Warrior Met Coal, Inc
Warrior Met Coal, Inc. is a U.S.-based mining company headquartered in Brookwood, Alabama that is dedicated to producing non-thermal steelmaking coal, also known as hard coking coal. The company operates underground longwall mines in Alabama and also has natural gas operations tied to its coal seams.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueUnderground-mined hard coking coal sold to steel producers for blast furnace coke making.
Gas extraction from coal seams plus ancillary gains, royalties, and asset-related revenues.
Products
Reported · share of revenue- Products97.5 %
- Other2.5 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Warrior sells primarily to steel manufacturers and industrial buyers that need premium coking coal for blast furnace steel production. Its customer base is international, with sales concentrated in Europe, Asia, and South America, and contracts are typically structured around indexed pricing and multi-year supply terms.
Buy premium coal for base-blend and coke-making needs, often under indexed supply contracts.
Buy coal for blast furnace blends, with growing focus on India and Southeast Asia.
Buy exported coal for metallurgical use, typically via long-term commercial relationships.
Purchase opportunistically when Warrior has available tonnage and market pricing is attractive.
Strategy
Warrior focuses on selling premium metallurgical coal into international steel markets through long-term indexed contracts and selective spot sales. The company also invests in mine development, especially Blue Creek, to expand production capacity and support long-term export supply.
Adds reserve base and future production capacity for export markets.
Indexed contracts and consistent quality support realized pricing and repeat demand.
Diversifies demand and improves access to higher-value export destinations.
Geography
Warrior is headquartered in Alabama and operates all of its mining assets in the United States, with underground mines and related preparation facilities in Brookwood and other Alabama locations. Its sales are overwhelmingly export-oriented, with customer demand centered in Europe, Asia, and South America rather than the U.S. domestic market.
Risks
Warrior is highly exposed to global steel demand, metallurgical coal pricing, and export-market conditions because nearly all revenue comes from one product category. Its mining footprint is concentrated in Alabama, so operational disruptions, equipment downtime, labor issues, transportation constraints, or permitting and regulatory setbacks can materially affect output and shipments.
- Met coal price and demand cyclicalityImpact: HighLikelihood: Medium
Revenue depends on global steel production and benchmark coal pricing.
Exposure: Substantially all revenues
- Blue Creek development and ramp-up riskImpact: HighLikelihood: Medium
New mine commissioning can be delayed or underperform expectations.
Exposure: Growth capital and future production
- Operational and mining hazardsImpact: HighLikelihood: Medium
Underground mining involves safety, equipment, and geologic risks.
Exposure: Mine output and worker safety
- Transportation and export logisticsImpact: MediumLikelihood: Medium
Coal must move reliably to ports and overseas customers.
Exposure: Shipment timing and customer delivery
- Foreign trade and tariff exposureImpact: MediumLikelihood: Medium
Sales are international and subject to trade measures and market access changes.
Exposure - Environmental and social scrutinyImpact: MediumLikelihood: Medium
Coal mining can affect financing access, insurance, and investor sentiment.
Exposure: Capital markets and stakeholder relations
Accounting
Judgemental itemsRecoverable tonnage determines depletion expense and asset carrying values.
Impact: Mine lives and unit costs
Mining and development assets may need write-downs if economics weaken.
Impact: Operating results and balance sheet
Environmental and legacy obligations require judgmental accruals and collateral.
Impact: Liabilities and cash collateral
Gas swaps and related fair value changes can create period-to-period volatility.
Impact: Other revenues and earnings
Blue Creek and other mine investments are capitalized and later depreciated.
Impact: Balance sheet and future expense recognition
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Last updated: 24/09/2026