Natural Resources Inc. has idled one West Virginia
metallurgical coal mine and reduced its work force at several
other facilities in the state.
The Bristol, Va.-based
coal producers Pocohantas Mine, operated by White Buck
Coal Co., which had the capacity to produce 380,000 tons
annually, was idled.
"The met coal market is currently oversupplied at a global
level and prices for the (mid-volatility) specifications that
Pocohantas produced have dropped dramatically," a company
spokesman told AMM sister publication Steel
First July 15.
The company instituted
the work force reductions July 12. A total of 105 employees
were affected, but the company was able to offer other job
opportunities to about 80 employees.
The company still has
around 50 mining facilities operating in West Virginia.
U.S. analysts had
predicted in February that there would be more metallurgical
coal idlings, sell-offs and closures.