UP-NS Amended STB Merger Application Refiling

To Our Customers,

Over the past several months, we’ve continued our conversations with you about what’s possible with a seamless, coast-to-coast rail network — one designed to make rail simpler, faster and more competitive for your supply chain.

Earlier today, we submitted an amended application asking the Surface Transportation Board (STB) for approval to merge and create America’s first transcontinental railroad. The refiling responds directly to the Board’s requests, addressing forward‑looking market share analysis, added detail on the transaction, and the review of the Terminal Railroad Association of St. Louis (TRRA).

• Press release: Union Pacific and Norfolk Southern’s Amended STB Merger Application Estimates Shippers Will Save $3.5 Billion Annually
• Merger information site: UP–NS Transcontinental Customer Updates

Some of the industry’s most respected experts – Oliver Wyman, Charles River Associates, Econic Partners – contributed analysis to our application. They used actual traffic files from all six Class I railroads, the first merger in history to do so. The result is a thorough assessment of market and operational impacts and confirms:

• Our merger would take approximately 2.1 million trucks off the road. Shifting freight from higher-cost long-haul trucking to lower-cost rail would save shippers $3.5 billion annually – in addition to inventory and equipment savings from faster and more reliable service.
• This is an end‑to‑end combination connecting eastern and western rail networks that do not compete directly today, eliminating costly, time-consuming, handoffs.
• Customers retain access to independent routes and gateways, while gaining new lanes and longer‑haul service opportunities across the combined network.

The STB asked us to include an analysis of forward‑looking market share, and we did. The results confirm what customers have consistently told us — when single‑line service is available, it is often preferred. Over time, market share outcomes reflect customer choice, and competitors respond by enhancing their own service offerings. That dynamic strengthens competition across the freight transportation market.

Your voice is critical to the outcome. Much will be written and said about our application in the coming weeks. If you have questions or want to discuss aspects from our application, the team is here to help – please reach out anytime. We appreciate your support and remain committed to delivering a rail experience that is simpler, faster and more reliable.

Sincerely,

Kenny Rocker  
Executive Vice President, Marketing & Sales