Coal prices show signs of weakening as global demand shows sign of slack

CHARLESTON, W.Va.

Investment bank Goldman Sachs downgraded the entire U.S. steel industry Thursday, citing risks such as the strengthening dollar and concerns about demand from China.

Shares in one of the biggest coal producers, Massey Energy Co. tumbled nearly eight per cent, or US$4.37, to $51.40 Thursday on news that 2008 prices and production are showing signs of weakness.