Britain: Lord Coal's Troubles

Britain's National Coal Board is massive by any standards. It is the third largest industrial company outside the U.S., employs 550,000 people (one in every 40 British workers), is one of England's biggest landlords (it owns 130,000 homes), and supplies most of Britain's energy needs. It also has Brit ain's worst managerial headache. Its deficit has mounted to $125 million so far this year, and it intends to close 150 coal mines and seek government forgiveness of loans equaling more than $1 billion. Last week, in the most severe shake-up since the coal industry was nationalized 18 years ago,...

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