Based in suburban Pittsburgh, CONSOL Energy is one of the largest coal mining companies in the United States, producing 65 tons of coal annually and having 4.5 billion tons in reserve. However, the company claims that a lack of demand from steel mills is hurting its business, to the point that the PITTSBURGH POST-GAZETTE says that it may lay off all of its 260 miners at its 84 Mine in Washington County.
But you’ll excuse the miners who might soon be out of work if they are a little skeptical. After all, it was only less than a month ago that CONSOL Energy announced a 21-year naming rights deal to the new Pittsburgh Penguins arena. Terms of the deal were not disclosed, but estimates put the price tag could be as much as $85 million dollars over the length of the deal. And that’s a lot of coal miner’s salaries.