Arch completes purchase of W.Va.-based ICG

AP News
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Posted: Jun 15, 2011 9:42 AM
Arch completes purchase of W.Va.-based ICG

Arch Coal says it's completed its acquisition of rival International Coal Group.

Arch says the deal closed Wednesday morning. Arch agreed to acquire the smaller ICG for $3.4 billion in May.

St. Louis-based Arch hopes acquiring Scott Depot, W.Va.-based ICG will allow it to exploit growing demand for high-priced coal used to manufacture steel. The deal gives Arch a bigger piece of Appalachian production and the company says it will rank as the nation's second largest supplier of metallurgical coal.