Foundation Coal (FCL) Reaches Settlement Agreement with ArcelorMittal (MT)
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Foundation Coal Holdings, Inc. (NYSE: FCL) has reached a settlement agreement ending litigation between Foundation and metallurgical coal customer, ArcelorMittal (NYSE: MT).
Under the terms of the agreement, ArcelorMittal has agreed to take delivery of significant volumes of metallurgical coal from the Kingston mine in 2009 and future periods.
Foundation is updating its guidance as follows to reflect the impact of this settlement, newly contracted business and other changes.
Sees Coal Shipments (MM Tons) 70.0-73.0 for 2009, 70.0-74.0 for 2010 and 70.0-74.0 for 2011.
Foundation Coal Holdings, Inc. is a coal producer in the United States. The Company operates a group of 12 individual coal mines located in Wyoming, Pennsylvania and West Virginia.[SM]
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