Coal stocks have been hit hard in this recession, given slumping electricity demand in the U.S. and the sharp drop-off of steel demand. For shareholders of Patriot Coal Corp (PCX: NYSE), the pain has been particularly acute. The stock lost 96 per cent of its value since last June's record highs. This year alone, Patriot's stock is down 41 per cent versus a 1 per cent decline by the Dow Jones U.S. Coal Index.
Continue reading "Coal Stocks Swing"
Friday, February 13, 2009
Vancouver-based Teck took on almost $10-billion in debt to buy Fording Canadian Coal, and has had to suspend dividends, curtail zinc output, sell assets and slash capital expenditure to free up cash for debt repayments. For full story, click here
Continue reading "Teck took on debt to buy Fording Canadian Coal"
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Monday, March 2, 2009