Fueled by strong export and domestic demand for metallurgical coal, Bluestone Coal Corp. is reopening an underground mine in West Virginia in July and hiring 250 employees for all of its metallurgical coal operations in the state, CEO Jay Justice said in a June 7 interview with S&P Global Platts.
Once all the new hires are on board, Bluestone's production is expected to increase from 2 million tons to about 3.3 million tons, said Justice, whose father, Jim, is the Republican governor of West Virginia.
Bluestone sells about 70% of its low-vol and mid-vol metallurgical coal into the export market, with the remaining 30% marketed domestically, he said.
The company's two surface mines, Red Fox and 39A, produce mid-vol and low-vol metallurgical coal, respectively. The two active underground mines, Paycar No. 58 and the No. 57 mine, produce low-vol metallurgical coal.
In July, Bluestone intends to restart the No. 59 deep mine, also a low-vol producer.
"We're revving up substantial mining jobs at those locations," Justice said. "The export market is good, and the domestic market is good as well. We're happy to be putting people back to work."
Bluestone is seeking applicants to fill a variety of positions, ranging from foremen to mechanics, electricians, truck drivers and equipment operators. The company needs both surface and underground workers.
Bluestone, founded in 1971, was sold by the Justice family in May 2009 to Russian company Mechel OAO for $436 million in cash and 83.3 million Mechel preferred shares. Less than six years later, Jim Justice bought Bluestone back from Mechel for only $5 million.
Bob Matyi is a reporter for S&P Global Platts, which, like S&P Global Market Intelligence, is owned by S&P Global Inc.
