Obama Can’t Kill Coal

China is “making all the right moves at the right time,” Joy Global CEO and President Mike Sutherlin said Wednesday. That country’s stimulus plan and its need for energy sources like coal are driving the company’s business right now.

Joy Global makes mining machinery, and the rise in copper imports and steel production, as well as the reduction in iron ore stockpiles, are good early signs, Sutherlin said, that more digging will be needed to meet China’s demand.

There is a “tremendous amount of upside” in China right now, the CEO told Cramer, and that’s why Joy Global continues to make strategic moves there, such as opening new factories. And these plants won’t just serve the domestic market. Sutherlin said he would use China as a base to deliver machines to Australia, Chile and others.

As for President Obama’s carbon cap-and-trade plan, which will penalize coal users, Sutherlin didn’t seem worried. Eighty percent of the power plants built over the next 20 years will be located in emerging markets, and these markets will use their indigenous coal to generate energy. Plus, Europe right now has twice and many coal-fire plants in the planning phase than the U.S. does, Sutherlin said, because they understand the importance of “surety of supply.”

“Everybody wants to get cleaner and greener, and we support all that,” Sutherlin said, “but at the same time you have to have electricity to meet the demand of the consuming public and economic growth.”

Joy Global is down to $17 from $90, and the company offers a nice 4% dividend yield. That’s just too good for Cramer to pass up, especially considering the rest of the world most likely won’t mimic Obama’s anti-coal initiatives. JOYG is a buy.

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