Copying and distributing are prohibited without permission of the publisher

(AMM) Walter Energy net income surges in second quarter

July 29, 2010 - 21:23 GMT Location: PITTSBURGH

Benefiting from an upturn in steel demand, Walter Energy Inc. posted a tenfold increase in second-quarter net income to $116.1 million from $11.3 million a year earlier on sales that more than doubled to $410.6 million.

"Our coking coal operation posted record operating income in the second quarter," Joe Leonard, interim chief executive officer, said. "Robust demand, improved pricing and additional coking coal production from our Mine No. 7 expansion drove our results for the quarter."

The Tampa, Fla.-based company expects the trends to continue in the third quarter despite some softening in finished steel demand. The recent slowdown for steelmakers is having no impact on Walter. "We have not been asked to delay or defer any shipments. In...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

Please log in using your online subscriber details.
Your username will be your registered email address with Metal Bulletin.

If you aren't a subscriber yet, feel free to take a seven day free trial, or subscribe using the instructions below.

A standard subscription include one year's worth of news and prices. You can also upgrade to the full archive and benefit from more than 13 years of intelligence. Start your subscription today.

Free trial

Taking a free trial will give you open access to Metal Bulletin online news, prices, archived content and email alert service for the next seven days. Start your free trial today.

Free trial

Already have an account?

Iron Ore & Coking Coal

Feb 3, 2012 17:07 SWAPS REPORT: OTC iron ore prices edge down
Feb 3, 2012 13:38 ANC refuses to reveal whether study rejects South African mine grab
Feb 3, 2012 12:15 FREIGHT REPORT: Rates from Australia, India to China post further losses
Feb 3, 2012 10:21 HOTLINE: Iron lady becomes richest woman in Asia with Posco, Roy Hill tie-up
Feb 3, 2012 09:37 Gerdau seeks sale of 40% stake of iron ore branch

Comment & analysis

COMMENT: Glenstrata still has to break the mould

The news that Glencore and Xstrata are in merger talks would only come as a surprise to someone living under a rock, and only then if said rock did not contain any valuable minerals. But now that talks of a tie-up of the world’s largest metals trader and its fourth largest miner have finally moved into the boardroom, hypothetical questions have become real, and the answers are far from certain.
APEX FULL YEAR 2011: Base metal forecasts: astounding accuracy

Astounding upon astounding: that is how the 2011 leaderboard for Apex, the Metal Bulletin service that tracks the performance of over twenty top base metal price forecasters, appears when you consider it coldly.
Raising fees could imperil LME date structure: a broker writes

The London Metal Exchange plans to introduce a fee for client trades from March. The proposal has aroused some opposition, and prompted one broker to write to Metal Bulletin, requesting anonymity. Here he outlines his concerns. How justified are they? Email aharrison@metalbulletin.com, or tweet @aharrison_mb