Associated Press Published

Alpha Shares Being Delisted From NYSE


Coal producer Alpha Natural Resources says its shares will be delisted from the New York Stock Exchange.

The Bristol, Virginia-based company says its shares were suspended by the NYSE because of their low price and the company is starting delisting proceedings. The stock last traded at 24 cents.

Alpha Natural Resources Inc. shares will trade over the counter starting Friday.

The company has announced the elimination of more than 800 jobs this year.

In recent years coal-mining companies in central Appalachia have struggled with low natural gas prices, dwindling coal seams, competition from other states and weaker market conditions while utilities and other companies have switched to cheap natural gas to generate electricity. In May, competitor Patriot Coal filed for bankruptcy for the second time in three years.

Alpha has operations in Kentucky, Pennsylvania, VirginiaWest Virginia and Wyoming.