$Peabody(BTU)$ $Arch Resources(ARCH)$ $Alpha Metallurgical(AMR)$
过去十年，由于煤炭需求断崖式下跌，基本大的煤炭公司都破过一次产。
页岩油革命带来的是天然气便宜，替代煤炭发电，加速煤炭退出历史舞台。
AMR在煤炭里估值最高的原因是，基本90%以上是炼钢的煤，然后70%以上出口，也就是不受美国未来的发电煤炭需求减少的影响。
不是发电的动力煤，而是炼钢铁的煤。（met coal market）
The coal industry is highly competitive, both in the U.S. and internationally. In the met coal market, of the approximately 72.4 million tons produced in the U.S. in 2023, we produced approximately 14.8 million tons, or 20%. A significant portion of U.S. met coal production is shipped internationally, where it competes directly with international sources of production. Approximately 71% of our met coal tons sold were shipped internationally in 2023.
In the thermal market, of the approximately 502.0 million tons produced in the U.S. in 2023, we produced approximately 1.9 million tons, or less than 1%. Only a small portion of overall U.S. thermal production is shipped internationally, but there is strong competition in the domestic market. Approximately 66% of our thermal coal tons sold were shipped internationally in 2023. We compete for U.S. sales with numerous coal producers in the Appalachian region and the Illinois basin, and in some cases with western coal producers.
For the years ended December 31, 2023 and 2022, sales of met coal were 15.3 million tons and 14.2 million tons, respectively, and accounted for approximately 90% and 87%, respectively, of our coal sales volume. Sales of thermal coal were 1.8 million tons and 2.2 million tons, respectively, and accounted for approximately 10% and 13%, respectively, of our coal sales volume.
