April 28, 2010 |
The company that operated the West Virginia coal mine where an explosion killed 29 miners this month was able to "game the system" by using a lengthy appeals process to avoid safety shutdowns, witnesses told a Senate committee Tuesday. Massey Energy Co., which was cited 515 times for safety violations at the Upper Big Branch mine last year and 124 times this year before the April 5 explosion, was able to continue mining coal. Many of the violations were for improper ventilation of methane and coal dust, the suspected causes of the worst U.S. mine disaster in 40 years.
December 13, 2000 |
Standard & Poor's said Tuesday that the new Fluor Corp. in Aliso Viejo will replace Massey Energy Co. on the S&P 500. The new Fluor is a spinoff from the old Fluor, which was renamed Massey. Fluor, which provides engineering, construction and other services, will trade under the ticker FLR. Massey, a Richmond, Va., coal company, will trade under the ticker MEE. After the spinoff next week, Massey Energy will replace American Freightways Corp. in the S&P SmallCap 600. FedEx Corp.
January 31, 2001
The Aliso Viejo construction and engineering company, which is changing to a calendar year, reported a net loss of $4 million, or 5 cents a share, for the two-month period ended Dec. 31, which included a $15.6-million compensation charge resulting from the company's recent spinoff from Massey Energy. For the same period a year ago, net income totaled $27.8 million, or 36 cents a share. Revenue increased 12% to $1.9 billion.
December 9, 2011
The federal report on last year's West Virginia coal-mine explosion that killed 29 miners describes company managers so consumed by greed that they created a second set of books to hide safety problems, intimidated employees into staying silent about on-the-job hazards and called ahead to sections of the mine where inspectors were headed so that dangerous conditions could be hurriedly hidden. The U.S. Mine Safety and Health Administration trumpeted its record-breaking, $209-million settlement this week with Alpha Natural Resources, the company that bought the Upper Big Branch mine from Massey Energy Co. after the accident.
April 20, 2010 |
Watching the events unfold around Massey Energy Co.'s Upper Big Branch coal mine the last few weeks created an uneasy sense of deja vu. And it had less to do with 29 miners' bodies below ground than with power plays and corporate hubris above it. The deadly West Virginia mine explosion came four days after the 100th anniversary of the start of a lengthy Colorado coal strike that eventually led to open guerrilla warfare between miners and the...
April 7, 2010 |
Stocks ended mixed Tuesday after a rally in bank shares offset drops in some technology names. The Dow Jones industrials edged down 3 points, while broader indexes rose. For a second day, the Dow got within about a dozen points of the 11,000 level. Stocks got a brief bounce late in the day when the Federal Reserve released meeting minutes suggesting that policymakers were growing more upbeat about the economy but weren't prepared yet to raise interest rates. Financial stocks led the market higher on upbeat comments by analysts about regional banks.