Alpha Metallurgical Resources, Inc. (NYSE: AMR)

Alpha Metallurgical Resources, Inc. is a mining company based in Tennessee that extracts and processes metallurgical and thermal coal from properties in Virginia and West Virginia. The company operates highly productive, cost competitive mines in the Central Appalachian basin, maintaining a portfolio of 14 active underground mines, 5 active surface mines and 8 active preparation plants, with additional underground, surface and preparation facilities temporarily idled. It holds a 65% interest in the Dominion Terminal Associates export terminal in Newport News, Virginia, which provides loading capacity up to 6,500 tons per hour and storage of approximately 1,700,000 tons. As of December 31, 2025, the company reported proven and probable reserves of 294,500,000 tons, comprising 282,800,000 tons of metallurgical coal and 11,700,000 tons of thermal coal. The company utilizes a mix of underground and surface mining methods, including room and pillar, truck and shovel, contour and highwall techniques, to access coal seams of varying thickness. Its preparation plants wash, crush and blend the coal to remove impurities and achieve the specific sizes and qualities required by downstream users.

Revenue is derived primarily from the sale of metallurgical coal, which is produced at the company’s mines and processed through preparation plants to meet the quality requirements of steel and coke manufacturers, and secondarily from the sale of thermal coal as a by product to electric utilities and industrial users both domestically and internationally. In 2025, metallurgical coal accounted for approximately 96% of total coal revenue, while thermal coal contributed about 4%; in 2024 the figures were 97% and 3% respectively. Export sales represent a major portion of the business, with roughly 76% of metallurgical coal tons shipped abroad in 2025 and 77% in 2024, and approximately 65% of thermal coal tons sold internationally in 2025 and 70% in 2024. In addition to selling coal produced at its own mines, the company purchases and resells coal from third-party producers, blending it at its preparation plants or at the Dominion Terminal Associates terminal to meet customer specifications. Long-term supply agreements account for a significant portion of sales, with approximately 60% of metallurgical coal sales volume and 65% of thermal coal sales volume delivered under such contracts in 2025, and 63% of metallurgical coal and 24% of thermal coal volumes in 2024. The company’s interest in the Dominion Terminal Associates terminal allows it to blend coal to satisfy diverse customer specifications and to manage storage and logistics for overseas shipments.

The company operates through the following segments.

• Met: This segment covers the mining, preparation and sale of metallurgical coal from a network of 14 underground mines and 5 surface mines located in Virginia and West Virginia, producing high volatile, medium volatile and low volatile grades that are washed, blended and sized at 8 preparation plants before delivery, with the ability to source coal from multiple sites to meet specific customer requirements and to use the 65% interest in the Dominion Terminal Associates export terminal for flexible shipping and storage. The segment also benefits from the company's 65% ownership of the Dominion Terminal Associates export terminal, which provides blending, storage and loading capabilities for shipments to global customers, and relies on CSX Transportation and Norfolk Southern Railway for the majority of its rail transportation.

Alpha Metallurgical Resources, Inc. ranks among the larger producers of metallurgical coal in the United States, having produced approximately 14,600,000 tons in 2024, which represented approximately 20% of national output that year. In 2025 the firm’s metallurgical coal output was approximately 13,700,000 tons. The company’s proven and probable metallurgical reserves total 282,800,000 tons, providing a long lived resource base to support future production. Competitors include other Appalachian miners, producers from the Illinois basin and western coal regions, as well as international suppliers from Australia and Canada. Competitive advantages stem from the high quality of its reserves, the cost competitive nature of its operations, the strategic value of its export terminal interest, and the flexibility to blend coal from various mines to satisfy precise customer specifications. The firm's metallurgical coal output places it among the top producers in the Central Appalachian region, and its export exposure links it to international markets where it competes with Australian and Canadian suppliers. Its ability to vary coal blends and to access multiple seams gives it flexibility to adapt to changing steel industry demands.

The company serves a global customer base that includes steel manufacturers, coke producers, electric utilities and various industrial customers who require metallurgical and thermal coal for their operations. Export shipments are directed to customers worldwide, with Asia representing the largest market, accounting for approximately 45% of export coal revenues in 2025 and 43% in 2024, and contributing roughly 33% of total coal revenues in 2025 and 34% in 2024. In addition to Asian buyers, the company supplies customers in Europe, South America and other regions, demonstrating the breadth of its international reach. Many of its customers are long-term partners, with agreements ranging from annual to spot cargo basis, and the company often negotiates price adjustments tied to market indices.