Ross has told Bloomberg at its economic outlook panel in New York this week that “we are looking at other textile industries and trying very hard to get into the coal business there [China]”.
Ross said he was also considering investments in India and Japan.
Ross formed International Coal Group (ICG) by buying bankrupt US coal producers, including Horizon Natural Resources in October 2004.
This year ICG also gained full control of Anker Coal Group and CoalQuest Development in a deal worth $US275 million. Together, the two purchased companies planned 2005 shipments of 6.5 million tons from mines located principally in West Virginia and Maryland.
IGC also announced in July this year it would invest $US200 million to develop a new underground mine near Grafton in northern West Virginia. Construction on the four million tons per annum mine is expected to begin in 2007.
Ross has made a name for himself by taking bankrupt companies and successfully restructuring them. By all accounts it seems he has already turned the corner with Horizon’s assets, ICG reporting a $US10.9 million net income for the three months ending March 31 2005.
