Warrior Met Coal (NYSE: HCC) is a pure-play steelmaking coal mining company that produces and sells premium hard coking coal (HCC) to steel producers in global seaborne markets. Revenue is generated entirely from transactional coal sales, priced against indices including S&P Global Platts Premium Low Vol and Platts Low Vol HCC for Pacific Basin customers, and the East Coast High Vol A index for Atlantic Basin customers. Substantially all revenue derives from seaborne HCC sales, making HCC one of the few U.S. publicly listed coal companies with no material thermal coal exposure. The company operates Mine No. 7, a Low Volatility HCC asset whose realized prices track near or above the Platts index, and Mine No. 4 and Blue Creek, which produce High Volatility A quality coal. As of December 31, 2025, liquidity stood at approximately $483.9 million, comprising $300.0 million cash and cash equivalents, $43.4 million in short-term investments net of posted collateral, and $140.5 million available under an Amended ABL Facility. CEO Walter J. Scheller III has over 30 years of longwall coal mining experience and previously served as CEO of Walter Energy.

Revenue model

Transactional sales of premium steelmaking coal priced against seaborne HCC indices. Royalties paid to third parties are calculated as a percentage of realized price, creating a variable cost structure. Coal is exported through the McDuffie Terminal at the Port of Mobile, Alabama.

Products and services

Hard coking coal products from three mines: Mine No. 7 (Low Volatility HCC), Mine No. 4 (High Volatility A HCC), and Blue Creek (High Volatility A HCC). Coals are characterized by high strength, high fluidity, low sulfur, and low-to-medium ash content, and can be blended for use as base feed coal in steelmaking blast furnaces.

Customers and end markets

Steel producers globally who use HCC to produce metallurgical coke for blast furnace iron and steel manufacturing. Sales are directed to Atlantic Basin customers priced against East Coast High Vol A index, and Pacific Basin (including Asia) customers priced against Platts Premium Low Vol and Platts Low Vol HCC indices. Blue Creek coal is primarily sold into Asia on a cost and freight (CFR) basis.

Value-chain role

Upstream coal miner and exporter. Mines, processes, and transports steelmaking coal from underground mines in Alabama via rail and river to the McDuffie Terminal at the Port of Mobile for seaborne export.

Geographic exposure

Mining operations in Alabama, United States. Export markets span the Atlantic Basin and Pacific Basin, including Asia. Export logistics run through the McDuffie Terminal at the Port of Mobile, Alabama.

Source: SEC 10-K, filed 2026-02-12

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