USA’s James River Coal reports Q3 net loss of $25.5m

US coal producer James River Coal reported an increased net loss of $25.5 million for the third quarter of 2013 in a financial results statement on Thursday November 7.

Paragraph entered by Atlantic migration, in order for SteelFirst articles to display correctly on Metal Bulletin.

The Virginia-based company’s net loss compares with $20.6 million for the third quarter of 2012, and was blamed on soft conditions in the coal market.

“The mines are doing great,” chairman and ceo Peter Socha said.

“They have continued to exceed our expectations for both cost control and capital control. They have done an incredible job of adjusting to the soft market conditions and the high levels of uncertainty and concern that surround the coal industry of Central Appalachia,” he added.

The company reduced mining costs to $77.80 per ton in the third quarter, compared with $87.15 per ton for the corresponding period in 2012.

The US metallurgical coal market has stabilised but remains in oversupply. Too much US met coal is sold at a discount to the fourth-quarter benchmark price of $152 per tonne.

The trading range for US met coal is too low for the country to maintain market share, according to James River Coal.

Coal sales revenue was $143.3 million in the third quarter of 2013 compared with $264.5 million in the same period last year.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) was $6.97 million for the third quarter, down from $7.55 million for the same period last year.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
Proceed