United Coal Company
Encyclopedia
United Coal Company a nonunion
coal mining
company headquartered in Blountville, Tennessee
, is a leading producer of high grade metallurgical coals, with operations in Virginia
, West Virginia
and Kentucky
and a subsidiary of the United Management Company, headquartered at Blountville, Tennessee
.
In May 2009 Ukrainian business group Metinvest
purchased the company for an estimated $1 billion.
United in 2006 allowed former King Pharmaceuticals executives
John M. Gregory and Joseph "Joe" Gregory of Bristol, Tennessee
and of SJ Investments, LLC and Gregory Energy Partners, LLC to invest in the company. The Gregory brothers are its first investors outside the McGlothlin family.
Executives of the company are listed among the contributors to the United Company Political Action Committee
.
), along with his father Woodrow W. McGlothlin (who started the Diamond Smokeless Coal Co. in the mid-1950s) and five other investors, founded the United Coal Company in Grundy, Virginia. McGlothlin first sold UCC in 1997 and later repurchased the company in 2004. The McGlothlins also founded The McGlothlin Foundation, which funds a variety of education-related causes in Southwest Virginia.
, McGlothlin described the United States energy policy as being "America's Achilles heel
" and compromising national economic independence due to both losing manufacturing jobs to relaxed labor, environmental, and saftety costs in China
and to America being energy dependent upon Islamic nations "with the most extreme and hostile people on earth."
McGlothlin laid out the following framework of his self-described "McGlothlin Energy Policy" during the 2006 Virginia Coal Conference:
, gas
, power generation, industrial parts distribution
, golf
and finance
and maintains the publicly traded UC Investment Fund (UCIFX).
Nonunion
Nonunion is permanent failure of healing following a broken bone.Nonunion is a serious complication of a fracture and may occur when the fracture moves too much, has a poor blood supply or gets infected. Patients who smoke have a higher incidence of nonunion. The normal process of bone healing is...
coal mining
Coal mining
The goal of coal mining is to obtain coal from the ground. Coal is valued for its energy content, and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from iron ore and for cement production. In the United States,...
company headquartered in Blountville, Tennessee
Blountville, Tennessee
Blountville is an unincorporated town and census-designated place in Sullivan County, Tennessee, United States. The population was 3,074 at the 2010 census...
, is a leading producer of high grade metallurgical coals, with operations in Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, West Virginia
West Virginia
West Virginia is a state in the Appalachian and Southeastern regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, Pennsylvania to the northeast and Maryland to the east...
and Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
and a subsidiary of the United Management Company, headquartered at Blountville, Tennessee
Blountville, Tennessee
Blountville is an unincorporated town and census-designated place in Sullivan County, Tennessee, United States. The population was 3,074 at the 2010 census...
.
In May 2009 Ukrainian business group Metinvest
SCM Holdings
System Capital Management or SCM is a major Ukrainian financial and industrial holding company with headquarters based in Donetsk in the east of the country. The business is controlled by a Ukrainian businessman Rinat Akhmetov who owns 100% of the company shares...
purchased the company for an estimated $1 billion.
United in 2006 allowed former King Pharmaceuticals executives
King Pharmaceuticals
King Pharmaceuticals , was the world's 39th largest pharmaceutical company, based in Bristol, Tennessee. However, on October 12, 2010, King was acquired by Pfizer for $14.25 per share. King produced a wide range of pharmaceuticals, including Altace for heart attack prevention, Levoxyl for...
John M. Gregory and Joseph "Joe" Gregory of Bristol, Tennessee
Bristol, Tennessee
Bristol is a city in Sullivan County, Tennessee, United States. The population was 26,702 at the 2010 census. It is the twin city of Bristol, Virginia, which lies directly across the state line between Tennessee and Virginia. The boundaries of both cities run parallel to each other along State...
and of SJ Investments, LLC and Gregory Energy Partners, LLC to invest in the company. The Gregory brothers are its first investors outside the McGlothlin family.
Executives of the company are listed among the contributors to the United Company Political Action Committee
Political action committee
In the United States, a political action committee, or PAC, is the name commonly given to a private group, regardless of size, organized to elect political candidates or to advance the outcome of a political issue or legislation. Legally, what constitutes a "PAC" for purposes of regulation is a...
.
