Rail freight firm DB Cargo is planning almost 900 job losses in the UK after a "dramatic decline" in markets such as coal.
The planned cuts represent almost 30% of the company's workforce.
The German-owned firm said the rail freight industry was facing "unprecedented challenges" because of the fall in its core markets.
Hans-Georg Werner, chief executive of DB Cargo UK, said: "Responsible and successful businesses must evolve and reshape as their markets change, and sometimes this means making tough decisions.
"Whilst this is a difficult time for all of us at DB Cargo UK, reshaping the company will enable us to build a business for the future and protect the majority of jobs.
"We are fully committed to supporting colleagues who may be at risk of redundancy.
"We firmly believe in the future of rail freight in the UK. Our motorways and roads are becoming more congested and rail offers fast and clean supply chain solutions.
"Our new business strategy will ensure we are a perfect logistics partner of choice for customers across all sectors - including construction, automotive and intermodal - long into the future."
The company said no final decisions have been taken yet, and its proposals are subject to formal collective and individual consultations.