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By Jim Ross
High prices in coal used to make steel is the driving force behind recent company mergers and acquisitions.
The market for metallurgical coal used to make steel may not be as big as the market for coal used in power plants, but it's where the money is going.
Interest in metallurgical, or met, coal, which has seen significant price increases in recent months, was the driving force behind three large mergers in the American coal industry in recent months, including this week's announcement by St. Louis-based Arch Coal that is buying Scott Depot-based International Coal Group,or ICG. But West Virginia has seen renewed interest in met coal for several years as foreign steel producers have brought met coal reserves and mines.
"We have had a lot of inquiries from foreign buyers - China, Europe, India - that are wanting to buy producers of coal," said Bill Raney, president of the West Virginia Coal Company.
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Acting Governor Earl Ray Tomblin will issue the first Friends of Coal official license plates at our annual joint meeting with the Coal Mining Institute, May 6 at the Embassy Suites in Charleston. The announcement and presentation will take place at 10:00 a.m.
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Arch to Become Second Largest U.S. Metallurgical Coal Producer
ST. LOUIS and SCOTT DEPOT, W.Va., May 2, 2011 -- Arch Coal, Inc. (NYSE:ACI) ("Arch" or "the company") and International Coal Group, Inc. (NYSE:ICO) ("ICG") today announced that they have signed a definitive agreement under which Arch will acquire all of the outstanding shares of ICG for $14.60 per share, in an all-cash transaction valued at $3.4 billion. The combined company will be the second largest U.S. metallurgical coal supplier and a top-five overall global coal producer and marketer. Arch will have a balanced metallurgical ("met") and thermal coal portfolio with unparalleled operational diversification in every major U.S. supply basin and the No. 1 or No. 2 position in each of its three core operating regions.
"The acquisition of ICG is a significant strategic step that strengthens Arch's position as a world-class, global coal franchise positioned for growth," said Steven F. Leer, Arch's chairman and chief executive officer. "This transaction will greatly expand our participation in global met markets; provide a powerful platform for future organic met coal production growth; enhance and further diversify our met and thermal coal product slate; extend our operating portfolio into every major U.S. coal-producing basin; and solidify our position as one of the industry's lowest cost producers."
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CHARLESTON, W.Va. -- With the smashing of a champagne bottle against its bow, a lingering baritone blast from its horn and a chorus of cheers from a festive crowd, the Motor Vessel Pennsylvania became the MV O. Nelson Jones in a ceremony Friday in its homeport of Port Amherst, southeast of Charleston.
The newly christened 164-foot towboat was named to honor Jones, the president of the 30-boat Amherst Madison fleet, who died last July at age 52 after a long battle with cancer.
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BIRCH RIVER – Approximately 100 students from area elementary and high schools, as well as West Virginia University joined the staff of the ICG Eastern Mining Complex in Webster County Thursday for the company’s 5th annual Arbor Day Celebration.
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