ST. LOUIS, May 9, 2011 /PRNewswire/ -- Arch Coal, Inc. (NYSE: ACI) today announced that it has established a new subsidiary, Arch Coal Asia-Pacific Pte. Ltd., and named Renato Paladino president.
"Countries in the Asia-Pacific region are leading a coal market supercycle," said Steven F. Leer, Arch's chairman and chief executive officer. "With an expanded presence in the Asia-Pacific region, Arch Coal expects to extend its reach and seize new market opportunities as developing countries demand more and more energy."
Paladino will be responsible for Asia-Pacific regional business development, marketing and sales of thermal and metallurgical products, and regional supply chain expansion for the company. The new office will be located in Singapore. Paladino will report to Arch's president and chief operating officer, John W. Eaves.
"Renato brings a proven track record and an advantageous blend of marketing, technical and business development skills to Arch's global sales efforts," said Eaves. "We look forward to Renato's leadership as we expand our participation in the high-growth Asia-Pacific market."
Most recently, Paladino served as chief marketing officer of Hancock Prospecting Pty, Ltd. in Brisbane, Australia, where he had ultimate responsibility for marketing coal and iron ore. Prior to joining Hancock, Paladino worked for Brazilian minerals company Vale between 1985 and 2009, serving most recently as global managing director of coal. During his 24-year tenure with Vale, he held various business positions in Brisbane, Shanghai, Brussels, Rio de Janeiro and Tokyo.
A native of Brazil, Paladino holds a bachelor's degree in industrial engineering from Federal University of Rio de Janeiro and a master of business administration degree in marketing and finance from the University of California–Riverside.
U.S.-based Arch Coal is one of the world's largest and most efficient coal producers, with more than 160 million tons of coal sold in 2010. Arch's national network of mines supplies cleaner-burning, low-sulfur coal to customers on four continents, including U.S. and international power producers and steel manufacturers.
Forward-Looking Statements: This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation industry; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from operational, geological, permit, labor and weather-related factors; from fluctuations in the amount of cash we generate from operations; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.
SOURCE Arch Coal, Inc.