Alpha Natural cuts forecast for coal shipments - WVVA TV Bluefield Beckley WV News, Weather and Sports

Alpha Natural cuts forecast for coal shipments

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Alpha Natural Resources Inc. says that it will ship less coal this year than previously estimated because of an unexpected drop in demand from Asia and production shortfalls at some U.S. mines.

Shares dropped $2.49, or 9.3 percent, to $24.43 in premarket trading.

Alpha now expects to ship between 102.5 million and 109.5 million tons this year, down from a previous estimate of between 104 million and 112 million tons.

The Abingdon, Va. coal miner said shipments to Asia of metallurgical coal, which is used in steel-making, are falling because of "unexpectedly curtailed customer activity levels." Overall shipments of metallurgical coal from eastern mines are going to be 500,000 tons below previous expectations, Alpha says.

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