Arch Coal losses deepen - Beckley, Bluefield & Lewisburg News, Weather, Sports

Arch Coal losses deepen

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  • Deadly shooting at a large party in Beckley

    Man dies after a Shooting during a Party outside of Beckley, Now the Search is On for the Suspect

    Man dies after a Shooting during a Party outside of Beckley, Now the Search is On for the Suspect

    Sunday, September 14 2014 3:10 PM EDT2014-09-14 19:10:52 GMT
    The Raleigh County Sheriff's office responded to a shooting at a party just outside of Beckley early Sunday morning. As a result of these gunshots, Roland Howard Frazier, 23, was hit and later died.
    The Raleigh County Sheriff's office responded to a shooting at a party just outside of Beckley early Sunday morning. As a result of these gunshots, Roland Howard Frazier, 23, was hit and later died.
  • UPDATE: Beckley Police catch suspects involved in shooting on Summers Street

    UPDATE: Beckley Police catch suspects involved in shooting on Summers Street

    Sunday, September 14 2014 2:48 PM EDT2014-09-14 18:48:51 GMT
    After 19 year-old Tyrell Smith was shot twice on his hip and wrist, the suspects have been found. Detective Bragg with the Beckley Police Department said they quickly got tips as to where the suspects were. Once they found the vehicle near Antonio street, there was a short pursuit, then police caught the suspects.
    After 19 year-old Tyrell Smith was shot twice on his hip and wrist, the suspects have been found. Detective Bragg with the Beckley Police Department said they quickly got tips as to where the suspects were. Once they found the vehicle near Antonio street, there was a short pursuit, then police caught the suspects.
  • A Tazewell County Mother Says Eric Smith Will Not Be Forgotten 10 Months After His Disappearance

    A Tazewell County Mother Says Eric Smith Will Not Be Forgotten 10 Months After His Disappearance

    Saturday, September 13 2014 8:51 PM EDT2014-09-14 00:51:17 GMT
    It's been ten months since a man was reported missing in TazewellCounty.Police said Eric Smith, a General Mine Foreman at Buchanan Mine No. 1 in Buchanan County,Virginia,was reported missing onNovember 8, 2013after he failed to return home from a hunting trip.Eric Smith's mother, Dreama Smith, said she will never let Eric be forgotten.Dreama said, "We pray everyday that something will open."Cedar Bluff Police Chief, David Mills, said they are constantly checking leads.Mills said, "Everyday so...
    It's been ten months since a man was reported missing in TazewellCounty.Police said Eric Smith, a General Mine Foreman at Buchanan Mine No. 1 in Buchanan County,Virginia,was reported missing onNovember 8, 2013after he failed to return home from a hunting trip.Eric Smith's mother, Dreama Smith, said she will never let Eric be forgotten.Dreama said, "We pray everyday that something will open."Cedar Bluff Police Chief, David Mills, said they are constantly checking leads.Mills said, "Everyday so...

By JIM ROSS

For The State Journal

Arch Coal reported a net loss of $96.9 million in the second quarter as increased demand from power plants could not make up for weak metallurgical coal markets.

Arch lost $72.2 million in the second quarter of last year. For the first half of this year, the net loss totaled $221 million, compared with a net loss of $142.3 million in the first half of last year.

“Arch believes the current coal market downturn is unsustainable over the long term,” the company said in its earnings report. “While global metallurgical coal prices are expected to remain soft throughout 2014, global steel production, a driver of metallurgical coal demand, has increased by 2.5 percent year-to-date and appears poised for continued expansion. Announced closures of higher-cost metallurgical coal supply have accelerated as 2014 has progressed, and many capital growth projects have been delayed or cancelled as current prevailing prices do not justify incremental investment. Arch expects all of these factors to bring better balance to global metallurgical markets over time.”

Arch announced it is reducing its sales volume targets for 2014, “reflecting the result of ongoing transportation bottlenecks affecting thermal coal deliveries and the impact of metallurgical production curtailments.”