Massey's Board To Decide On Sale Next Week

Massey Energy's MEE board is expected to meet next week to decide whether to put the largest coal producer in Central Appalachia up for sale. The company has said recently it is considering strategic alternatives, including a possible sale, making an acquisition of its own or just standing pat. The board meeting is scheduled for Nov. 21-23. Sources close to the situation have said board members have not reached a decision on putting the company on the block, Bloomberg News reported. Rival Alpha Natural Resources ANR is rumored to be in advanced talks with Massey and ArcelorMittal MT, the world's largest steelmaker, has also emerged as a company that could make a run at Massey. Virginia-based Massey owns 2.8 billion tons of reserves, 1.3 billion of which are metallurgical coal, used to produce steel, Bloomberg reported.