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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Coal Company To Lay Off 156 Workers In Utah, Ill.

JIM SUHR

ST. LOUIS (AP) â¿¿ A coal producer owned by a longtime critic of President Barack Obama's energy policies will lay off nearly 160 workers at Illinois and Utah mines, blaming the freshly re-elected president for a "war on coal."

Ohio-based Murray Energy Corp. said in a statement supplied Friday to The Associated Press that it would give pink slips to 102 workers at its West Ridge Mine in Utah and 54 at its underground mine in the southern Illinois town of Galatia. Both mines are run by Murray Energy subsidiaries.

Murray did not specify when layoffs will take place or the total number of workers at each affected site. The company refused an email interview request, saying only that "unfortunately, we will be forced to make even more layoffs, none of which we want."

The announcement's timing â¿¿ just days after Obama's victory over Republican Mitt Romney â¿¿ was anything but coincidental. Robert Murray, the company's chairman, CEO and founder, had backed Romney, who proposed rolling back some restrictions on power-plant emissions and positioned himself as a supporter of the coal industry.

"The American people have made their choice," Murray, a day after the election, told about 50 employees during a prayer, a text of which was provided to the AP by the company. Lamenting the country's direction and insisting "the takers outvoted the producers," Murray asked for God's forgiveness "for the decisions that we are now forced to make to preserve the very existence of any of the enterprises that you have helped us build."

Murray's statement Friday, which insisted that the coal industry "is being destroyed," said U.S. coal production this year could plunge by hundreds of millions of tons, and that the Obama administration's energy policies will lead to the closure of scores of U.S. coal-fired power plants by 2014.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

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