Arch Coal’s Q2 loss has widened to almost US$100 million from US$72 million last year. Revenues were also down from US766 million to US$714 million as the price crunch continues to impact the coal industry.
The US coal miner was US$97 million in the red for the three months from April to June with sales down from 33 million short t in Q2 2013 to 32.7 million short t. Cash margin per short ton was down from US3.48 to US$2.91.
The company also lowered its production forecasts for the year, reflecting the impact of transportation bottlenecks in the Powder River Basin and closure of some of its metallurgical coal mines. It now expects thermal sales of 124 – 130 million short t and metallurgical sales of 6.3 – 6.9 million t.
Written by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/coal/29072014/world-coal-arch-coal-q2-losses-widen-as-price-crunch-continues-coal1144/