Biggest private coal company could cut up to 4,400 jobs

The largest private coal mining corporation in America, Murray Energy, has warned it may have to lay off as many as 4,400 employees — some 80 percent of the company's workforce — thanks to a long-term slump in the coal markets.

The Central Appalachian coal price benchmark has sunk to just $40 a ton, about half of its price in 2011, and many major coal producers are declaring bankruptcy. Murray Energy has already laid off about 3,000 workers in the past year, mostly in West Virginia, Illinois, and Ohio.

Controlling owner Robert Murray, a Donald Trump supporter, significantly blamed his company's decline on "the ongoing destruction of the United States coal industry by President Barack Obama, and his supporters," as well as "the increased utilization of natural gas to generate electricity."

The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.

Sign up