Alpha Metallurgical Resources is a Central Appalachian coal mining company focused almost entirely on metallurgical coal — the high-carbon coal used to make steel. Met coal accounts for roughly 96% of coal revenues, with the remainder coming from thermal coal produced incidentally as a byproduct. Alpha operates 14 active underground mines and five active surface mines across Virginia and West Virginia, organized into six mining complexes. Alpha produces a range of met coal grades — Low-Vol, Mid-Vol, High-Vol A, and High-Vol B — and sells to steel and coke producers on five continents, with Asia as its largest export market. Domestic customers, primarily North American blast furnace steel mills, typically take around 3–4 million tons per year under fixed-price annual contracts. Alpha sells coal largely FOB vessel at Hampton Roads, Virginia, and owns a 65% interest in Dominion Terminal Associates, a coal export terminal in Newport News. Alpha's profitability is highly sensitive to met coal market prices — set by seaborne indices driven by global steel demand — and its cost per ton to produce. Roughly 60% of met coal volume is sold under long-term contracts. The company's primary growth project is the Kingston Wildcat mine, a new Low-Vol underground mine expected to ramp to ~1 million tons per year in 2026, which Alpha sees as a way to improve its product mix toward higher-premium grades.