A slurry composed of coal and a solvent containing donatable hydrogen, together with hydrogen, is subjected to catalyst-free hydrogenation conditions in a first hydrogenation zone to form an intermediate coal-solvent slurry. After removing ash from the intermediate coal-solvent slurry to form a coal-solvent solution, the coal-solvent solution is subjected to catalytic hydrogenation conditions in a second hydrogenation zone to obtain a product that can be separated at ambient pressure into (a) a first liquid fraction boiling at a temperature in the range of about 100 to about 375°C, (b) a second liquid fraction boiling above said first liquid fraction at a temperature in the range of about 200 to about 525°C and (c) a solid and or semi-solid material. Following the separation, at least a portion of the second liquid fraction is recycled to the first hydrogenation zone.
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