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Massey Energy

BUSINESS
April 7, 2010 | Times Wire Services
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.
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NATIONAL
April 7, 2010 | By Tom Hamburger and Andrew Zajac
Massey Energy Co. has been cited for repeated mine safety violations in recent years, racking up hundreds of penalties at the Upper Big Branch mine, where an explosion Monday killed at least 25 workers. Federal prosecutors also have brought two criminal complaints for violation of worker protection rules at other mines run by the company, the nation's sixth-biggest coal-mining firm. Massey officials say they have an above-average safety record and have received awards for their performance at individual mines.
NATIONAL
April 7, 2010
Richmond, Va.-based Massey Energy Co. is the largest coal producer in central Appalachia, operating 47 underground and surface mines in Kentucky, West Virginia and Virginia. It was founded in 1920 as a coal brokering business and began mining operations in 1945. In 2009, Massey reported coal revenue of $2.3 billion and recorded net income of $104.4 million. Massey reported employment of 5,851 at the end of 2009. The company has repeatedly fended off organizing drives by the United Mine Workers of America and the union currently represents 76 Massey employees, union spokesman Phil Smith said.
NATIONAL
April 6, 2010 | By David Zucchino
Brenda Willis rushed out of the One Stop food shop Tuesday wearing a "Route 3 Spousal Group" T-shirt and carrying an armful of sandwiches and cold drinks. "For the families of the lost ones," Willis said as she loaded the food into an SUV for delivery to families gathered at the Upper Big Branch mine office to learn the fates of the missing miners caught in Monday's explosion. Like virtually everyone in the string of unincorporated villages that dot Route 3 along the muddy Big Coal River, Willis knew several victims of the worst U.S. coal mine disaster since 1984.
NATIONAL
January 18, 2008 | Judy Pasternak, Times Staff Writer
The country's fourth-largest coal producer, Massey Energy Co., has agreed to pay a landmark $20-million fine to settle federal charges that it repeatedly dumped dangerous amounts of mine waste and sediment into creeks and rivers in three Appalachian states over a seven-year period.
BUSINESS
December 13, 2000 | Dow Jones
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.
BUSINESS
June 9, 2000 | E. SCOTT RECKARD, TIMES STAFF WRITER
In a bold move, Fluor Corp. said it will separate its worldwide engineering and construction business from its Virginia coal-mining operations, a decision that boosted the company's lackluster stock price 10% Thursday. The Aliso Viejo company said the change would allow each operation to succeed by focusing better on independent growth strategies and allowing shareholders a clear choice of investing in both firms or in one industry. The company said it will create a new Fluor Corp.
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