Ramaco pivots to overseas met coal sales instead of 'unreliable' US steel market

摘要

Charlottesville, Virginia—Kentucky-based metallurgical coal producer Ramaco Resources said it is pivoting to export markets due to the unreliability of “certain, larger domestic steel companies” in the US. Ramaco Executive Chairman Randall Atkins said two of the company's US customers forced Ramaco to turn to overseas markets by canceling almost 200,000 st of coal to be delivered under higherpriced contracts. Ramaco has traditionally sold about 80% to 90% of its coal to US companies making steel. Now, Ramaco has booked nearly 800,000 st of metallurgical coal sales abroad for 2020 and 2021 in the last 60 days, Atkins said. Many of the sales are to first-time Ramaco customers.