Coal Miner Contura Energy Files For IPO

By Claudia AssisMarketsMarketWatch Pulse

Bristol, Tenn.-based Contura Energy, which emerged as part of Alpha Natural Resources Inc.'s bankruptcy and restructuring, has filed for an initial public offering, according to a regulatory filing Monday. Alpha Natural sold core assets in Wyoming, West Virginia, and elsewhere to Contura, which was formed by Alpha Natural's creditors. The company reported revenue of $1.3 billion in 2016, mostly from mining metallurgical coal, used in steel making, and steam coal, for electricity. The company cited a "substantial or extended decline in coal pricing" and demand as its main risks. Contura will trade on the New York Stock Exchange under the symbol CTRA.

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