Arch Resources, Inc. and Consol Energy Inc. have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in relation to their pending merger, which expired at 11:59 p.m. Eastern Time on October 11, 2024. This is considered a significant step towards the closing of the pending combination, subject to the satisfaction of remaining customary closing conditions and approval by both companies' stockholders.
Arch Resources, a premier producer of high-quality metallurgical products for the global steel industry, operates large, modern, and highly efficient mines known for industry-leading standards in mine safety and environmental stewardship. The company's website, www.archrsc.com, serves as a channel for distributing material company information.
Consol Energy Inc., based in Canonsburg, Pennsylvania, is a producer and exporter of high-BTU bituminous thermal coal and metallurgical coal. The company owns and operates productive longwall mining operations in the northern Appalachian basin, with its flagship Pennsylvania Mining Complex having the capacity to produce approximately 28.5 million tons of coal per year. Additionally, Consol recently developed the Itmann Mine in the central Appalachian basin with a capacity to produce roughly 900 thousand tons per annum of premium, low-vol metallurgical coking coal. The company also owns and operates the Consol Marine Terminal located in the port of Baltimore, with a throughput capacity of approximately 20 million tons per year.
As of the most recent reporting period, Arch Resources reported a 15% increase in revenue compared to the previous period, with a 20% increase in gross profit and a 10% increase in net income. On the other hand, Consol Energy Inc. reported a 5% decrease in revenue, a 12% decrease in gross profit, and a 8% decrease in net income compared to the previous period. These figures provide a snapshot of the financial performance of both companies, which is crucial in evaluating the potential impact of their merger on the industry. Following these announcements, the company's shares moved -0.9%, and are now trading at a price of $109.69. If you want to know more, read the company's complete 8-K report here.
