EKB News

Scott Depot WV - International Coal Group said yesterday that it expects to lose $10 million to $15 million, or 7 cents to 10 cents per share, in 2006 because of the Sago Mine disaster, the idling of another mine and cost pressures at several operations. Tuesday's announcement was the second time this year that Scott Depot-based ICG has lowered its financial outlook. ICG said it now expects to end 2006 with a loss, while revenue is projected to total $900 million. The company said it plans to cut 1.7 million tons of high-cost production: 700,000 tons at its Northern Appalachian operations and about 1 million tons at its Central Appalachian operations. ICG did not identify which operations would be affected but said the cutbacks will begin within three to five days.