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Alpha Natural Resources Inc. (NYSE:ANR) announced that its two operating affiliates have notified employees that certain West Virginia coal mines are being idled in response to continuing weak market conditions and increasingly stringent federal government regulations.
Alpha Natural Resources Inc. (NYSE:ANR) announced that its two operating affiliates have notified employees that certain West Virginia coal mines are being idled in response to continuing weak market conditions and increasingly stringent federal government regulations.
As quoted in the press release:
In accordance with the Worker Adjustment and Retraining Notification (WARN) Act,  notice has been given to approximately 91 Highland Mining Company employees, advising them of the expected idling of Highland Mining’s Superior, North, and Trace Fork surface mines, and a reduction in workforce at its Reylas and Freeze Fork surface mines.
Alpha Chairman and CEO Kevin Crutchfield stated:
We made a short term decision in November to keep these mines operating as existing coal supply contracts were being fulfilled. Unfortunately, despite the hard work of these operations to reduce costs in this unprecedented business climate, prices remain depressed and current coal supply simply exceeds demand.
Click here for the full Alpha Natural Resources Inc. (NYSE:ANR)Â press release