Alpha Natural Resources reported a loss of $34 Million for the first quarter of 2014. Despite the loss, it’s an improvement over the 2014 first quarter where the company lost $289 million.
Chairman and CEO Kevin Crutchfield says the prolonged downturn in the coal market was a key contributing factor to the loss, but it wasn’t the only drag. He said the weaker market for met coal specifically, longwall development at the company’s Emerald operation, and difficult weather were also contributing factors to the loss.
Alpha has idled several mines and laid off thousands of workers trying to get a handle on the company’s balance sheet in recent months.
“In the first quarter we idled additional mines to further adjust our cost structure, and we expect to take further actions to optimize our mine portfolio and reduce overhead costs in order to achieve, and potentially exceed, our target of annualized savings in the $60-75 million range when these actions are fully implemented,” said Crutchfield as part of the company’s earnings statement.
Alpha Natural Resources is the largest coal company during business in