Court Denies Massey Energy’s Request for Appeal in Wheeling-Pittsburg Dispute
05/27/2008 - The West Virginia Supreme Court of Appeals denies the request for appeal from Massey Energy and its Central West Virginia Energy subsidiary regarding the judgment entered against them in favor of Esmark’s subsidiary Wheeling-Pittsburgh Steel and its coke plant joint venture and co-plaintiff Mountain State Carbon.
The West Virginia Supreme Court of Appeals has denied the request for appeal from Massey Energy Co. and its Central West Virginia Energy Co. (CWVEC) subsidiary regarding the Brooke County, W.Va., judgment entered against them in favor of Esmark’s subsidiary Wheeling-Pittsburgh Steel Corp. and its coke plant joint venture and co-plaintiff Mountain State Carbon, LLC.
The $219.85 million judgment was entered against Massey and CWVEC July 2, 2007 for failure to deliver significant quantities of metallurgical coal and certain related misrepresentations. The judgment continues to earn interest and is presently worth approximately $260 million.
“With this decision, Wheeling-Pittsburgh is now another step closer to recovering the substantial monetary damages it sustained in recent years due to no fault of its own,” stated Esmark Chairman and CEO James P. Bouchard. “The company is very pleased with this result.”
Esmark Inc. is a vertically integrated steel producer and distributor, combining steel production capabilities through both blast furnace and electric arc furnace technologies with the just-in-time delivery of value-added steel products to a broad customer base concentrated in the Ohio Valley and Midwest regions. Currently headquartered in Wheeling, W.Va., the company produces carbon flat-rolled products for a wide range of markets. The company's products include hot rolled, cold rolled, hot dipped galvanized, electro-galvanized, black plate and electrolytic tinplate.
