Jun. 4 at 3:15 PM
$FTEK $BTU $HCC
Coal stocks advanced Thursday, helped by news that President Donald Trump plans to provide about
$700 million to the industry through a Korean War-era law that gives the federal government authority over sectors tied to national security.
Trump is expected to aim to deliver
$425 million in Defense Production Act funds to 13 existing coal-fired power plants, along with
$75 million in DPA money for an export terminal in Oakland, Calif. , to ship out American coal. He also looks set to try to provide
$185 million in Energy Department grants to help build a coal plant in Alaska and another in West Virginia , as well as to restart one in western Maryland .
Trump's plan was first reported by Bloomberg News and was confirmed to MarketWatch by a White House official. The president appears on track to address the matter at a White House event at around 3 p.m. Eastern time .