Canadian company buying PBS Coals operations in Somerset County
A Canadian coal company with mines in Somerset County will buy PBS Coals Inc. and merge the operations with hopes the worldwide market for metallurgical coal will improve.
Corsa Coal Corp. on Tuesday announced a $60 million deal to purchase the three active PBS mines and other operations that Russian steel giant OAO Severstal bought for $177 million in 2008. Corsa owns the Wilson Creek Energy operations in Somerset County. Some investors who are financing the deal for Corsa are original funders of PBS.
Severstal shuttered several mines and laid off hundreds of PBS employees last year. Paul Caldwell, chief financial officer for Corsa, said the company could not discuss the retention of PBS employees before the deal closes in August.
Low international prices for met coal, which is used to make steel, have forced several coal companies to close mines or dial back operations. Corsa leaders said they expect prices to eventually rebound.
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