Alpha Natural Resources Continues to Assess Strategic Growth Opportunities
ABINGDON, Va., Aug. 9 /PRNewswire-FirstCall/ -- Alpha Natural Resources, Inc. (NYSE: ANR), a leading U.S. coal producer, reaffirms its commitment to disciplined growth and its long-term strategic intention to further participate in the global growth markets for both metallurgical and thermal coal.
Based upon a strategic analysis concluded in early 2010, Alpha remains positive with respect to the global metallurgical coal market over the next several years based on its belief that the market is structurally undersupplied of high quality, hard coking coal. Alpha also believes that substantial opportunity exists for seaborne thermal coal production sources strategically placed to serve the growth markets of the world, given that global demand is forecast to increase by more than 2 billion tons annually between now and 2030.
Following the successful merger with Foundation Coal in 2009, Alpha has consistently stated its intention to continue to successfully grow the company in a strategically sound and thoughtful manner, both in the U.S. and abroad, as it has since its inception in late 2002 and its IPO in February 2005. To that end, Alpha has engaged in commercial and strategic discussions with various parties throughout the world who are in a position to expand Alpha's participation in these long-term global growth markets. It would be inappropriate to disclose the content of such discussions, which are typically exploratory in nature and subject to confidentiality agreements, and there is no assurance that any such discussions will result in a transaction.
"Throughout our history, Alpha has demonstrated a disciplined and thoughtful approach to growth, with the goal of achieving scale, diversification and consistent free cash flow generation," said Kevin Crutchfield, Alpha's chief executive officer. "Our success to date has culminated in Alpha's strong liquidity position, low leverage and strong balance sheet, and our shareholders can expect no less from Alpha going forward. We will continue to prudently pursue growth opportunities, both through organic development and through strategic acquisitions, with the goal of enhancing shareholder value over the long-term. As we have in the past, we will continue to regularly inform our stakeholders about our strategic views, and we will share details of Alpha's future growth opportunities as appropriate."
About Alpha Natural Resources
Alpha Natural Resources is one of America's premier coal suppliers with coal production capacity of more than 90 million tons a year. Alpha is the nation's leading supplier and exporter of metallurgical coal used in the steel-making process and is a major supplier of thermal coal to electric utilities and manufacturing industries across the country. The company, through its affiliates, employs approximately 6,400 people and operates more than 60 mines and 14 coal preparation facilities in the regions of Northern and Central Appalachia and the Powder River Basin. More information about Alpha can be found on the company's Web site at www.alphanr.com.
SOURCE Alpha Natural Resources, Inc.
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