In 1913, Frank E. Taplin established The Cleveland & Western Coal Company, a coal brokerage firm in Cleveland, Ohio. He purchased our first underground coal mines shortly after, and our history of bringing natural resources to life began.
North American Coal is Born
In 1925, we changed our name to North American Coal Corporation, and the company began to emerge as one of the largest, and most technologically advanced, mining firms in the U.S.
Hard work and tenacity led to a significant expansion in mining in Ohio, Pennsylvania, and West Virginia. After the passing of our founder, company leadership and the Taplin family rallied together to advance the founder's vision of growth and diversification.
Adapting to New Technology
Henry G. Schmidt became the company's president in 1942. As new technologies emerged, North American Coal began to pursue long-term contracts with electric utility companies.
In 1956, North American Coal stock began trading publicly over the counter. One year later, we purchased our first lignite coal mine in North Dakota, entering an era of large scale surface mining in the central part of the country.
Welcome to Wall Street
North American Coal Corporation is listed on the New York Stock Exchange. In 1964, the first “management fee” coal mining agreement was signed with an electric utility, establishing a new business model for North American Coal.
New Ventures in Surface Mining
We continued to secure management fee contracts that built Coteau’s Freedom Mine and the Falkirk Mine in North Dakota, and the Sabine Mine in Texas—setting the course for North American Coal to be a leading surface mining company for decades to come.
New Beginnings: Grow and Diversify
The 80s brought tremendous growth and diversification. We acquired materials handling companies Yale Materials Handling Corporation and the Hyster Company and joined them together to form what is now Hyster-Yale Materials Handling (NYSE: HY). We also acquired small appliance companies Proctor-Silex and Hamilton Beach, creating what is now Hamilton Beach Brands (NYSE: HBB). NACCO Industries, Inc. was formed in 1986 as a public holding company for these diverse businesses. We exited the underground coal mining business in 1988, focusing North American Coal exclusively on large-scale surface mining.
North American Mining is Formed
Florida offered us the opportunity to leverage our mining expertise to support new customers, this time in the limestone industry. We formed a new business in 1994—North American Mining— to take advantage of this opportunity. Throughout the next two decades, this would become a focal point for the company’s diversification strategy.
Expanded Operations for North American Coal
We significantly expanded our operations in the 2000s, adding new customers and partners for North American Mining and North American Coal. In 2009, the limestone mining industry ground to a halt due to permitting issues in Florida, but we powered through this downturn and came back stronger than ever.
Growth and Diversification
Coal mining operations grew through new management fee contracts with customers across much of the country, allowing us to build five new coal mines. North American Mining developed more efficient solutions for our customers and expanded by signing new customer agreements operating at more quarries and more locations than ever before. In 2017, our environmental and permitting expertise inspired the formation of Mitigation Resources of North America, a mitigation banking company. And we laid the groundwork for Catapult Mineral Partners, which is growing our presence in minerals management, primarily in ownership of oil and gas interests.
Bringing Natural Resources to Life
More than a century of growth and expansion has positioned NACCO Natural Resources to operate with a long-term perspective and people-centered values. With our sights set on the future, our family of companies continues to responsibly bring natural resources to life and empower communities across the country. Our goal is to responsibly and humbly serve our customers with services designed to make each of them successful.
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