HCC | Market Cap: $4.3B (07/13/26)
Industry:
Oil, Gas, & Coal Production

DESCRIPTION

Warrior Met Coal is a pure-play producer and exporter of hard coking coal (HCC), also called metallurgical coal, mined from underground longwall operations in west-central Alabama. Warrior's coal is used by steel producers as a raw material in blast furnace steelmaking — it is not thermal coal. Warrior operates three underground mines near Brookwood, Alabama: Mine No. 7, which produces premium Low Volatility HCC; Mine No. 4, which produces High Volatility A HCC; and Blue Creek, a newly operational mine that also produces High Vol A and represents one of the last large untapped premium High Vol A reserves in the U.S., with an estimated 40-year mine life. Warrior sells almost exclusively to international blast furnace steel producers in Europe, South America, and Asia under one-to-three year supply contracts with indexed pricing. Warrior's realized prices track global coking coal benchmark indices, and Warrior targets a gross price realization of 80–85% of the Platts Premium Low Vol FOB Australia index. Warrior's cost structure is deliberately variabilized, with transportation costs and royalties varying with HCC price indices, partially protecting margins when prices fall. Blue Creek, funded entirely from operating cash flows, is expected to nearly double Warrior's nameplate capacity to 13.7 million metric tons per year and further reduce overall cash costs. Warrior also captures and sells coalbed methane from its coal seams as a secondary business.

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