U.S. STEEL SOHIO END COAL TALKS
Because of a dispute over price, a plan by the Standard Oil Company (Ohio) to buy $750 million worth of coal and mining facilities from the United States Steel Corporation has collapsed, the companies announced yesterday. In December, the two had announced that U.S. Steel would sell Sohio three mines producing low-sulfur coal and 888 million tons of Appalachian coal reserves for an estimated $750 million. Neither company explained why the deal collapsed, beyond stating that they could not reach an agreement on price. Neverthless, such a price for coal in the ground had seemed high to coal industry officials and Wall Street analysts. The companies had originally hoped to come to a definitive agreement by the end of 1980.