Alpha Metallurgical Resources has already secured a meaningful portion of its business for the coming year. The company reported this week that it has committed approximately 4.5 million tons of metallurgical coal to domestic customers for shipment in the calendar year 2023.
“Thanks to the diligent efforts of our sales team, I am pleased to announce that, as of today, roughly 4.5 million tons of Alpha coal have been committed to domestic customers for delivery in 2023,” Alpha Chairman and CEO David Stetson said. “Since further discussions remain ongoing, we will refrain from commenting on pricing until later this year, likely in connection with our third-quarter earnings.
Additionally, the company continues to buy back shares of its common stock through a $600-million repurchase program authorized by Alpha’s board. As of August 31, 2022, the company has acquired more than 2.2 million shares of common stock at a cost of $326.2 million.