U.S. demand for coal is at a 24-year low, and inventories are continuing to build as the global economy slows. WilburRoss, WL Ross & Company chairman/CEO, discusses whether investors should expect more trouble ahead for the commodity
Quotes:
“The current downturn is secular.”
“In the past it’s been cyclical but not now. The last time coal traded at these levels the industry turned higher but I don’t think that happens this time.”
“Some railroads have large dependency on coal, too,” and that could be a problem from their bottom line. However don’t paint all railroads with one brush, “Others do a big business hauling nat gas, ethanol and other liquids.”
“The EPA has clearly made a decision that’s quite antithetical for coal in the way of new rules they’re imposing on power plants.”
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