CEO Peter T. Socha cited sour markets and a hostile regulatory atmosphere among James River’s biggest challenges. “Markets have changed dramatically, some due to weakness in the economy,” he said. “Other changes are more permanent like regulations, natural gas, and switching between coal basins by domestic power utilities.”
Following mine operation and administrative overhead changes, “we need to adjust our balance sheet and debt to align ourselves to the industry,” he added; further motions include authorization requests maintaining employee benefits and wages.
