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Arch Resources (NYSE: ARCH) and CONSOL Energy (NYSE: CEIX) announced that stockholders of both companies have approved all proposals related to their pending merger. The combination is expected to complete on January 14, 2025, subject to remaining customary closing conditions.
Following the merger, the combined entity will be renamed Core Natural Resources, Inc. and will be headquartered in Canonsburg, Pennsylvania. The company's common stock is expected to begin trading on the New York Stock Exchange under the new ticker symbol CNR on January 15, 2025.
Arch Resources (NYSE: ARCH), a leading metallurgical products producer for the global steel industry, has scheduled its third quarter 2024 financial results announcement for November 5, 2024. The company will host an investor conference call at 11:00 a.m. Eastern time on the same day. The earnings release will be distributed before market opening and posted on the company's website. Investors can join the call by dialing 866-360-3591 (US) or +1 412-542-4108 (international), and a webcast will be available through the investor section of Arch's website.
Arch Resources (NYSE: ARCH) and CONSOL Energy (NYSE: CEIX) have announced the expiration of the Hart-Scott-Rodino Act waiting period for their pending merger. This expiration, which occurred at 11:59 p.m. Eastern Time on October 11, 2024, marks a significant milestone in the merger process. The HSR Act waiting period expiration was a key condition for closing the combination. However, the transaction's completion still depends on meeting other customary closing conditions, including approval from both companies' stockholders. This development brings Arch and CONSOL one step closer to finalizing their merger, potentially creating a stronger entity in the energy sector.
Arch Resources (NYSE: ARCH) and CONSOL Energy (NYSE: CEIX) have announced a merger of equals to create Core Natural Resources, a premier North American natural resource company. The all-stock transaction will combine two leading coal producers, creating a diversified portfolio with ~12 Mtpa of metallurgical coal and over 25 Mtpa of high calorific value thermal coal. The merged entity will have ~25 Mtpa of export capacity and is expected to generate $110-140 million in annual synergies. With a pro forma market cap of $5.2 billion, Core Natural Resources aims to leverage complementary assets, enhance global market reach, and deliver strong shareholder returns. The merger is expected to close by Q1 2025, subject to regulatory and shareholder approvals.
Arch Resources (NYSE: ARCH) reported Q2 2024 net income of $14.8 million, or $0.81 per diluted share, down from $77.4 million in Q2 2023. Adjusted EBITDA was $60.0 million, compared to $130.4 million last year. Despite logistical challenges from the Baltimore bridge collapse, Arch shipped 2.0 million tons of coking coal and achieved record production in its metallurgical segment. The company repurchased 94,367 shares for $15.0 million and declared a $0.25 per share dividend. Arch maintains its 2024 guidance of 8.6-9.0 million tons of coking coal sales and expects improved performance in H2 2024. The company ended Q2 with $279.3 million in cash and a net cash position of $146.0 million.
Arch Resources (NYSE: ARCH) is set to announce its second quarter 2024 financial results on July 25, 2024. An investor conference call will take place at 10:00 a.m. Eastern time to discuss the results. Participants can dial 877-870-4263 (U.S.) or +1 412-317-0790 (international) to join the call. No passcode is required. The call will also be webcast on the Arch Resources investor site, with a replay available afterward.
The earnings release will be distributed via PR Newswire before the market opens on July 25 and posted on Arch's website. Arch Resources is a leading producer of high-quality metallurgical products for the global steel industry, known for its efficient, safe, and environmentally responsible mining operations.
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