Warrior Met Coal digs metallurgical coal out of two Alabama underground mines and ships it to steelmakers in Europe, South America, and Asia—think of it as the fuel supplier for blast furnaces.
Money comes from selling coking coal to steel producers, with gross margins swinging wildly from 97% in 2024 to 8% in 2025, showing commodity-price volatility. Net income hit USD 0.25B in 2024 but fell to USD 0.06B in 2025.
Its high-quality coal and long-standing relationships with blast furnace operators create switching costs, but demand is eroding as steelmakers like ArcelorMittal and Nippon Steel shift toward electric arc furnaces that don't need coking coal.
Key events, in time order
Q2 EPS of $1.65 beats consensus, up from $0.11 y/y; earnings call held
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