More than a thousand United Mine Workers of America members were back in St. Louis on Monday, the latest in a series of protests against Peabody Energy and its handling of their retirement and health care benefits.
Hundreds of retired and current union miners from across the country descended on St. Louis on Tuesday to protest Peabody Energy and the potential loss of their pension plans.
Most of the miners worked for either Peabody Energy or Arch Coal, but their benefits are threatened by the bankruptcy of Patriot Coal last year. Patriot was spun off from Peabody in 2007, along with the healthcare obligations of many Peabody and Arch Coal employees.
One of the nation's biggest coal producers says federal security regulators are investigating the company's role in development of a southwestern Illinois power plant.
St. Louis-based Peabody Energy Corp. says in its annual report that the Securities and Exchange Commission served the company with a subpoena last month requesting information and documents related to the Prairie State project.
Hundreds of miners from across the country protested outside of St. Louis-based Peabody Energy on Tuesday.
The miners are accusing Peabody of orchestrating a bankruptcy in order to skip out on pension and healthcare benefits owed to some 10,000 retirees and their dependents.
At the heart of the dispute is Patriot Coal Corp., which was created by Peabody as a stand-alone company in 2007. In creating Patriot, Peabody also transferred a hefty chunk of Peabody’s outstanding pension obligations onto Patriot’s books.
About 150 activists marched outside Peabody Energy’s annual stockholder meeting in downtown St. Louis today.
The protesters decried an unfair tax code that they say allows the energy company to dodge paying its fair share of taxes. For instance, they say Peabody paid $0 in federal income taxes in 2008 and 2009; and $0 in state income taxes in 2010.
Peabody Energy's Corporate Communications Director Meg Gallagher says, however, the group’s numbers are inaccurate.
Peabody Energy Corp. says its profit rose in the first quarter due to higher prices for Australian coal used in steelmaking and increased demand in the U.S.
The world's biggest private-sector coal company says its net income attributable to common shareholders was $176.5 million, or 65 cents per share, in the January-March period. That's up from $133.7 million, or 50 cents, a year earlier.
St. Louis-based Peabody says first-quarter revenue rose 15 percent to $1.74 billion from $1.51 billion the previous year.