Business / Agriculture / Class I Railroad: Any railroad with annual gross revenues of at least $250 million (in 1991), according to the U.S. Department of Transportation. These are the largest long-distance U.S. railroad systems such as Union Pacific-Southern Pacific, Norfolk Southern, CSX, and Burlington Northern-Santa Fe, which own most of the track in the United States. Since passage of the Staggers Rail Act of 1980, aimed at deregulating the once highly-regulated industry to make it more efficient and cost-competitive, the number of Class I railroads has declined through consolidations and mergers, from more than 30, to eight in 1998. This consolidation has concerned many agricultural shippers?€”particularly those who lack access to nearby markets or to water transportation?€”fearful of higher prices due to lack of competition.
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Class Verb Synonyms: classify, group, arrange, assort, type, categorize, rank, grade, rate, order
Class Noun Synonyms: rank, grade, level, order, stratum, caste, lineage, birth, pedigree, stock, extraction, descent
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