Alabama-based Warrior Met Coal produced a record amount of metallurgical coal in the first quarter.
The company produced a record 2.3mn st of met coal, which is used in steel manufacturing, in the first quarter of 2019, up 9.5pc from the 2.1mn st produced during the same period of last year.
Warrior’s quarterly tons sold slipped by 0.9pc to 2.1mn st, down from the 2.12mn st in the prior year.
The company said continued strong demand from customers led Warrior to maintain its 2019 full-year outlook of producing and selling 7.1mn to 7.6mn st of met coal.
The average realized price dropped to $176.37/st, down 9.6pc from the $195.12 the company received in the first quarter of 2018.
Cash cost of sales per short ton fell 3.4pc to $86.80 from $89.82/st the year before, which the company attributed to higher production and lower spending.
The company’s first quarter profit fell to $110.4mn from $178.7mn in the first quarter of 2018.
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- On May 3, 2019