ArcelorMittal to buy Appalachian-area coal producer Mid Vol Coal Group
June 25, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
by Tim Huber | Source: Forbes
ArcelorMittal said Monday it has agreed to buy Mid Vol Coal Group, which owns approximately 85 million tons of reserves in Central Appalachia. ArcelorMittal is already the largest customer of Mid Vol, which produced 1.5 million tons of coal last year from West Virginia and Virginia mines, ArcelorMittal said.
ArcelorMittal’s U.S. acquisition 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.
“This acquisition further increases our upstream self sufficiency in a primary raw material during a time when metallurgical coking coal demand on a global scale remains strong,” Chief Financial Officer Aditya Mittal said in a statement.
