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The Virginia, USA-based company’s earnings have been hit by lower prices and shipments due to weak coal market conditions.
It reported a net loss of $458 million for the third quarter of 2013, nearly ten times the net loss of $46 million that it posted for the same period in 2012.
“The reductions are part of our plan to reduce operating and support expenses by more than $200 million annually beginning in 2014 in our effort to better align overhead and corporate support with our reduced operational footprint. This is to position Alpha as one of the most competitive companies in the industry when the market improves,” a spokesman for the company told Steel First.
“Specifically, we’ll be reducing about 230 mostly salaried positions across the organisation, we’re changing some [human resource] policies and benefit plans, and we’re reducing discretionary spending and idle mine costs,” he added.
“About 100 of the positions are already vacant and will not be filled. All employees who are impacted will be told by the middle of November. I cannot provide specifics on locations or jobs at this time, and can say only that the reductions will take place across the organisation,” he added.
US coal producer Alpha Natural Resources is reducing its workforce by 230 people as part of its measures to cut costs, the company confirmed to Steel First on Monday November 4.