Coal Producer Alpha Cuts 2008 Profit Expectations
FILE
Published: December 3, 2008
Updated: December 3, 2008
CHARLESTON, W.Va. (AP) - The sluggish steel market is catching up with coal producer Alpha Natural Resources.
The Abingdon, Va.-based company said today that lower shipments of metallurgical-grade coal could trim as much as $95 million from its expected 2008 profit. Alpha says it now expects earnings to range between $175 million and $185 million this year. That’s down from an earlier range of $230 million to $270 million.
Alpha says it’s trimming its fourth-quarter estimate of metallurgical coal shipments by 500,000 tons because customers are deferring delivery of shipments. And Alpha says one customer has asked to reopen negotiations for a 2009 metallurgical coal contract.
Several other factors are going to hurt this year’s financial results as well. Among them are a $35 million pretax charge to close the Whitetail Kittanning mining complex in Preston County and a pretax charge of approximately $31 million, for the declining value of diesel fuel price hedges.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
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Reader Reactions
Maybe a mountain or stream can be saved, looks like China is even being hit with the Bush Depression. Less coal, less mountaintop removal and it’s devastation.
www.wisecountyissues.com
Be careful what you say. And who you say it to. If you offend the gods they will strike your comments from the record. The news gods are all seeing. They know where you live.
Awwww, poor babies.
Did they say anything about how many executive salaries would be cut in half?
Ah well, screw ‘em. They’re poisoning people.
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Now, let’s talk about something more important….
On the main Business news page we see this today:
Internet Entrepreneur Is A Prisoner In His Own Garage
Some of cyberspace’s biggest websites and the computer industry’s most powerful companies were once nothing more than a few big dreams in a small garage.
12/08/08 11:59 AM
Which is also this dated in July about some goof and his lame website:
By The Continuous News Desk
Published: July 31, 2008
Some of cyberspace’s biggest websites and the computer industry’s most powerful companies were once nothing more than a few big dreams in a small garage.
Comments were cut off about this article and still are.
This reeks of an ethical violation such as favoritism. Does someone at the newspaper have a stake in Mr. Garage?
Why was this meaningless article bumped to the top today?
Inquiring minds want to know :0
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