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Warren Buffett is not in the market to buy another railroad but he met with the CEO of CSX earlier this month and discussed cooperation to make freight rail more efficient, he told CNBC's Becky Quick on Monday.

Berkshire Hathaway Chairman Buffett and CEO-designate Greg Abel met with CSX CEO Joseph Hinrichs in Omaha, Nebraska, on Aug. 3 in his office alone without any advisors present. They made clear to Hinrichs that they would not make a bid for CSX, but believed they could cooperate more to gain some of the same benefits that would come from combining the two companies.

CSX closed about 5% lower at $32.81 per share on the news that Buffett isn't interested in buying a railroad.

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