Arch Coal Board Declares Quarterly Dividend
St. Louis, Missouri – February 24, 2000 - The board of directors of Arch Coal, Inc. (NYSE:ACI) today declared a quarterly dividend of 5.75 cents per share on the company’s common stock. The dividend is payable March 15, 2000, to shareholders of record on March 6, 2000.
"As previously announced, Arch Coal’s management team recently recommended a 50% reduction in the quarterly dividend rate, and the board of directors today accepted that recommendation," said Steven F. Leer, Arch Coal’s president and chief executive officer. "We believe that reducing debt quickly and aggressively is the best way to create long-term value for Arch’s shareholders. By reducing the dividend, we are freeing up more cash for the company’s already strong debt reduction efforts."
Arch Coal is the nation’s second largest coal producer, with subsidiary operations in West Virginia, Kentucky, Virginia, Wyoming, Colorado and Utah. Through these operations, Arch provides the fuel for approximately 6% of the electricity generated in the United States.