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Thursday, July 17, 2008

A New Coal Giant....Protest This.

In 2002 Mike Quillen started Alpha Natural Resources. Yesterday Alpha was acquired by Cleveland Cliffs for $10 Billion. A pretty good return indeed.

ABINGDON, Va. – After it merges with an Ohio-based company, Alpha Natural Resources’ coal operations will remain headquartered here and the company will continue to grow, Chief Executive Officer Michael Quillen told the Herald Courier on Wednesday.

“We’re proud to be in Southwest Virginia. . ..We didn’t necessarily want to be in New York or Pittsburgh or some big city,” said Quillen, who grew up in Gate City, Va. “We like being here, and the main reason we like being here is we want to be close to the employees and the people.”

Alpha will be acquired by Cleveland-Cliffs Inc., based in Cleveland, Ohio, for about $10 billion if the deal is approved by shareholders, the companies announced on Wednesday. The merger was approved by both boards of directors, and the combined company will be renamed Cliffs Natural Resources.

“We’ve been looking for some time at Alpha making a transformative move,” Quillen said. “One of the biggest goals that I’ve had all along is to do something that really solidifies Alpha for the long-term future so that our employees have opportunities 15 years down the road.”

He and Cleveland-Cliffs Chief Executive Officer Joseph A. Carrabba have known each other since 1974, when they worked together as surface mine superintendents in Southwest Virginia.

Alpha has come a long way since it was formed in 2002. In just more than five years, it has gone from an idea to a $10 billion company. Click to read it all.

Let it roll! We are ready to move some coal.

Comments on "A New Coal Giant....Protest This."


Anonymous Alpha Miner said ... (9:33 PM) : 

my stock is soaring!


Blogger Carl Kilo said ... (12:00 PM) : 

I hear ya!


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