August 22, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Two major players in the coal industry are joining hands, possibly to dominate the North American market: CONSOL Energy Incorporated (NYSE:CEIX) (Canonsburg, Pennsylvania) and Arch Resources Incorporated (NYSE:ARCH) (St. Louis, Missouri) agreed Wednesday to merge into a new company, tentatively to be called Core Natural Resources, with CONSOL and Arch owning about 55% and 45%, respectively. The merger is expected to close by the end of first-quarter 2025, subject to regulatory and stockholder approvals. Industrial Info is tracking more than $2 billion worth of active and proposed projects from Arch and CONSOL, across a dozen operational mines. Pro forma, Core Natural Resources would have a market capitalization of roughly $5.2 billion, according to the Arch and CONSOL. The companies say they sold a total 101 million tons of coal to steelmaking, industrial and power-generation customers in 2023. Core would trade under a new, yet-to-be-decided ticker symbol. Other companies featured: Glencore plc and Teck Resources Limited
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