Alpha Slashes Met Coal Guidance Amid Weather Setbacks and Market Weakness

Alpha Metallurgical Resources reported a steep Q1 2025 net loss of $33.9 million, driven by severe January–February weather disruptions and deteriorating seaborne met coal prices. Quarterly production fell to 3.8 million tons, with realized prices down to $118.61/ton, and cash costs up to $110.34/ton. As a result, Adjusted EBITDA collapsed to just $5.7 million, down over 95% YoY. In response, Alpha trimmed its full-year met coal shipment guidance to 13.8–14.8 million tons, down from 14.5–15.5 million, and reduced capex by ~$27 million. Around 50% of 2025 volumes are already priced at an average of $133/ton. While March saw cost stabilization post-weather, margin pressure remains acute. Alpha expanded its ABL facility to $225 million to preserve liquidity, suggesting a cautious near-term outlook despite strong long-term reserves.

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