CSX Corp. (NYSE: CSX) has just found itself on the bad end of a potentially serious public relations event. Hopefully the only damage is non-bodily. A train that has been reportedly owned by CSX has derailed in Lynchburg, Virginia and caught on fire. Several cars were reported to have derailed, and no injuries have been reported as of this time.
Source: city of lynchburg
The latest update from the City of Lynchburg’s website says,
“Lynchburg officials are reporting that between 12 – 14 CSX tanker cars carrying crude oil were involved in the train derailment in Downtown Lynchburg causing extensive flames and dense black smoke. People in the general area have been evacuated, and both motorists and pedestrians are being cautioned to avoid the area until further notice.
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There have been no reported injuries. The cause of the derailment has not been determined at this time. CSX officials are working to remove the portion of the train that is blocking workers from leaving Griffin Pipe Foundry located in the lower basin.”
CSX shares were down only 0.25% at $28.09 in late Wednesday afternoon trading. Its 52-week range is $22.40 to $29.45, and the company’s market capitalization rate is $28.2 billion.
The photo below is of the Lynchburg fire, courtesy of the City of Lynchburg’s website.
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