Reuters: Bankruptcy News: Patriot Coal cuts met coal output due to weak demand

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Patriot Coal cuts met coal output due to weak demand Sep 14th 2012, 21:10 Sept 14 | Fri Sep 14, 2012 5:10pm EDT Sept 14 (Reuters) - Patriot Coal Corp, which filed for bankruptcy protection in July, said it will cut production of steel-making coal by about 85,000 tons per month due to weak demand. Patriot, which became the first U.S. coal producer to seek court protection since coal prices began to plummet, sold 1.4 million tons of met coal during January-March, which accounted for 22 percent of total sales. The output cut at three mine complexes in southern West Virginia will affect 250 employee and contractor positions, Patriot said in a statement. Patriot, which operates in 14 mine complexes, will cut production at its Kanawha Eagle, Rocklick and Wells mine complexes over 60 days. Rival Consol Energy Inc said earlier this month that it would idle a big mine in southwestern Virginia due to weak global demand for met coal.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions