May 4, 2022 - Commenting on votes by BlackRock Investment Management, the largest shareholder of Warrior Met Coal stock, at Warrior Met’s annual shareholder meeting, United Mine Workers of America (UMWA) International President Cecil E. Roberts issued the following statement today:
“From the very beginning, we have said that the strike at Warrior Met Coal did not have to happen. It was driven by a senior management that is obsessed with taking as much money out of the company as it can, as fast as possible. They instituted a heavy-handed operational culture that punished workers for having a family and treated them without respect at work.
“It has become clear from the company’s own financial statements that management not only anticipated a strike, but knew its actions would lead to one. It changed its executive compensation parameters to ensure top executives continued to get excessive bonuses and stock options even as the company’s revenues dropped dramatically and its workers were out on the street.
“It is good to see that BlackRock Investment Management, Warrior Met’s leading shareholder, has agreed with our position on these issues and voted accordingly at the company’s most recent Annual Meeting on April 26, 2022. BlackRock advised its investors that, ‘Prolonged operational disruptions, such as labor disputes, can have a negative impact on a company’s financial performance and business resilience. We believe it is in the best economic interests of our clients for Warrior Met Coal and the UMWA to reach a resolution.’ (Click here for the entire Vote Bulletin).
“BlackRock further stated, ‘We don’t believe key executives should be rewarded when the company has been impacted negatively by the ongoing labor dispute and related fall in production, which has meant it has not been able to take advantage of favorable market conditions and maximize long-term value.’ The UMWA could not agree more.
“When even the giant Wall Street firms that own your company say enough is enough, it’s time to end this strike. The workers, families and communities Warrior Met continues to hold hostage by needlessly prolonging this ordeal need to get back to a sense of normalcy and the company needs to get back to full production with an experienced workforce, especially at this time of unprecedented coal prices. Let’s settle this now.”