ICG Blames Allegheny For W.Va. Mine Closure

Stock quotes in this article: ICO  

CHARLESTON, W.Va. (AP) — International Coal Group has taken the unusual step of publicly blaming a customer for forcing the shutdown of a mine.

Chief executive Ben Hatfield told analysts Thursday that electric utility Allegheny Energy's decision to delay deliveries in the third quarter idled ICG's Sycamore mine in Harrison County.

Greenburg, Pa.-based Allegheny spokesman Allen Staggers blames high coal inventories due and says his company has acted in accordance with all its contracts.

ICG says it mentioned Allegheny because the deferrals were the largest it has experienced recently and idled a mine. While other buyers delayed taking coal, ICG says it was appropriate to name Allegheny as an update to investors.

ICG and Allegheny are embroiled in a long-running lawsuit over the Sycamore contract.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,452.00 1,107.93 2,201.05 36.03
Oil *
72.08
DOWN
49.05
DOWN
6.18
DOWN
11.05
UP
0.57
10 Yr
3.60%
SPDR Gold
110.21
-0.47%
-0.55%
-0.50%
+1.61%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services