The two other employees of A & B Rail Services Ltd. remain in stable condition with serious injuries.
Company president Paul Brum said in a statement that management has been in touch with the workers and their families to offer support.
"We are 100 per cent committed to all of our employees and we will support these three workers throughout their recovery," said Brum.
"Our hearts are heavy and our thoughts are with them and their loved ones."
The three men were struck by a CN train Wednesday morning as they cleared snow and ice from rail switches along some tracks in the city's northeast.
Police have said they were using snowblowers and wearing ear protection so they couldn't hear the approaching train. The train sounded its horn and hit the brakes as it slid towards the workers on the icy tracks.
The company said the men were performing regular contract maintenance work for CN.
The collision is being investigated by CN, Alberta's Occupational Healthy and Safety Department and federal safety regulators.