Arch Coal Reports First Quarter Losses
Published on April 23, 2013 at 02:59PM
Arch Coal Inc., parent company of Utah’s largest coal operator, said Tuesday it lost $70 million in the first quarter of 2013 as a sluggish global market lowered production. The St. Louis-based company’s decline amounted to 33 cents per share, compared to a year earlier when Arch Coal lost $8 million, or 4 cents a share. In Utah, Arch Coal subsidiary Canyon Fuel Co. operates the Sufco, Skyline and Dugout Canyon mines. Together, they are by far the state’s biggest producers. According to federal Mine Safety and Health Administration figures, the three mines excavated more than 9 million tons of coal in 2012. That number has declined the last few years, down from 11.6 million tons in 2010 and 11 million tons in 2011. Employment at Canyon Fuel’s three mines also has slipped, MSHA records show, from 860 in the first quarter of 2011 to 700 in the same period this year. Production at the three Utah mines fell in the first quarter.