NEW YORK Coal
producer Alpha Natural Resources Inc. is reducing its work
force by 230 people as part of measures to cut costs, the
company confirmed to AMM sister publication Steel
First Nov. 4.
The Bristol, Va.-based
company, hit by lower prices and shipments due to weak coal
market conditions, reported a net loss of $458.2 million for
the third quarter, nearly 10 times the $46.1-million net loss
recorded in the same 2012 period. Revenue for the period fell
27.1 percent to $1.19 billion from $1.63 billion.
"The reductions are
part of our plan to reduce operating and support expenses by
more than $200 million annually beginning in 2014 in our effort
to better align overhead and corporate support with our reduced
operational footprint. This is to position Alpha as one of the
most competitive companies in the industry when the market
improves," a company spokesman said.
well be reducing about 230 mostly salaried positions
across the organization, were changing some (human
resource) policies and benefit plans, and were reducing
discretionary spending and idle mine costs," he said. "About
100 of the positions are already vacant and will not be filled.
All employees who are impacted will be told by the middle of
November. I cannot provide specifics on locations or jobs at
this time, and can say only that the reductions will take place
across the organization."
A version of this
article was first published in AMM sister publication Steel