Shares of Massey tumble as coal company defends safety record to Wall Street

Massey shares fall as miner defends safety record

CHARLESTON, W.Va. — Investors are sending shares of Massey Energy lower as the company tries to defend its safety record after the explosion that killed 29 men at a West Virginia mine.

Massey’s stock fell $1.75, or 4 percent, to $42.04 in midday trading Thursday as executives tried to reassure investors about the April 5 explosion’s affect on its finances.

Massey Energy Co. says it could lose up to $150 million in the second quarter because of the April 5 Upper Big Branch mine disaster.

Chief Executive Don Blankenship told analysts the company doesn’t willfully disregard mining regulations nor put profits ahead of safety.

The federal Mine Safety and Health Administration says the rate of serious violations that required evacuations and immediate repairs at Upper Big Branch was 19 times the national rate.