Massey Energy boost capital spending, price forecasts
By Tom Stundza -- Purchasing, 5/8/2008 2:00:00 AM
Coal producer Massey Energy will increase spending in 2008 by $90 million on mining projects and expansions atop $220 million initially earmarked for new capacity this year. The company also plans to spend at least $220 million for new projects and expansions in 2009. Massey produced slightly more than 7.5 million tons of metallurgical coal for the steel industry in 2007 and plans to boost output by an additional 4 million tons/year by 2010. The company had initially projected an increase of only 2 million tons/year but now says the additional spending and new projects will increase output.
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