CP RAil won’t Be ‘held hostAge’ in union tAlks: CEO

CP’s net profit fell 19.3 per cent from $431 million, or $2.93 per diluted share, to $348 million, or $2.41.

CP’s operating ratio — a measure of railway efficiency that calculates operating costs as a percentage of revenues — increased 510 basis points from the same time last year to 67.5 per cent, due to demand and weather-related challenges.

Canadian railways have been working to alleviate a grain backlog that has infuriated farmers and prompted government scrutiny. Many organizations, including the Alberta Wheat and Barley Commission, are concerned that a strike “could cause devastating consequences.”

“If a strike were to take place, farmers who can only access the CP line would have no other options to move their grain and would have to wait until rail is moving again to be paid,” said AWC chair Kevin Bender in a statement.

Alberta Barley chair Jason Lenz called for immediate government intervention “to make sure that an already difficult situation with grain movement by rail does not worsen.”

Creel told investors that he had spoken with Labour Minister Patricia Hajdu and Transport Minister Marc Garneau about the negotiations on Wednesday, and said both ministers “expressed commitment to the collective bargaining process” and were “encouraging the parties to reach a settlement.”

“I’m very concerned about if we have a work stoppage (that) the impact to our customers, the impact to the Canadian economy … would be felt,” Creel said.

“I don’t care if it’s a oneday strike, a 10-day strike, or a 20-day strike. Those are serious impacts.”

CP said in a statement Wednesday it had “made a significant movement” on Monday, offering new threeand five-year agreement options. Teamsters said its key concerns are long hours and worker fatigue, as well as cuts that have come as CP remains a profitable company. by 50 per cent over three years.

All of Caisse’s investments are being reviewed in light of its new climate policy, Chagnon said Wednesday.

He wouldn’t discuss Kinder Morgan specifically, saying “we never tell the market what we plan to do.”