Core Natural Resources is a large U.S. coal producer formed in January 2025 through the merger of CONSOL Energy and Arch Resources. Core mines and sells two types of coal: metallurgical coal (used in steelmaking) and thermal coal (used in power generation and industrial processes). Core operates across four U.S. basins — Pennsylvania, West Virginia, Wyoming, and Colorado — and sells to domestic utilities, steel mills, industrial customers, and export markets globally. Core operates three segments: High CV Thermal, anchored by the Pennsylvania Mining Complex (PAMC) in southwestern Pennsylvania, one of the largest underground coal mining complexes in the U.S.; Metallurgical, comprising longwall and continuous miner operations in West Virginia producing a range of coking coal grades; and Powder River Basin (PRB), which includes large surface mines in Wyoming producing lower-grade sub-bituminous thermal coal with thin margins. Core sells coal through a mix of multi-year fixed-price contracts, index-linked contracts, and spot sales. Core's competitive advantage lies in its low-cost longwall mining operations — the PAMC and the Leer Complex are first-quartile cost producers in their respective markets. Core also owns export terminal infrastructure on the East Coast, including a 100% interest in the Core Marine Terminal in Baltimore and a 35% interest in the Dominion Terminal in Newport News, reducing logistics costs and providing supply chain flexibility. Beyond coal, Core is pursuing early-stage diversification into rare earth elements, battery anode materials, and aerospace carbon foam products through its CONSOL Innovations subsidiary.