Patriot Coal Responds to Weaker Metallurgical Coal Demand

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.