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(Source: analysis by Bill Stephens, February 27, 2024)

The proxy battle that activist investor Ancora Holdings is waging against Norfolk Southern isn’t just about the direction NS should take and who should run the company. It’s a fight for the future of the railroad industry. By not furloughing train crews during a downturn, Norfolk Southern will have the resources at the ready to respond to the eventual upswing in traffic. In the short term, carrying surplus crews raises the operating ratio. But NS CEO Alan Shaw says it will pay off in the long term.

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