ArcelorMittal enters Appalachia coal business; plans to buy West Virginia mine operator
International mining and metals giant ArcelorMittal is jumping into the Central Appalachian coal business.
By Agencies |
CHARLESTON: International mining and metals giant ArcelorMittal is jumping into the Central Appalachian coal business.
Luxembourg-based ArcelorMittal says it has agreed to buy Mid Vol Coal Group. Mid Vol owns approximately 85 million tons of reserves and produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
The deal announced Monday focuses on metallurgical-grade coal, which is used to make coke for steelmaking. Metallurgical coal prices have soared from less than $100 a ton a year ago to as much as $250 a ton this year.
ArcelorMittal Chief Financial Officer Aditya Mittal says acquiring Mid Vol makes his company more self sufficient. Mittal says the company also plans to double Mid Vol's production.
Luxembourg-based ArcelorMittal says it has agreed to buy Mid Vol Coal Group. Mid Vol owns approximately 85 million tons of reserves and produced 1.5 million tons of coal from West Virginia and Virginia mines last year.
The deal announced Monday focuses on metallurgical-grade coal, which is used to make coke for steelmaking. Metallurgical coal prices have soared from less than $100 a ton a year ago to as much as $250 a ton this year.
ArcelorMittal Chief Financial Officer Aditya Mittal says acquiring Mid Vol makes his company more self sufficient. Mittal says the company also plans to double Mid Vol's production.
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