Warrior Met Coal, Inc. HCC

The business

Warrior Met digs premium low-volatile hard coking coal out of three underground longwall mines in Alabama and ships it to steel mills, mostly outside the United States. This is not the coal that gets burned for power. It is the coal that gets baked into coke and fed into a blast furnace, and there is no substitute for it in that process at industrial scale. Pricing follows a quarterly index rather than negotiation, so the company controls volume and cost and takes whatever the market gives on price.

The third mine, Blue Creek, is the reason the numbers changed.