Alpha Natural Resources, Inc., the biggest coal producer in Appalachia, said it will cut nearly 10% of its workforce and shut mines across West Virginia, Virginia, and Pennsylvania, as it tries to weather the worst industrial downturn in decades.
The latest cuts, which follow other closures and layoffs at the company's mines earlier this year, reflect the recent dramatic shift in coal markets as utilities have favored cheaper natural gas over coal and overseas demand for metallurgical coal used by steelmakers has fallen off sharply.Music to the President's ears, no doubt. His goal to kill the coal industry seems closer to reality.
Other data points in the WSJ article:
- Alpha will idle eight (8) mines in West Virginia, Virginia, and Pennsylvania
- Patriot Coal Corp, St Louis, filed for bankruptcy protection in July, 2012; announced nine (9) closures and layoffs in West Virginia and Kentucky
- every major US coal producer has announced production cutbacks this past year
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