Alpha shaves costs but still draws red ink in first quarter

May 01, 2014 | 04:54 PM | Rey Mashayekhi

Tags  Alpha Natural Resources, Rice Energy, coal, earnings report, Kevin S. Crutchfield, metallurgical coal prices, Rey Mashayekhi

NEW YORK — Alpha Natural Resources Inc. remained in the red in the first quarter despite trimming costs and recording a $250-million pretax gain from the divestment of its Alpha Shale Resources joint venture to Rice Energy Inc.

The Bristol, Va.-based coal producer said its cost-reduction initiatives have been "yielding results" and expressed its belief that metallurgical coal prices "have bottomed and will begin to improve in the latter part of the year."....

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