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Rail News: Rail Industry Trends

New York Regional Rail fortifies steel business, shores up income

New York Regional Rail Corp. (NYRR) recently expanded its steel-carrying contract with Transload Services L.L.C. (TLS).

NYRR subsidiary New York Cross Harbor Railroad currently moves structural steel destined for a 47-story building under construction in Brooklyn, N.Y., to TLS, which inventories the steel and arranges local deliveries to its customers via NYRR trucking subsidiary JS Transportation.

Under an expanded TLS contract, NYRR now also moves structural steel destined for deliveries in Queens and Staten Island, N.Y., rebar steel destined for Northeast markets and steel pilings destined for the New York City area.

NYRR's service relationship with TLS will help the company attract other customers in the northeast construction-supply industry, said NYRR President and Chief Executive Officer Ronald Bridges in a prepared statement.

The expanded contract also might help NYRR continue to dig itself out of a three-year financial-decline hole.

"We have made great strides since fiscal year 1999, when NYRR had a net loss of over $5.3 million," said NYRR Chairman Sal Catucci, adding that NYRR in the second quarter reported positive net income.

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More News from 9/12/2002