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Core Natural Resources, Inc. (NYSE: CNR) is a leading producer and exporter of high-quality, low-cost coals, including metallurgical and high calorific value thermal coals. The company operates a best-in-sector portfolio, focusing on seaborne markets to meet the global demand for steel, infrastructure, and energy. Formed in January 2025 through a merger of CONSOL Energy Inc. and Arch Resources, Inc., Core Natural Resources is headquartered in Canonsburg, Pennsylvania.
- PAMC (Pennsylvania Mining Complex) - Engages in the mining, preparation, and marketing of bituminous coal, primarily for industrial end-users, power generators, and metallurgical end-users.
- CONSOL Marine Terminal - Provides coal export terminal services through the Port of Baltimore.
- Other - Includes diversified business activities such as the Itmann Mining Complex, carbon products, and other non-core operations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James A. Brock ExecutiveBoard | Chairman and Chief Executive Officer | Chairman of Pennsylvania Coal Alliance Board; Member of National Coal Council, American Coalition for Clean Coal Electricity; Executive Committee Member of National Mining Association | James A. Brock has been CEO since 2017 and Chairman since 2024, with a long career in coal mining. | |
Paul A. Lang ExecutiveBoard | Chief Executive Officer and Director | None | Paul A. Lang is the CEO and Director of CNR, instrumental in post-merger integration and capital return strategies. | |
John M. Rothka Executive | Chief Accounting Officer and Controller | None | John M. Rothka has been with CNR since 2017, leading accounting and financial reporting. | |
Miteshkumar B. Thakkar Executive | Chief Financial Officer and President | None | Miteshkumar B. Thakkar serves as CFO and President of CNR. | |
Cassandra Pan Board | Director | Mentor at AlphaLab Gear; Board Member at WQED Multimedia; Member of International Women’s Forum, Pittsburgh Chapter | Cassandra Pan joined CNR in 2023, with a background in global engineering and mining. | |
Holly Keller Koeppel Board | Director | None | Holly Keller Koeppel joined CNR's board in 2025 following the merger, with no detailed achievements provided. | |
Joseph P. Platt Board | Director | General Partner at Thorn Partners LP; Board Member at Greenlight Capital Re, Ltd. | Joseph P. Platt has been a director since 2017, with expertise in financial and risk management. | |
Patrick A. Kriegshauser Board | Director | None | Patrick A. Kriegshauser is a director at CNR, though specific achievements are not detailed. | |
Richard A. Navarre Board | Lead Independent Director | None | Richard A. Navarre is the Lead Independent Director, ensuring governance post-merger. | |
Valli Perera Board | Director | Board Member at Midmark Corporation and Communities in Schools of Chicago | Valli Perera joined CNR in 2023, bringing extensive experience in finance and governance. |
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With the current softness in metallurgical coal markets and the weak commodity price backdrop, how does Core plan to mitigate the impacts on financial performance, especially given the Leer South outage and expectations for resuming longwall mining by midyear?
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Given the Chinese tariffs on U.S. coal imports causing disruptions and the redirection of shipments, how is Core adjusting its sales and marketing strategy to maintain margins and offset potential volume losses in key markets like China?
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With only $40 million in annualized synergies realized so far out of the projected $110 million to $140 million, what challenges could impede achieving the full synergy potential within the 6 to 18-month target, and how confident is management in meeting these goals?
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In the metallurgical segment, costs are expected to be in the low $90s per ton in the second half of the year after Leer South resumes. What specific cost-saving measures are being implemented to reach this target, and are there any risks that might prevent achieving these cost levels?
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Considering the capital allocation framework targeting a 75% return of free cash flow to shareholders while maintaining financial flexibility, how does Core plan to balance necessary capital expenditures of $300 million to $330 million in 2025 with shareholder returns in a challenging market environment?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer A | Major coal buyer (over 10% of total sales) | All | Revenue: $240.99 million in 2024 (~10.8% of $2,236.31 million total) , $283.12 million in 2023 (>10% of total). |
Customer B | Major coal buyer (over 10% of total sales) | All | Revenue: $220.54 million in 2024 (~9.9% of $2,236.31 million total, cited as >10%) , $286.04 million in 2023 (>10% of total). |
Customer C | Major coal buyer (over 10% of total sales) | All | Revenue: $368.50 million in 2022 (>10% of total; exact total revenue for 2022 not provided). |
Customer D | Major coal buyer (over 10% of total sales) | All | Revenue: $328.99 million in 2022 (>10% of total; exact total revenue for 2022 not provided). |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Arch Resources, Inc. | 2025 | The acquisition was a merger of equals completed on January 14, 2025, executed as an all‐stock transaction where Core Natural Resources issued 24.3 million shares and Arch shareholders received 1.326 shares per Arch share, resulting in Arch becoming a wholly‐owned subsidiary of the renamed Core Natural Resources, Inc. |