Coal mogul says to expect more bankruptcies

Expect more coal producers to go bankrupt because there’s “nothing on the horizon” to suggest demand and prices will recover, Robert E. Murray, owner of the largest privately held coal company in the U.S., said Monday in a speech in Pittsburgh, Tim Loh reports for Bloomberg. Murray said, “We are planning for a somewhat reduced coal marketplace, in terms of prices and demand, through at least next year, with only a possible slight improvement in the years beyond." (Bloomberg photo by Kenny Crookston)

Murray, owner of Murray Energy Corp., which has 7,400 employees and 12 active underground coal mines in Ohio, Illinois, Kentucky, Utah, and West Virginia, blames President Obama for the downturn in the coal industry, Loh writes. (Read more)