ST. LOUIS, April 26, 2012 /PRNewswire/ -- The board of directors of Arch Coal, Inc. (NYSE: ACI) late yesterday announced that Arch's Tygart Valley #1 mine will be renamed the Leer Mine in recognition of the leadership of Steven F. Leer, who was elected executive chairman of Arch's board today after two decades with the company as chief executive officer.
"We wanted to honor Steve for two decades of exceptional service and leadership," said Arch's Lead Director James R. Boyd. "It is fitting to name this brand-new, world-class mining complex in honor of Steve and his vision of safety excellence, environmental stewardship and strategic growth. We view the Leer Mine as one of Arch's most exciting new growth projects and an integral part of our company's future."
The new Leer Mine is a metallurgical coal mine currently under development in Taylor County, W.Va. With the startup of the longwall in mid-2013, the Leer Mine is expected to produce 3.5 million tons of premium metallurgical coal annually, for sale to overseas and domestic steel producers. The Leer Mine will employ more than 300 employees.
"I'm honored to have my name forever associated with this new operation, which I believe is destined to become one of the world's premier coal mines," said Leer. "It has been a great privilege to be associated with Arch for 20 years and counting, and I am more enthusiastic than ever about the company's exciting future prospects."
U.S.-based Arch Coal, Inc. (NYSE:ACI) is a top five global coal producer and marketer, with 155 million tons of coal sold in 2011. Arch is the most diversified American coal company, with more than 20 active mining complexes across every major U.S. coal supply basin. Its core business is supplying cleaner-burning, low-sulfur thermal and metallurgical coal to power generators and steel manufacturers on five continents. In 2011, Arch continued to lead the U.S. coal industry in safety performance and environmental compliance among large, diversified producers.
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.