06:16 AM EDT, 08/19/2024 (MT Newswires) -- CN Rail (TSX: CNR and NYSE: CNI) overnight Sunday issued notice to the Teamsters Canada Rail Conference (TCRC) formally advising them of its intention to lockout Canadian TCRC-represented employees on Aug. 22 at 00:01 ET unless an agreement or binding arbitration is achieved.

The company in a statement said: "Despite negotiations over the weekend, no meaningful progress has occurred, and the parties remain very far apart.

"Unless there is an immediate and definite resolution to the labour conflict, CN will have no choice but to continue the phased and progressive shutdown of its network which would culminate in a lockout. CN must continue with the progressive and planned shutdown of its network, as we remain under the threat of an unpredictable strike notice."

This comes after Canadian Labour Minister Steven MacKinnon last week rejected a request by CN Rail to initiate binding arbitration in a labor dispute with the Teamsters union

In a letter to CN Rail's lawyers, MacKinnon said it was the shared responsibility of the company and the union to negotiate in good faith. The letter, sent on Wednesday, was released by the Teamsters.