Arch Coal, the nation’s second-largest coal producer, and a partner in the proposed Millennium Bulk coal-export terminal in Longview, filed for bankruptcy protection on Monday. Its filing means producers of 25 percent of America’s coal are now in bankruptcy.
The company blamed a steep drop in coal prices, increased federal pollution requirements and falling demand for coal in China, where air pollution levels and anger of a growing middle class have at last drawn attention of the government. Arch Coal said it has already cut prices, wages — it is non-union — and production.
Arch Coal reported $2.1 billion in losses over the third quarter of 2015. Three other major coal producers — Alpha Natural Resources, Patriot Coal and Walter Energy — have previously sought bankruptcy protection.