Arch drops coal from name to highlight focus on metallurgical markets
US-based miner Arch Coal will be known as Arch Resources from May 15, underscoring the company’s transition to a producer of metallurgical products for the global steel industry.
“Arch produces some of the world's highest quality metallurgical products for the global marketplace, and the startup of our world class Leer South metallurgical mine in 2021 will deliver another step change advance in our shift towards metallurgical markets. Arch is moving forward with clear strategic priorities and is well-positioned for growth and success as a leading producer of metallurgical products for the steelmaking industry,” said CEO Paul Lang.
The startup of the Leer South longwall mine will solidify Arch's position as the world's leading producer of premium High-Vol A metallurgical products.
Arch currently derives 70% of its normalised operating cash flow from its metallurgical segment, and expects that percentage to grow appreciably over time. The company is directing more than 90% of its capital budget to its metallurgical portfolio in 2020.
"In combination with iron-ore, our metallurgical products are indispensable in the primary production of steel," Lang continued. "We expect primary steel to play an essential role in the revitalization of the global economy as it recovers from the current disruption – and an equally critical role in the construction of a new economy supported by mass transit systems, wind turbines and electric vehicles."
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