America's Two Coal Giants Join Forces as Their Market Wanes
- Arch and Peabody are combining mines in Wyoming and Colorado
- Deal comes as coal plants close and demand for the fuel falls
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The two biggest U.S. coal miners are joining forces as the industry’s fortunes continue to wither.
Arch Coal Inc. and Peabody Energy Corp. are combining mines in Wyoming and Colorado through a joint venture, the companies said in a statement Wednesday. The move, which analysts said was long-expected, will create about $820 million in savings, the miners said.