Canada’s national rail strike has ended.
After eight days of walking picket lines, more than 3,000 railway workers were back on the job Wednesday after Canadian National Railway Co (TSX;CNR) . and Teamsters Canada reached a tentative deal to renew a collective agreement.
The end to the strike, which halted shipments, triggered layoffs and disrupted industries across the country, came days after business leaders had called on the federal government in Ottawa to enact back-to-work legislation in order to end the work stoppage at CN Rail.
Details of the agreement, which must still be ratified by union members, were not immediately available. Ratification is expected within the next eight weeks.
CN Chief Executive Officer J.J. Ruest thanked the railway's customers for their patience during the national strike. The union thanked Prime Minister Justin Trudeau for respecting the workers' right to strike and acknowledged the help of federal mediators in reaching the deal.
The federal government had faced mounting pressure to resolve the strike through back-to-work legislation as industry voiced concerns about lost profits and a critical propane shortage in the Province of Quebec. The eight day strike likely cost the Canadian economy $1 billion, according to an analysis by TD Securities.
