ST. LOUIS, Sept. 21 /PRNewswire-FirstCall/ -- Arch Coal, Inc. (NYSE:
ACI) announced today that its Board of Directors has authorized the company
to repurchase up to 14,000,000 shares of its common stock, effective
immediately.
The timing of any purchases, and the ultimate number of shares to be
purchased, will depend on market conditions. The shares will be acquired in
the open market or through private transactions in accordance with
Securities and Exchange Commission requirements. The company had
143,544,602 common shares outstanding as of September 15, 2006.
"The long-term outlook for the U.S. coal sector continues to
strengthen, and we believe that Arch's extensive reserve base, highly
productive operations and skilled workforce position the company for future
success," said Steven F. Leer, Arch's chairman and chief executive officer.
"As a result, Arch's board and management consider the company's stock to
be an attractive investment option, and we view share repurchase as an
effective way to create value for shareholders."
Arch Coal is the nation's second largest coal producer. The company's
core business is providing U.S. power generators with clean-burning, low-
sulfur coal for electric generation. Through its national network of mines,
Arch supplies the fuel for approximately 6% of the electricity generated in
the United States.
Forward-Looking Statements: This press release contains
"forward-looking statements" - that is, statements related to future, not
past, events. In this context, forward-looking statements often address our
expected future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes," "seeks,"
or "will." Forward- looking statements by their nature address matters that
are, to different degrees, uncertain. For us, particular uncertainties
arise from changes in the demand for our coal by the domestic electric
generation industry; from legislation and regulations relating to the Clean
Air Act and other environmental initiatives; from operational, geological,
permit, labor and weather-related factors; from fluctuations in the amount
of cash we generate from operations; from future integration of acquired
businesses; and from numerous other matters of national, regional and
global scale, including those of a political, economic, business,
competitive or regulatory nature. These uncertainties may cause our actual
future results to be materially different than those expressed in our
forward-looking statements. We do not undertake to update our
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by law. For a description of
some of the risks and uncertainties that may affect our future results, you
should see the risk factors described from time to time in the reports we
file with the Securities and Exchange Commission.
SOURCE Arch Coal, Inc.
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Related links:
http://www.archcoal.com
CONTACT:
Deck S. Slone, Vice President, Investor
Relations and Public Affairs of Arch Coal, +1-314-994-2717
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