United Coal Company
Throughout its more than thirty five year history, the UCC has had a track record of producing high, medium and low volatile coking coals and serving coking coal customers both domestically and worldwide.United Coal holdings
Founder, James W. "Jim" McGlothlin
In 1970, Jim McGolthin (a legal resident of Austin, TexasAustin, Texas
Austin is the capital city of the U.S. state of :Texas and the seat of Travis County. Located in Central Texas on the eastern edge of the American Southwest, it is the fourth-largest city in Texas and the 14th most populous city in the United States. It was the third-fastest-growing large city in...
), along with his father Woodrow W. McGlothlin (who started the Diamond Smokeless Coal Co. in the mid-1950s) and five other investors, founded the United Coal Company in Grundy, Virginia. McGlothlin first sold UCC in 1997 and later repurchased the company in 2004. The McGlothlins also founded The McGlothlin Foundation, which funds a variety of education-related causes in Southwest Virginia.
The 2006 "McGlothlin Energy Policy"
While speaking at the industry-sponsored 2006 Virginia Coal Conference held at the Meadowview Convention Center in Kingsport, TennesseeKingsport, Tennessee
Kingsport is a city located mainly in Sullivan County with some western portions in Hawkins County in the US state of Tennessee. The majority of the city lies in Sullivan County...
, McGlothlin described the United States energy policy as being "America's Achilles heel
Achilles Heel
Achilles Heel may refer to:* Achilles' heel, a metaphor for a fatal weakness in spite of overall strength* Achilles Heel , music by Pedro the Lion* Achilles Heel , off Antarctica...
" and compromising national economic independence due to both losing manufacturing jobs to relaxed labor, environmental, and saftety costs in China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and to America being energy dependent upon Islamic nations "with the most extreme and hostile people on earth."
McGlothlin laid out the following framework of his self-described "McGlothlin Energy Policy" during the 2006 Virginia Coal Conference:
- implementing a nationwide U.S. blue law
Blue lawA blue law is a type of law, typically found in the United States and, formerly, in Canada, designed to enforce religious standards, particularly the observance of Sunday as a day of worship or rest, and a restriction on Sunday shopping...
prohibiting work on Sundays except for truly vital businesses and industry;- imposing an additional federal gas tax of $1 more per gallon on fuel sold on Sundays and Mondays to curb "weekend driving larks";
- requiring every vehicle to get at least 30 miles per gallon within five years;
- expanding the federal government by creating a U.S. Office of Nuclear Power Production ;
- expediting the construction of new nuclear power plants across the United States;
- preserving natural gas
Natural gasNatural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
reserves "for the long haul" and;- banning the use of natural gas for power production in the United States;
- federal subsidizing coal-to-liquid fuel plants [through government loans and tax assistance];
- passing federal legislation guaranteeing a minimum floor price $55 per barrel for coal-to-liquid fuels, and;
- placing tariff
TariffA tariff may be either tax on imports or exports , or a list or schedule of prices for such things as rail service, bus routes, and electrical usage ....
s on stocks of imported crude oil arriving in the United States.
United Management Company
United Management Company, LLC is invested in oilOil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
, gas
Gas
Gas is one of the three classical states of matter . Near absolute zero, a substance exists as a solid. As heat is added to this substance it melts into a liquid at its melting point , boils into a gas at its boiling point, and if heated high enough would enter a plasma state in which the electrons...
, power generation, industrial parts distribution
Distribution (business)
Product distribution is one of the four elements of the marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user.The other three parts of the marketing mix are product, pricing,...
, golf
Golf
Golf is a precision club and ball sport, in which competing players use many types of clubs to hit balls into a series of holes on a golf course using the fewest number of strokes....
and finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
and maintains the publicly traded UC Investment Fund (UCIFX).
See also
- The First TeeThe First TeeThe First Tee, a youth development organization, impacts the lives of young people by providing educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf...
- Fischer-Tropsch
- Massey EnergyMassey EnergyMassey 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...
- Mountain PartyMountain PartyThe Mountain Party is a political party in the state of West Virginia that on July 8, 2007, at its state convention, voted to become the West Virginia affiliate of the Green Party. At the 2007 Green Party National Meeting the party was admitted to the Green Party as a state affiliate. It is a...
- Mountaintop removal mining
- United Mine WorkersUnited Mine WorkersThe United Mine Workers of America is a North American labor union best known for representing coal miners and coal technicians. Today, the Union also represents health care workers, truck drivers, manufacturing workers and public employees in the United States and Canada...
- World Golf Hall of FameWorld Golf Hall of FameThe World Golf Hall of Fame is located at World Golf Village near St. Augustine, Florida, in the United States, and it is unusual among sports halls of fame in that a single site serves both men and women. It is supported by a consortium of 26 golf organizations from all over the world.The Hall of...