Summary of the announcements from Friday:
- Before the market opened, Patriot Coal put a major damper on the sector by announcing the closure of several high-cost met coal mines due to slumping demand for seaborne coal.
- During the day, Norfolk Southern announced the loading of the largest volume cargo in the history of Pier 6 at Lamberts Point.
- After the market closed, Walter Energy announced a reduction in 2012 production due to equipment and facility issues while announcing the market remains robust. (Walter still expects roughly 19% to 34% production growth for the year)
Naturally the news for Patriot Coal is disastrous for the company. Yet another warning in a year full of missed opportunities to climb the met coal food chain.
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