This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Walter Energy Creating 530 Jobs In Alabama

Stocks in this article: WLT

PHILLIP RAWLS

MONTGOMERY, Ala. (AP) â¿¿ Alabama experienced back-to-back days of big economic announcements when Walter Energy Inc. unveiled plans Tuesday to invest $1.2 billion and create 530 jobs in the state.

CEO Walt Scheller and Gov. Robert Bentley said that the Hoover, Ala,.-based company will develop an underground metallurgical coal mine in Tuscaloosa County, a coal terminal at the Port of Mobile, a barge load-out facility in Walker County and a rail spur in Fayette County.

The announcement followed Hyundai's decision Monday to add a third shift at its auto assembly plant in Montgomery, creating nearly 900 jobs.

"It's fantastic to announce that many jobs in 24 hours," Bentley said during a ceremony at the Capitol.

Scheller said about 50 of the Walter Energy jobs will be at the port and the remainder will be in Tuscaloosa, Walker and Fayette counties. He said the jobs will develop over six years. The annual payroll will be about $45 million and the average annual pay and benefits per employee will be $120,000.

"These are jobs that are going to be around for 30 or 40 years," he said.

The CEO said the decision to expand was influenced by the Legislature's recent decision to extend Alabama's tax incentives for new industries to include coal mining operations.

House Speaker Mike Hubbard, R-Auburn, said he expects more bills aimed at creating jobs will pass before the legislative session ends in mid-May. "The recession taught us that we must keep innovating and keep finding ways to give Alabama a competitive edge," he said.

Walter Energy operates coal mines in Alabama, West Virginia, Canada and Wales. It employs 4,400 people, with more than 2,100 of those in Alabama.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs