US Coal Production, Industry Profits Jump as Trump Vows to End ‘War on Coal’
The U.S. coal industry is seeing a surge in production and profits this year, capitalizing on President Trump’s repeated promises to end the so-called “war on coal” and put miners back to work.
Fox Business Network’s Jeff Flock reported from a coal plant outside Chicago, in Romeoville, explaining that Arch Coal Inc. – which filed for bankruptcy in Jan. 2016 – reported net income of $68.4 million in the third quarter of 2017, compared with net income of $37.2 million, in the second quarter.
Revenues for the company rose 11.5 percent to $613.5 million in the third quarter.
Flock said it’s not just Arch Coal which is experiencing the uptick. Peabody Energy – the world’s largest private-sector coal company – reported “powerful results” in the third quarter after emerging from bankruptcy earlier this year.
The U.S. coal industry is seeing a surge in production and profits this year, capitalizing on President Trump's vow to end the so-called "war on coal" and put miners back to work.