Norfolk Southern detailed its losses for the first time Wednesday in the wake of the toxic East Palestine, Ohio, derailment.
In a conference call with investors, the rail freight carrier’s chief financial officer said the company has incurred $387 million in costs so far.
Mark George said the amount includes cleanup of the site, restoration and settlement payments, and legal expenses.
Some of the costs will be covered by insurance, he said.
A Norfolk Southern train derailed in East Palestine on Feb. 3 and caught fire.
Nearly 40 cars derailed, 11 of which contained toxic chemicals.
The state of Ohio has sued Norfolk Southern over the incident, which caused widespread community fear about contamination of homes and drinking water.
“From the beginning, we have been guided by one principle: We are going to do whatever it takes to make it right for East Palestine and the surrounding areas,” Norfolk Southern CEO Alan Shaw said in a written statement. “We are making progress every day,” he added.
