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ST. LOUIS, May 13, 2021 /PRNewswire/ Arch Resources, Inc. (NYSE: ARCH) today announced that it has joined ResponsibleSteel™, the steel industry s first global not-for-profit multi-stakeholder standard and certification initiative. Arch is the first and only U.S. metallurgical coal producer to join the organization to date. Arch is committed to playing a vital role in building a sustainable global economy, said Paul A. Lang, Arch s chief executive officer. We view ResponsibleSteel as a valuable forum for collaborating with our steelmaking partners as they endeavor to create a more ESG-compliant value chain, and as they seek to lower – and ultimately reduce to zero – the carbon intensity of the steelmaking process.
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Arch Resources, Inc. has reported a net loss of USUS$6 million, or USUS$0.40 per diluted share, in 1Q21, compared with a net loss of USUS$25.3 million, or USUS$1.67 per diluted share, in the prior-year period. Arch had adjusted earnings before interest, taxes, depreciation, depletion, amortisation, accretion on asset retirement obligations (ARO), and non-operating expenses (adjusted EBITDA) of USUS$30.9 million in 1Q21, which included a USUS$0.5 million non-cash mark-to-market loss associated with the company s coal-hedging activities. This compares to USUS$12.9 million of adjusted EBITDA in 1Q20, which included a USUS$0.7 million non-cash mark-to-market loss associated with the company s coal-hedging activities. Revenues totalled USUS$357.5 million for the 3 months ended 31 March 2021, vs USUS$405.2 million in the prior-year quarter.
A haul truck pulls a load of coal from a pit at the Black Thunder coal mine in the Powder River Basin. (Dustin Bleizeffer)
Arch Resources ended its first quarter of 2021 (1Q2021) with a $6 million loss while taking strides to complete its accelerated reclamation plan in the Powder River Basin (PRB), according to a quarterly earnings report released Thursday.
While still a loss, the end of 1Q2021 showcased a $19.3 million improvement over the $25.3 million loss reported for the first quarter of the previous year, an accomplishment the coal giant attributes to the expanding availability of the COVID-19 vaccine and a declining rate of infection across its operations, according to the April 22 report.
Arch Resources Inc (ARCH) Q1 2021 Earnings Call Transcript fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.