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US Alpha Natural Resources reports USD62.6m loss in Q3  Join our daily free Newsletter

MENAFN - 04/11/2012

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(MENAFN) Virginia-based miner Alpha Natural Resources reported a quarterly loss compared to a year earlier, on higher revenue, AP reported.

The company, which produces metallurgical and thermal coal, said it booked USD46.1 million net loss, versus USD62.6 million profit a year ago. Revenue fell 29 percent to USD1.63 billion.

Alpha Natural and other coal producers are struggling with global weak demand. Utilities need less coal to produce electricity because of mild weather and lower power generation, while construction overseas has slowed the appetite for coal to make steel.

In September, Alpha began implementing restructuring measures to save USD150m annually, including lowering output to get more in line with demand as prices continue to fall and the slashing of about 1,200 jobs.

 






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