In Canada, the railroad companies with gross revenues of more than 250 million Canadian dollars over the previous two years are classified as a Class I rail carriers. The two leading Class I railway companies are Canadian Pacific Railway and its competitor, Canadian National Railway.
Canadian Pacific Railway focuses on transporting bulk commodities, merchandise freight and intermodal traffic cross-country from Montreal, Quebec, to Vancouver, British Columbia, and also operates in the Northeast and Midwest regions of the United States. The Calgary-based company generates the majority of its revenue by transporting bulk commodities such as grain and coal. Whole grains, like wheat, corn, soybeans, and canola, and processed grain products like oils and flour are shipped to the U.S., Mexico, and to Canada for domestic use. Canadian Pacific hauls mainly metallurgical coal for export purposes to the Pacific Rim, Europe and South America, and thermal coal in the United States.
During the fourth quarter of 2015, the company tried to initiate a controversial acquisition worth almost 30 billion U.S. dollars of the American railway company, Norfolk Southern, but failed to succeed five months later due to political and economic reasons.