
The Canadian National Railway said it will pursue legal action against the Surface Transportation Board so that it can complete a $300 million deal with U.S. Steel Corp. to buy a 200-mile section of the Elgin, Joliet & Eastern Railway Co. in suburban Chicago.
The Canadian railway said it would take legal action to get the transportation board to finish its review by Dec. 31. The Canadian railway said U.S. Steel will not extend the agreement past this year.
The rail line serves U.S. Steel's Gary Works, as well as other customers. U.S. Steel spokesman John Armstrong declined to comment.
Originally published by Staff and wire reports.
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