The newest player on the U.S. coal scene, Core Natural Resources, had good news and bad news for investors when it announced its results for the start of the year.

The company missed Wall Street expectations with its net loss of $69 million, which it attributed mostly to birth pains: the costs of the January merger of Arch Resources and CONSOL Energy that created Core. The combined company has a solid position as the No. 2 coal producer in the United States, but that’s in a market where production has been cut in half in just a decade.

Nevertheless, company officials exulted because a surge of U.S. coal power plant shutdowns expected in 2025 was slowing. “Just since last fall, the delayed retirements have continued to build,” said Deck Slone, senior vice president for public policy, duri

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