Arch Coal Inc., parent company of Utah's largest coal operator, said Tuesday it lost $70 million in the first quarter of 2013 as a sluggish global market lowered production.
The St. Louis-based company's decline amounted to 33 cents per share, compared to a year earlier when Arch Coal lost $8 million, or 4 cents a share. The bottom line was based on quarterly revenues of $826 million, down from just more than $1 billion in the first quarter of 2012.
In Utah, Arch Coal subsidiary Canyon Fuel Co. operates the Sufco, Skyline and Dugout Canyon mines. Together, they are by far the state's biggest producers, excavating more than 9 million tons of coal in 2012, according to federal Mine Safety and Health Administration figures.