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Here are 1-3 brief analogies to describe Warrior Met Coal (HCC):

• Think of them like ExxonMobil, but instead of oil and gas, they mine the specific type of coal (metallurgical coal) that is essential for making steel.
• A specialized mining company, similar to a smaller Rio Tinto or BHP, but focused solely on extracting metallurgical coal, a key ingredient for steel manufacturing.
• A critical raw material supplier for the global steel industry, much like how Vale SA provides iron ore for steel production.

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• Metallurgical Coal: A high-quality coking coal primarily used in the steelmaking process to produce steel.

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Warrior Met Coal (NYSE: HCC) sells primarily to other companies. Its major customers are **steel mills** and **coke producers** globally.

Warrior Met Coal produces premium metallurgical coal (coking coal), which is a critical raw material essential for the blast furnace steelmaking process. As such, its sales are directed towards companies involved in steel manufacturing and coke production.

According to Warrior Met Coal's public filings (such as its annual 10-K report), the company has a diversified customer base. No single customer accounted for 10% or more of its revenues for the years ended December 31, 2023, 2022, or 2021. This indicates that the company does not rely heavily on one or a few major named customers for a significant portion of its revenue.

Their customer base primarily consists of "blue-chip steel mills and coke producers" across various international markets, including Europe, South America, and Asia. Due to the diversified nature of their sales and the absence of any customer representing a significant percentage of their revenue, Warrior Met Coal does not publicly disclose the specific names of individual major customer companies.

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• Norfolk Southern Corporation (NSC)
• CSX Corporation (CSX)

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Walter J. Scheller, III, Chief Executive Officer and Director

Mr. Scheller was appointed Chief Executive Officer and a Director in March 2016. He previously served as the Chief Executive Officer of Walter Energy, Inc. from September 2011 to March 2016, a period that culminated in the acquisition of certain Walter Energy mining assets by Warrior Met Coal, LLC. Walter Energy filed for Chapter 11 bankruptcy in July 2015. Prior to that, he was President and Chief Operating Officer of Jim Walter Resources, Inc., a primary subsidiary of Walter Energy, from June 2010 to September 2011. Mr. Scheller's experience also includes serving as Senior Vice President—Strategic Operations of Peabody Energy Corporation from June 2006 to June 2010, and holding various executive and operational roles at CNX Gas Corporation and CONSOL Energy Inc., including Vice President—Operations.

Dale W. Boyles, Chief Financial Officer

Mr. Boyles has been the Chief Financial Officer since January 2017. From November to December 2016, he provided consulting services to Warrior Met Coal, LLC. Before joining Warrior Met Coal, he was the Chief Financial Officer of Noranda Aluminum Holding Corporation from November 2013 to November 2016, where he oversaw its voluntary reorganization under Chapter 11 of the Bankruptcy Code in 2016. His background also includes various roles at Hanesbrands, Inc. from 2006 to June 2012, such as Operating Chief Financial Officer, Interim Chief Financial Officer, and Vice President, Controller and Chief Accounting Officer. He also served as an Audit Partner, Consumer & Industrial Markets, at KPMG LLP from 1997 to 2006.

Jack K. Richardson, Chief Operating Officer

Mr. Richardson was appointed Chief Operating Officer in March 2016. He previously served as Vice President of Murray Energy from September 2015 to March 2016 and as Chief Executive Officer of White Oak Resources, LLC from June 2014 to August 2015. Mr. Richardson spent over 30 years at CONSOL Energy Inc., where his most recent position was Vice President of Coal Operations.

Kelli K. Gant, Chief Administrative Officer & Corporate Secretary

Ms. Gant was appointed Chief Administrative Officer in March 2016 and Corporate Secretary in January 2017. Prior to joining Warrior Met Coal, she was the Vice President—Human Resources at Walter Energy from August 2011 to March 2016, and Director—Benefits at Walter Energy from December 2009 to July 2011.

Charles Lussier, Chief Commercial Officer

Mr. Lussier has served as Chief Commercial Officer since March 2020, following his role as Senior Vice President, Sales and Marketing since March 2019. He joined the company in March 2018 as Vice President, Sales and Marketing.

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1. Volatility of Metallurgical Coal Prices

Warrior Met Coal's business is highly dependent on the price of metallurgical coal, which is inherently volatile and influenced by global supply and demand dynamics, overall economic conditions, industrial activity, and steel production rates. Fluctuations in these prices directly impact the company's revenues and profitability.

2. Operational Risks, particularly concerning the Blue Creek Project and Labor

The company faces significant operational risks, including potential delays or increased costs in developing its Blue Creek project, which requires substantial capital investment and is crucial for future production growth. Additionally, risks from work stoppages and labor shortages are present, particularly given the high percentage of union-represented employees. Equipment downtime and supply chain disruptions could also impair production and delivery capabilities.

3. Regulatory and Environmental Risks

Warrior Met Coal operates under extensive federal and state environmental, health, and safety laws that impose high compliance costs. Changes in these regulations, especially those related to environmental protection and black lung disease liabilities, could further increase costs and adversely impact operations. The company also faces challenges in obtaining and renewing necessary permits for its mining operations.

