CEO Says ICG Open To More Coal Production Cuts

TIM HUBER

CHARLESTON, W.Va. (AP) — International Coal Group says it's willing to cut production more as it deals with declining demand and prices.

Chief Executive Ben Hatfield told analysts Thursday the 1.9 million tons of production idled so far this year contributed to a profitable first quarter and should help the rest of the year. While the market remains poor, Hatfield says ICG plans to "aggressively" manage production.

Hatfield's comments came a day after ICG announced it now expects to sell between 19.3 million and 19.9 million tons at between $59.50 and $60 per ton. In January, ICG predicted it would sell between 20.5 million and 21.3 million tons at an average price between $61.50 and $63.50 a ton this year.

ICG has operations in West Virginia, Kentucky, Maryland, Virginia and Illinois.