MEE meaning in Business ?

Answer: What is Massey Energy Company mean?

Massey Energy Company was a coal extractor in the United States with substantial operations in West Virginia, Kentucky and Virginia. By revenue, it was the fourth largest producer of coal in the United States and the largest coal producer in Central Appalachia. By coal production weight, it was the sixth largest producer of coal in the United States.

Massey's mines yielded around 40 million tons annually. The company controlled 2.3 billion tons of proven and probable coal reserves in Southern West Virginia, Eastern Kentucky, Southwest Virginia and Tennessee or about a third of all Central Appalachian reserves. It employed approximately 5,850 people and operated 35 underground mines and 12 surface mines.

Massey Energy owned and operated Upper Big Branch Mine where 29 miners were killed in April 2010. The Mine Safety and Health Administration found that the company's culture of favoring production over safety contributed to flagrant safety violations that caused the coal dust explosion. On December 6, 2011 the Mine Safety and Health Administration announced a $10,825,368 levy against Massey, the largest monetary penalty imposed by the agency in history.

The resulting $10.8 million in total was from 369 citations and orders. Following Alpha Natural Resources' acquisition, Alpha additionally settled Massey's potential criminal liabilities for $209 million.

In January 2011, it was announced that Massey Energy company would be bought by competitor Alpha Natural Resources for $7.1 billion. More than 99% of Massey shareholders and 98% of Alpha shareholders voted in favor of the acquisition and courts in Delaware and West Virginia agreed with the shareholders' vote.

reference

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