Alpha Metallurgical Resources, Inc.

Alpha Metallurgical Resources, Inc. is a Tennessee-based coal mining company focused primarily on metallurgical coal used in steelmaking. Its operations are concentrated in Virginia and West Virginia across the Central Appalachian coal basin, where it runs underground and surface mines, coal preparation plants, and related logistics assets. The company also owns a majority interest in Dominion Terminal Associates in Newport News, Virginia, giving it export terminal capacity and blending flexibility for international customers. While it still sells some thermal coal and related services, the business is centered on supplying high-quality met coal to steel and coke producers around the world.

5,3 %

−2,9 %

−28,0 %

4.47

3.53

— Alpha Metallurgical Resources, Inc.
%
Metallurgical coal93% High-quality met coal mined, processed, blended, and sold to steel and coke producers in domestic and export markets.
Thermal coal7% Byproduct thermal coal sold mainly to utilities and industrial customers in the U.S. and abroad.
Coal processing and blending0% Washing, crushing, blending, and load-out services that help meet customer quality specifications.
Terminal and logistics services0% Export terminal capacity, storage, transportation flexibility, and related handling services through DTA and other facilities.

Alpha sells primarily to steel and coke manufacturers that need metallurgical coal as an input for blast furnace steel...

  • Steel and coke manufacturersprimary

    Buy metallurgical coal for coke production and steelmaking, valuing consistent quality, blending capability, and dependable delivery.

  • Export coal customersprimary

    International buyers across Asia, Europe, and the Americas that purchase seaborne met coal and require port access and logistics flexibility.

  • U.S. steel companiessecondary

    Domestic steelmakers, especially in the northeastern and midwestern U.S., that buy met coal for nearby supply and quality consistency.

  • Utilities and industrial customerssecondary

    Buy thermal coal for fuel needs; this is a smaller byproduct market but provides diversification.

  • Third-party coal buyerssecondary

    Customers purchasing coal Alpha buys, processes, blends, and resells to meet specific product requirements.

Alpha's mining operations are concentrated in Virginia and West Virginia, with its corporate base in Tennessee...

  • •Mining operations are concentrated in Virginia and West Virginia
  • •Corporate headquarters and base are in Tennessee
  • •Export shipments flow through Newport News, Virginia via DTA
  • •Coal is sold across Asia, Europe, and the Americas
  • •U.S. sales are concentrated to steel customers in the Northeast and Midwest
  • •About 73% of 2025 coal revenues came from customers outside the U.S.

Alpha’s strategy is centered on being a cost-competitive supplier of metallurgical coal to the steel industry while...

01
Optimize met coal production and sales mixshort-term

Met coal is the core earnings driver, so aligning output with demand and pricing is essential to protect margins and cash flow.

02
Leverage export logistics and blending capabilitymedium-term

Port access and blending flexibility help Alpha serve global customers with varying quality requirements and improve market reach.

03
Maintain cost discipline and operational efficiencyshort-term

Low coal prices make unit cost control critical to remaining competitive in Central Appalachia.

Alpha is exposed to cyclical met coal pricing, which is tied closely to global steel demand and can weaken quickly when...

high

Sustained low metallurgical coal prices

Revenue and margins depend heavily on met coal pricing, which is volatile and tied to steel demand.

Scope
Core met coal business
Materiality
high
high

Weak global steel demand and trade disruption

Lower steel production reduces met coal consumption, while tariffs and trade policy can affect export flows.

Scope
Export-heavy sales mix
Materiality
high
high

Regulatory, environmental, and ESG pressure

Coal mining faces permitting, reclamation, climate, and social scrutiny that can increase costs or limit financing.

Scope
Permits, reclamation, capital access
Materiality
high
medium

Operational disruptions in Central Appalachia

Mining depends on equipment, labor, transportation, and mine conditions that can interrupt production.

Scope
Virginia and West Virginia mines
Materiality
high
medium

Liquidity and collateral requirements

Surety bonds, letters of credit, and self-insurance obligations can consume cash or restrict flexibility.

Scope
Working capital and capital allocation
Materiality
medium
Mine impairment testing
Could materially affect asset values and earnings
Reserve estimates and depletion
Affects cost of sales and carrying values
Asset retirement obligations
Affects liabilities, accretion expense, and cash planning
Revenue presentation for freight and handling
Affects revenue comparability and margin analysis

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: 11/08/2026