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ap

Coal producer ICG says profit doubled in Q3

  • On 4:52 pm EDT, Wednesday October 28, 2009

CHARLESTON, W.Va. (AP) -- International Coal Group said Wednesday it's seeing signs that increasing steel production is upping demand for metallurgical coal, but is crediting other factors for more than doubling its third-quarter profit.

ICG said it earned $18.7 million, or 12 cents per share, in the period, compared with $9.3 million, or 6 cents per share, a year ago.

The figures show revenue dipped to $296.6 million, from $309.2 million a year ago.

Rivals including Peabody Energy have said they saw rising metallurgical coal demand in Asia during the quarter.

ICG says it's seeing rising metallurgical coal demand, but it says controlling costs and cutting production 900,000 tons contributed to the quarterly performance.

ICG operates 13 mining complexes in Appalachia and Illinois.

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