Bob Soutier, president of the Greater St. Louis Labor Council, spoke today before hundreds gathered outside of Peabody Opera House as the Peabody Energy Corp. held its shareholders' meeting. Union activists and other members of the 99% Spring want the giant coal company to pay its fair share of taxes—because right now, Peabody's tax breaks take funds from those who need it most, such as St. Louis schools and social services.
According to Peabody's 2011 annual report, the coal company generated $7.97 billion in revenue for 2011, an 18 percent jump over the previous year. The company posted a $957.7 million profit in 2011, a 24 percent increase over 2010. The company has classified this as a "net income attributable to common stockholders" in the report.