Arch Latest Coal Miner to Cut Dividend Amid Slump in Prices
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Arch Coal Inc. became at least the third U.S. coal producer to cut or suspend its dividend in a week amid depressed prices brought on by competition from natural gas and slowing Chinese demand.
Arch scrapped its 1-cent quarterly dividend for the first time since at least 1997, following similar actions on Jan. 27 by Peabody Energy Corp., the nation’s largest coal miner, and Walter Energy Inc.