Canadian Pacific Railway Ltd. and Canadian National Railway

Keith Creel: Canadian Pacific Railway Ltd. said Tuesday it plans to slash 200 to 300 jobs later this year as the sector faces lower than expected freight volumes. "If business goes down and demand reduces, then obviously head count is going to go down in lockstep with it," president and chief operating officer Keith Creel told investors in a conference call, according to CBC. CP planned job cuts come a day after Canadian National Railway announced it had cut 600 jobs so far this year and has implemented a hiring freeze. Canada two largest railways are reporting job cuts of up to 900 people as falling shipments of oil, grain and coal take a toll on their industry. CN, which had about 25,000 employees at the end of last month, says it expects to recall many of those laid off by the middle of next year. Second-quarter results The job losses were announced as the railway reported second-quarter results that saw its revenue tick lower to $1.65 billion compared with $1.68 billion in the same period last year. CP latest cuts would be on top of the roughly 700 jobs it has eliminated in the past year, leaving the company with 14,100 employees. (news.financializer.com). As reported in the news.