NEW YORK Arch
Coal Inc. swung to a net loss in the third quarter, driven by
weak market conditions, excess global supply and continued
softness in European steel demand.
St. Louis-based Arch
Coal posted a net loss of $128.4 million for the three months
ended Sept. 30, in contrast to net income of $45.8 million in
the same 2012 period, the company said Oct. 29.
Revenue of $791.3
million for the quarter, supported by slightly higher sales
volumes, was down 18.9 percent from $975.2 million in the same
"We are realigning our
portfolio to focus on those core assets with the best long-term
value and growth potential, particularly the Powder River Basin
thermal (coal) franchise and the Appalachian metallurgical coal
platform," president and chief executive officer John W. Eaves
foresee continued steel production growth in Asia and North
America, as well as stabilization in Europe in 2014.
A continued rebound in
coking coal demand, along with global production curtailments
and delayed mining capital investments, should tighten
metallurgical markets in the future, Arch said.
A version of this
article was published in AMM sister publication Steel