Princeton coal company sues buyer it says reneged

CHARLESTON, W.Va. (AP) - A Princeton coal company is suing a
British steel trading company for breach of contract, arguing it
failed to buy the required amount of metallurgical coal.

The State Journal says Mid-Vol Coal Sales Inc. is suing Balli Steel PLC in McDowell County Circuit Court, but Balli Steel wants the case heard in federal court.

Mid-Vol says the company agreed last year to purchase 480,000
net tons of metallurgical coal in 12 monthly shipments at $130 per
ton, but it reneged in the first month.

Mid-Vol says it was then forced to sell to other buyers at a
lower price and suffered more than $10 million in damages.

Balli has not yet responded.


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