Peabody calls for hiring freeze, spending cuts as recession hits home

摘要

An uncertain economy is forcing Peabody Energy to reevaluate future hiring, spending and capital expansion, according to an internal memo sent to company employees last week. The announcement marked at least the fourth time in recent weeks that a major coal producer has acknowledged market challenges due to the weakening economy, lower prices or demand shortfalls. "We are requiring that all capital projects be reevaluated and many will be deferred or cancelled," CEO Gregory Boyce wrote in an e-mail sent to employees November 25.