🔴 Exclusive webinar: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Canada's largest railroad hit by strike, putting Trudeau in hot seat

Published 2019-11-19, 03:20 p/m
© Reuters. Teamsters workers picket outside the CN Rail Brampton Intermodal Terminal in Brampton
CSGN
-
CL
-
CNI
-
CP
-

By Allison Lampert and Rod Nickel

MONTREAL/WINNIPEG (Reuters) - Thousands of workers at Canada's largest railway went on strike for the first time in a decade on Tuesday, disrupting the shipping of commodities and sparking calls for Prime Minister Justin Trudeau's Liberal government to intervene.

About 3,000 unionized workers, including conductors and yardmen from Canadian National Railway (TO:CNR) hit picket lines, after both sides failed to resolve contract issues at a time of softening demand for freight service.

They continued talks on Tuesday in Montreal amid union concerns over fatigue, safety and ensuring workers' breaks aren't reduced.

Canada, one of the world's biggest exporters of farm products, relies on CN and Canadian Pacific Railway (TO:CP), to move canola, wheat and other commodities over vast distances from western farms to ports.

Crude oil shippers and the mining industry also depend on the railways.

The strike comes at an awkward time for Trudeau's government, which relies on smaller parties to pass legislation and faces criticism from western provinces about its failures to get new oil pipelines built. Trudeau has said he is not reconvening Parliament until Dec. 5 and the government cannot start the process to force workers back on the job until then.

Andrew Scheer, leader of the Conservatives, the second-largest party in Parliament, and Alberta Energy Minister Sonya Savage each separately urged Trudeau on Twitter to immediately recall Parliament.

The Canadian mining industry, which accounts for more than half of annual rail freight revenues, depends on CN to transport supplies to company sites and products from their operations.

"This strike will result in a severe reduction or elimination of railway capacity and will trigger the closure of mines with concurrent lay-offs of thousands of employees beginning in a matter of days," said Pierre Gratton, President and CEO of the Mining Association of Canada.

'SCREECHING HALT'

Industry groups ranging from the Canadian Manufacturers and Exporters, to propane and fertilizer groups said Ottawa needed to step in to limit damage to the economy.

CN and CP also collectively handle nearly all grain movement in Western Canada, the country's crop belt, split roughly evenly between the railways.

The stoppage "has an impact before it even begins because companies pull back sales in anticipation of a strike," said Wade Sobkowich, executive director of the Western Grain Elevator Association, whose members include Cargill Ltd, Richardson International and Viterra Inc.

CN's shipments of hazardous goods such as crude are likely to come to a "screeching halt" even if the railroad's management steps in to limit freight volumes, said Kent McDougall, chief commercial officer at Torq Energy, which loads crude oil in Western Canada onto trains operated by both CN and CP.

A strike may temporarily constrain CN's volumes, but will not likely have a meaningful long-term impact on the company's earnings, Credit Suisse (SIX:CSGN) analysts said in a research note on Monday, adding that Ottawa has historically been quick to intervene.

Shares of Montreal-based CN were down 1%, while the benchmark Canadian share index was up slightly.

Canadian Labor Minister Patty Hajdu and Transport Minister Marc Garneau said they are monitoring the CN strike situation closely after meeting with the two sides on Monday.

CN said in a statement that it was "disappointed" at the strike action. CN's service in the United States will continue operating despite the strike in Canada.

The company said on Friday it would cut management and union jobs as it grapples with an economic slowdown.

© Reuters. Teamsters workers picket outside the CN Rail Brampton Intermodal Terminal in Brampton

Rail workers with the Teamsters held their last strike in 2009, when locomotive engineers walked off the job for five days, the union said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.