A controlled release of hazardous chemicals is underway late Monday after Ohio officials ordered evacuations near the site of the derailment of a 150-car train three days ago that led to a chemical fire.
The governors of Ohio and Pennsylvania this afternoon ordered an immediate evacuation of a one-mile by two-mile area surrounding East Palestine that includes parts of both states.
Rail operator Norfolk Southern (NYSE:NSC) said 20 of the cars were carrying hazardous materials, including vinyl chloride, which is used to make the polyvinyl chloride hard plastic resin used in various plastic products, and is highly flammable.
A Norfolk Southern (NSC) official said the controlled release will take 1-3 hours, depending how much chemical has burned off already.
Norfolk Southern (NSC) recently reported Q4 earnings, which showed record quarterly revenue due to strong pricing and solid shipments, but high costs caused margins to suffer, Leo Nelissen writes in an analysis published recently on Seeking Alpha.