Markets
The recent mild winter in the United States and historically low natural gas prices have resulted in a decline in coal demand and increased coal inventories. However, we believe that steam coal will remain a large part of electricity generation in the United States and the outlook for exporting steam coal to non-U.S. countries, particularly China and India, appears promising. In addition, we believe demand for metallurgical coal will increase and lead to higher prices as growth in Asian markets, particularly China, creates global demand for steel consumption used in construction.