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The CEO of freight rail operator CSX is focused on generating returns from improved efficiency and performance — but he’s also open to merger prospects as industry rivals consolidate.

Norfolk Southern's quarterly profit slipped 12% amid the uncertain economy as well as unusual costs related to its efforts to merge with Union Pacific in an $85 billion deal.

In a document posted to the STB’s website Jan. 16, the agency said Union Pacific’s application to acquire Norfolk Southern was rejected, but it could be revised and refiled.

Katie Farmer, BNSF’s CEO, said the industry should question whether it’s an “accurate premise” that Union Pacific’s proposed takeover of Norfolk Southern will lead eventually to growth in shipping volume.

STG and 64 affiliates filed for court protection with the U.S. Bankruptcy Court for the District of New Jersey. The company expects to exit court protection in around five months’ time.

CSX, BNSF Railway, Canadian Pacific Kansas City Southern and Grand Trunk Railroad filed requests last week that the Surface Transportation Board reject Union Pacific’s application.

The two large unions say a merger would increase safety risks, raise shipping rates and consumer prices, and cause significant disruptions.

More than 60 trade associations and chambers of commerce submitted a letter to the Surface Transportation Board last week opposing Union Pacific's proposed acquisition of Norfolk Southern.

Roughly 99% of both railroads’ shareholders voted to support the largest rail merger in history, but the U.S. Surface Transportation Board must still OK it before the deal can be completed.

Union Pacific wants to buy Norfolk Southern in an $85 billion deal that would create the first transcontinental railroad.  That deal faces a lengthy review by the Surface Transportation Board.