Norfolk Southern Corp. NSC, +0.84% said Friday it will make an initial donation of $300,000 to the East Palestine City School District in Ohio to support activities and “long-term contingency planning” regarding impacts of the train derailment. The company said it will follow the donation with further financial support. Norfolk said it also reimbursed the Village of Palestine Fire Department about $825,000 for equipment used for the derailment, which followed a $220,000 reimbursement fund for new equipment for first responders. The railroad operator has been facing criticism from the public and the U.S. government over its handling of the derailment. Last week, the railroad operator announced last week a $1 million fund for the affected community, but that followed a year in which the company spent more than $4 billion on share repurchases. The company said the donations announced Friday brings the company’s total commitment to East Palestine to nearly $8 million, “with more to come.” The stock has lost 11.2% since Feb. 3, when its train derailed, through Thursday, while the S&P 500 SPX, +0.53% has slipped 3.0% over the same time.
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