March 7 (Reuters) - James River Coal Co said it suspended production at five underground mines and reduced output at three surface mines in Central Appalachia, cutting production capacity by 3 million tons.
The company, one of the leading coal producers in Central Appalachia and the Illinois Basin, also said it cut about 400 jobs. [ID: nPnPH72694]
James River Coal’s net loss widened to $76.9 million, or $2.21 per share, in the fourth quarter from $28.5 million, or 82 cents per share, a year earlier.
Global prices of steel-making coal slumped 50 percent in 2012 on reduced demand, while those for thermal coal fell 16 percent as a large number of U.S. power producers switched to cleaner natural gas.