2009-03: French Rail's Freight Losses Widen
The Journal of Commerce Online - News Story
Slump in steel, auto traffic drives $430 million loss for SNCF
London -- France's state railway, SNCF, on March 11 reported losses at its freight unit widened to a record $430 million in 2008 from $328 million the previous year as core traffic plunged in the final quarter.
SNCF said higher regional and international passenger traffic was offset by stagnating cargo revenue which it blamed on "the slowdown and then the collapse in volumes in the final quarter."
SNCF's cargo business, Europe's second largest after Germany's Deutsche Bahn, saw volume decline 25 percent in December with an even steeper fall in its steel and auto shipments, its main markets.
Arcelor-Mittal, the world's biggest steelmaker, halted French shipments for a month from mid-December.
