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Patriot Coal Responds to Weaker Metallurgical Coal Demand
Jan. 13, 2012 02:12PM PST
Industrial MetalsPatriot Coal Corporation (NYSE:PCX) announced plans to decrease metallurgical coal production.
Patriot Coal Corporation (NYSE:PCX) announced plans to decrease metallurgical coal production.
As quoted in the press release:
The Company will idle one contractor-operated mine and two subsidiary-operated production units in the Rocklick complex. Two contractor-operated mines in the Wells complex will also be idled.
Patriot Coal’s President and CEO, Richard M. Whiting said:
These production cuts, in conjunction with other cost-reduction measures being implemented concurrently, are aimed at lowering our mining costs, aligning production with identified sales, and preserving high-quality reserves for a stronger market.
Click here for the Patriot Coal Corporation (NYSE:PCX) press release.
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