Arch Coal to idle Cumberland River complex


Arch Coal (NYSE:ACI) says it will idle its Cumberland River Coal complex, which includes operations in West Virginia and Kentucky, eliminating 213 full-time jobs.

ACI says the move is part of its strategy of shifting its portfolio toward higher-margin, lower-cost metallurgical coal operations, while retaining reserves for when market conditions strengthen in the future.

Cumberland River sold ~290K tons of coal in H1 2014, and ACI says the idling of operations there will lower total 2014 met coal sales volumes by ~200K tons.

ACI +0.3% AH.

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  • PAIGE1221
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    ANOTHER 213 MIGHT BE MISLEADING SINCE YESTERDAY THEY CLOSED A MINE YESTERDAY THAT EMPLOYEED AROUND 400. ABOUT TWO HOURS INTO THEIR SHIFT THEY SENT THE FIRST SHIT HOME. ANOTHER COAL MINE BITES THE DUST. IN OUR AREA WE HAVE HAD SO MANY CLOSINGS AND LAY OFFS IN THE MINING INDUSTRY THAT IT IS EFFECTING EVERYTHING FROM CLOSING LOCAL BUSINESS TO HAVING THE COUNTY CUT ITS BUDGET AND LOOK FOR TAX REVENUE IN OTHER PLACES. WE HAVE HAD IN THE LAST 6 MONTHS WE HAVE HAD AT LEAST 15/20 LOCAL BUSINESSES CLOSE AND SOME LARGE ONES THAT JUST DIDNT RENEW THEIR LEASE. SO ON TOP OF COAL INDUSTRY WORKERS WITH NO JOB WE NOW HAVE A WIDE ARANGE OF PEOPLE THAT ARE OUT OF WORK AMD CAN NOT PAY THEIR BILLS. PEOPLE ARE LOSING THEIR HOMES. CHILDREN ARE SUFFERING HAVING TO MOVE FROM THE HOME THEY HAVE ALWAYS KNOWN INTO SOME TEMP SHELTER. AND WHAT DOES OUR GOV DO TO TRY TO BRING MORE INDUSTRY OR JOBS INTO THIS AREA? A BIG FAT NOTHING. THE WAR ON COAL IS A WONDERFUL THING UNLESS YOU DID HAVE A JOB IN THE COAL INDUSTRY OR YOU LIVE IN AN AREA THAT RELIES ON THE COAL INDUSRTY. THEN YOU ARE CRAP OUT OF LUCK. GOOD THING THESE COUNTRY HARD WORKING PEOPLE KNOW HOW TO SURVIVE HARD TIMES AND NO THEY DO NOT SURVIVE BY RUNNING OUT AND SIGING UP ON SOME GOV PROGRAM WHY WOULD THEY TAKE HAND OUTS FROM THE PEOPLE THAT TOOK THEIR JOBS AND WAY TO MAKE A LIVING FROM THEM TO START WITH. THAT WOULD BE LIKE GIVING UP. AND COAL PEOPLE DO NOT GIVE UP!
    22 Jul 2014, 10:39 AM Reply Like
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