There’s so much cheap iron ore flooding into China that rates for the ships that carry it are forecast to jump almost 70 percent by June, even as the world’s second-biggest economy grows at the slowest rate in 24 years.
Peabody Energy Corp. , the largest U.S. coal producer, said 2010 earnings before interest, taxes, depreciation and amortization will be lower than an October forecast because of the recent flooding in Australia.
The Environmental Protection Agency tightened water-pollution restrictions for mountaintop-removal coal mining in the U.S. Appalachia region, affecting companies including Arch Coal Inc. and Patriot Coal Corp.
Peabody Energy Corp ., the largest U.S. coal producer, raised the lower end of its earnings forecast after beating analysts’ estimates for the second- quarter on increased demand in China for Australian coal.
Arch Coal Inc. , the second-biggest U.S. coal producer, lifted its earnings forecast for 2011 after it reported first-quarter profit of $55.9 million on higher prices for the fuel and steelmaking ingredient.