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CN has awarded a contract to National Steel Car Ltd. of Hamilton, Ontario, to build 1,150 new generation, high-capacity grain hopper cars.
The contract brings to CA$1 billion the amount the Class I plans to invest in Ontario by the end of 2022, CN officials said yesterday in a press release.
In addition to the purchase of the rail cars, the railroad also pledged to invest more than CA$250 million in the construction of the proposed Milton Logistics Hub, a transportation infrastructure project that's critical to the economic future in Ontario and Canada, they said.
CN announced July 21 that it was purchasing the new closed 55-foot, 8-inch jumbo grain hopper cars, each of which sports 5,431 cubic feet of capacity. The Class I's western Canadian grain fleet is comprised of CN-owned hoppers, leased cars and private customer equipment. The new cars will enable the railroad to move more tonnage of grain per year, CN officials said.
The railroad is "determined to play an essential role" in the nation's return to prosperity following the economic challenges brought on by the COVID-19 pandemic, said CN President and Chief Executive Officer JJ Ruest.
"The $1 billion CN plans on investing in Ontario over the next two years demonstrates our ongoing commitment to the province," he said. "The purchase of new rail cars will encourage economic recovery and help CN continue to meet the growing needs of grain farmers and grain customers across Canada."