In "Coal and Energy Price Report" Massey Energy Refutes Month-Long Furlough
| Source: Massey Energy
RICHMOND, VA--(Marketwire - May 26, 2009) - In an article published in the "Coal and Energy
Price Report," rumors of a scheduled month long furlough at Massey
Energy were put to rest. According to a senior Massey executive quoted by
"Coal and Energy Price Report," the market outlook does not differ from
what appeared in the last earning calls; production plans remain constant
and do not deviate from what has been said in the past.
Earlier on May 19 during Massey Energy's annual shareholder meeting, CEO
and Chairman Don
L. Blankenship assured attendees that, "We are not only positioned to
sustain our operations in this difficult environment, but we are also in a
position to make acquisitions and add to our market share should
appropriate opportunities result from the weak market."
During the meeting, Massey
Energy also reported that their profits were up for the fourth year in
a row; production was up 4 percent and increased profit for the 4th time in
the past 5 years. Massey also announced that the company's executives and
members across the board would take pay cuts to keep costs in line for
their more than 6,700 person workforce in West Virginia, Virginia, and
Kentucky.