Foundation Coal Holdings Inc. / FCL
About Foundation Coal Holdings Inc.
999 Corporate Blvd., Suite 300, Linthicum Heights, Md. 21090
www.foundationcoal.com
| 410-689-7500
| Founded: 2004
Industry: Energy | Category: Top 100 Companies
Foundation Coal took a hit in 2006. Earnings fell to $31.4 million compared with $88.9 million the year before, as the company's costs increased and some of its mining operations suffered from weak performance.
Coal sales increased 11 percent in 2006, and the firm benefited from new higher-priced contracts in some parts of its operation, such as the Powder River Basin in Wyoming. But other areas of the operation, such as the Illinois Basin, suffered from depleted resources or difficult mining conditions, resulting in lower shipments and sales. Costs also rose because of equipment repairs and higher labor expenses.
In September 2006, the company spent $15.4 million to buy land next to its Pax Mine operation in West Virginia, which it expects will contribute to additional capacity and production growth. The property is expected to yield an additional 720,000 tons of coal annually.
In February, the company said it would suspend plans announced last year to invest $50 million in improvements to the company's Wabash Mine in Illinois, citing unfavorable economics. In April, it announced plans to close Wabash.
2007 Financial Data
Total employees: 3,153 | Local employees: 112Company Leadership
| James F. Roberts | President and CEO |
Source: Compensation data provided by Equilar, Inc..
Did You Know
Foundation Coal Holdings Inc. is the fourth-largest coal producer in the nation, with 14 mines that produce 70 million tons of coal a year. It makes its money largely by mining steam coal, which is sold to electric power generators. It also sells smaller amounts of metallurgical coal used in the production of steel. Its mines are in Pennsylvania, West Virginia, Illinois and Wyoming. It was bought by private-equity firms in 2004.
