ST. LOUIS, May 12, 2011 /PRNewswire/ -- Patriot Coal
Corporation (NYSE: PCX) announced the re-election of three members
of its board of directors at the Company's annual meeting of
stockholders held in St. Louis
today.
Re-elected directors include J. Joe
Adorjan, chairman of Adven Capital and former chairman and
chief executive officer of Borg-Warner Security Corporation,
Janiece M. Longoria, a partner in
the law firm of Ogden, Gibson, Broocks, Longoria & Hall L.L.P.,
and Michael M. Scharf, executive
director, global financial services for Bunge Limited. Each
of these directors will serve a three-year term.
During the meeting, Patriot President and Chief Executive
Officer Richard M. Whiting outlined
Patriot's successes in 2010 and how the Company plans to grow
during 2011 and beyond in response to stronger coal markets
worldwide.
As a result of higher expected global steel production, the
Company has plans in place to increase metallurgical coal volumes
to more than 11 million tons by 2013. Patriot is on a path to
open a total of seven new met mines in 2011 and 2012. Met
coal as a percentage of total tons produced is expected to increase
to more than 30 percent by 2013, from just over 15 percent in
2009.
Additionally, Patriot has leverage to rising thermal coal prices
as significant underwater legacy coal supply agreements expire in
the next few years. At current market pricing, the Company
expects incremental EBITDA of more than $50
million in 2012 and nearly $150
million in 2013 as these tons are re-priced.
"We approach the second half of 2011 from a position of
strength, with major upside potential for future production and
earnings. Our company has detailed plans in place to grow
organically in response to strong coal markets. We expect
this to result in increased revenues, which will lead to expanded
margins and enhanced cash flow," stated Whiting. "This year
is shaping up to be our best yet since becoming a public
company."
About Patriot Coal
Patriot Coal Corporation is a leading producer and marketer of
coal in the eastern United States,
with 14 active mining complexes in Appalachia and the Illinois Basin. The Company ships to
domestic and international electricity generators, industrial users
and metallurgical coal customers, and controls approximately 1.9
billion tons of proven and probable coal reserves. The
Company's common stock trades on the New York Stock Exchange under
the symbol PCX.
Forward-Looking Statements
Certain statements in this press release are forward-looking as
defined in the Private Securities Litigation Reform Act of 1995.
These statements involve certain risks and uncertainties that
may be beyond our control and may cause our actual future results
to differ materially from expectations. We do not undertake
to update our forward-looking statements. Factors that could
affect our results include, but are not limited to: price
volatility and demand, particularly in higher margin products;
geologic, equipment and operational risks associated with mining;
changes in general economic conditions, including coal, power and
steel market conditions; coal mining laws and regulations; the
availability and costs of competing energy resources; legislative
and regulatory developments; risks associated with environmental
laws and compliance, including selenium-related matters;
developments in greenhouse gas emission regulation and treatment;
negotiation of labor contracts, labor availability and relations;
the outcome of pending or future litigation; changes in the costs
to provide healthcare to eligible active employees and certain
retirees under postretirement benefit obligations; increases to
contribution requirements to multi-employer retiree healthcare and
pension plans; reductions of purchases or deferral of shipments by
major customers; availability and costs of credit; customer
performance and credit risks; inflationary trends; worldwide
economic and political conditions; downturns in consumer and
company spending; supplier and contract miner performance and the
availability and cost of key equipment and commodities;
availability and costs of transportation; the Company's ability to
replace coal reserves; the outcome of commercial negotiations
involving sales contracts or other transactions; our ability to
respond to changing customer preferences; failure to comply with
debt covenants; the effects of mergers, acquisitions and
divestitures; and weather patterns affecting energy demand.
The Company undertakes no obligation (and expressly disclaims
any such obligation) to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. For additional information
concerning factors that could cause actual results to materially
differ from those projected herein, please refer to the Company's
Form 10-K and Form 10-Q reports.
SOURCE Patriot Coal Corporation