"East Palestine Derailment Costs Norfolk Southern $387 Million"
Norfolk Southern reported a $387 million charge for the first quarter of 2023 due to the East Palestine, Ohio, derailment in February, which spilled toxic chemicals into the environment. The charge resulted in a year-over-year decline in first-quarter profits. Norfolk Southern CEO Alan Shaw pledged roughly $24 million in reimbursements and investments to support cleanup efforts in Ohio. The company did not announce estimates for further charges related to the derailment.