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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Canadian National Railway Company    CNR   CA1363751027

CANADIAN NATIONAL RAILWAY COMPANY

(CNR)
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CN and NorFalco Sign Agreement

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01/09/2020 | 08:01am EST

MONTREAL, Jan. 09, 2020 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) and NorFalco Sales, a division of Glencore Canada Corporation, announced they have signed a new multi-year agreement that will provide freight transportation of Sulphuric Acid from NorFalco’s rail served productions facilities in Sudbury, ON; Rouyn-Noranda, QC; and Valleyfield, QC. The agreement reconfirms CN and NorFalco’s strategic partnership for years to come.

NorFalco is one of North America's largest merchant marketers of sulfuric acid, responsible for the marketing and distribution of about 2 million tons of sulfuric acid per year. Through parent company Glencore, NorFalco has exclusive access to sulfuric acid production from four major North American production facilities and to an unrivaled global sulfuric acid supply and trading network. 

“This agreement furthers our strategic partnership with NorFalco reaching new facilities throughout eastern Canada,” said JJ Ruest, president and chief executive officer of CN. “Safety is a core value at CN as it is for NorFalco, and NorFalco has consistently won CN’s Safe Handling Award recognizing customers that meet strict standards for the safe handling and shipment of regulated products. CN will continue working closely with NorFalco thanks to this renewed long term partnership."

“We are pleased to continue our strategic partnership with CN. This agreement provides NorFalco, and our customers, with a reliable rail transportation infrastructure, underpinned with a shared commitment to safety in handling and moving our product throughout our diversified customer base,” said Kunal Sinha, CEO of NorFalco. “We anticipate this agreement will further our strategic growth supported with manageable transportation costs.”

About CN
CN is a true backbone of the economy, transporting more than C$250 billion worth of goods annually for a wide range of business sectors, ranging from resource products to manufactured products to consumer goods, across a rail network of approximately 20,000 route miles spanning Canada and mid-America. CN – Canadian National Railway Company, along with its operating railway subsidiaries – serves the cities and ports of Vancouver and Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the metropolitan areas of Toronto, Edmonton, Winnipeg, Calgary, Chicago, Memphis, Detroit, Duluth, Minn./Superior, Wis., and Jackson, Miss., with connections to all points in North America. For more information about CN, visit the Company’s website at www.cn.ca.

About NorFalco and parent company Glencore
NorFalco (www.norfalco.com, www.sulfuricacid.com) is one of the largest merchant marketers of Sulfuric Acid in North America, selling and distributing approximately two million tons of acid per year. NorFalco's extensive multi-modal distribution network, supplied by the modern metallurgical facilities of parent company Glencore, serves customers from a wide variety of industries.

Parent company Glencore (www.glencore.com) is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.

With a strong footprint in both established and emerging regions for natural resources, Glencore's industrial and marketing activities are supported by a global network of offices located in over 35 countries.

Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 158,000 people, including contractors.

Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.

Contacts:
Media
Jonathan Abecassis 
Senior Manager
Media Relations 
(514) 399-7956 

Investors
Paul Butcher
Vice-President
Investor Relations
(514) 399-0052

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© GlobeNewswire 2020
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Financials (CAD)
Sales 2020 15 637 M
EBIT 2020 6 088 M
Net income 2020 4 397 M
Debt 2020 14 017 M
Yield 2020 1,96%
P/E ratio 2020 19,1x
P/E ratio 2021 17,2x
EV / Sales2020 6,28x
EV / Sales2021 5,92x
Capitalization 84 235 M
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Mean consensus HOLD
Number of Analysts 30
Average target price 126,76  CAD
Last Close Price 118,44  CAD
Spread / Highest target 18,2%
Spread / Average Target 7,03%
Spread / Lowest Target -7,13%
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Managers
NameTitle
Jean-Jacques Ruest President, Chief Executive Officer & Director
Robert L. Pace Chairman
Rob Reilly COO, Chief Information & Technology Officer, EVP
Ghislain Houle Chief Financial Officer & Executive Vice President
Doug MacDonald Senior Vice President-Information & Technology
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