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The clear emerging threat to Warrior Met Coal is the accelerating development and adoption of "green steel" production methods, specifically those utilizing hydrogen-based Direct Reduced Iron (DRI) technology. This innovative process replaces traditional blast furnaces, which rely heavily on metallurgical coal for steel production, with technologies that can significantly reduce or eliminate carbon emissions. Major global steel manufacturers are investing heavily in pilot projects and planning large-scale transitions to these hydrogen-DRI and Electric Arc Furnace (EAF) routes, demonstrating a clear industry shift away from coal-intensive steelmaking over the coming decades.

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Warrior Met Coal (symbol: HCC) primarily operates in the global metallurgical coal market. Their main product is non-thermal metallurgical coal, also known as hard coking coal (HCC), which is an essential component in steel production. The company exports its metallurgical coal to steel producers in Europe, South America, and Asia.

The addressable market for metallurgical coal is global. According to various reports, the global metallurgical coal market size in 2024 has been estimated with some variation:

• One report valued the global metallurgical coal market size at approximately USD 15 billion in 2024, with projections to reach USD 18.4 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.6% from 2024 to 2032.
• Another source estimated the global metallurgical coal market size at USD 15.13 billion in 2024, with an expected growth to USD 18.29 billion by 2032 at a CAGR of 2.4% from 2025 to 2032.
• A higher estimate for the global metallurgical coal market size in 2024 was approximately USD 72.63 billion, with a projection to reach USD 100.02 billion by 2035 at a CAGR of 2.95% from 2025 to 2035.

Warrior Met Coal also generates ancillary revenues from the sale of natural gas extracted as a byproduct from its coal production. However, specific addressable market sizes for this byproduct are not available in the provided information, therefore it is null.

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Warrior Met Coal (HCC) is expected to experience future revenue growth over the next two to three years driven by several key factors:

1. Early Commencement and Ramp-up of Blue Creek Longwall Operations: The longwall operations at the Blue Creek mine commenced eight months ahead of schedule, beginning in October 2025 and expected to reach full production in early 2026. This accelerated timeline has led Warrior Met Coal to increase its full-year 2025 production and sales guidance by 10%. The Blue Creek mine is projected to be transformative, significantly boosting the company's overall nameplate capacity, with initial forecasts of approximately 1.8 million short tons of high-vol steelmaking coal from this site in 2025, an 80% increase over initial guidance. Analysts anticipate Blue Creek could increase Warrior's total coal sales by as much as 6-7 million tons from 8 million tons in 2024.
2. Increased Production and Sales Volumes: Directly linked to the Blue Creek project's early startup and ramp-up, the company has reported record quarterly sales volumes, with a 27% increase in the third quarter of 2025 compared to the previous year. The updated 2025 production and sales guidance reflects this accelerated volume growth, which is a key short-term catalyst for revenue. Overall, the company's forecast suggests substantial annual revenue growth, with projections of $1.85 billion in 2026.
3. Expansion of Coal Reserves through Federal Lease Acquisition: Warrior Met Coal successfully acquired a federal coal lease, adding 58 million short tons of high-quality steelmaking coal reserves contiguous to its existing operations. This strategic acquisition enhances the company's long-term operational capacity and extends the life of its core mining assets, ensuring a sustained supply for future revenue generation.
4. Improved Cost Structure and Margin Expansion from Blue Creek: The Blue Creek mine is expected to be a low-cost operation, positioning Warrior Met Coal at the lower end of the seaborne coking coal cost curve. This improved cost structure and enhanced operational efficiency are anticipated to lead to lower operating costs per ton and expanded margins. While not a direct revenue driver, higher margins can contribute to increased profitability and financial strength, supporting sustainable revenue growth and potential reinvestment in the business.

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Share Repurchases

• Warrior Met Coal's capital allocation strategy in 2024 continued to evaluate potential stock repurchases.
• In September 2023, the company announced the ability to make restricted payments, which could include share repurchases, totaling up to $299,901,000.
• Management has indicated that greater cash returns through supplemental special dividends and potential buybacks are planned as capital expenditures for the Blue Creek project decrease.

Outbound Investments

• In September 2025, Warrior Met Coal won the bidding in a federal coal lease sale, securing 58 million short tons of high-quality steelmaking coal reserves contiguous to its existing operations for $47 million, payable over five years.

Capital Expenditures

• Total capital expenditures for 2024 were $457.2 million, with significant investments directed toward the development of the Blue Creek mine.
• For 2025, the company has guided total capital expenditures to be between $315 million and $350 million, including $90-100 million for sustaining capital at existing mines and $225-250 million for the Blue Creek project.
• The Blue Creek project, a significant growth investment to reinforce Warrior's position as a premier U.S. producer of premium metallurgical coal, had an estimated total capital expenditure between $995 million and $1.075 billion, with $887.7 million spent as of September 30, 2025. Longwall operations at Blue Creek commenced in October 2025, eight months ahead of schedule and within budget.