Jan 29 Peabody Energy Corp reported a $1
billion loss in the fourth quarter due to a steep fall in prices
of metallurgical, or steel-making, coal.
Peabody reported a net loss of $3.78 per share in the fourth
quarter, compared with a net income of $222.4 million, or 82
cents per share, a year earlier.
Weak demand from steelmakers in China and Europe and a
rebound in exports out of Australia, the world's biggest
exporter of the steel-making coal, has pushed down met coal
Benchmark price for met coal fell to $170 per metric ton in
the fourth quarter, a nearly $100 drop from a year earlier, and
a 24 percent decline from the third quarter.
Revenue at the largest coal producer in the United States by
volume fell roughly 10 percent to $2.02 billion.