ABINGDON, Va., July 23 /PRNewswire-FirstCall/ -- Alpha Natural Resources, Inc. (NYSE: ANR) today issued the following statement:
We have seen Duquesne Capital Management's most recent press release and disagree strongly with its assessment of our pending merger with Foundation Coal. As the U.S.'s largest producer and exporter of metallurgical coal and a leading supplier of thermal coal, we have both real-time insight and an informed view on the short, medium and long-term outlook for this industry and the markets we are in every day.
Given our industry experience we remain convinced that the merger with Foundation will create significant, long-term value for shareholders. To date we've received outstanding support from our base of long-term investors who fully understand the strategic logic behind the transaction.
About Alpha
Alpha Natural Resources, Inc. is a leading supplier of high-quality Appalachian coal to the steel industry, electric utilities and other industries. Approximately 88 percent of the company's reserve base is high Btu coal and 83 percent is low sulfur, qualities that are valued by electric utilities that use steam coal. Alpha is also the nation's largest supplier and exporter of metallurgical coal, a key ingredient in steel manufacturing. Alpha and its subsidiaries currently operate mining complexes in four states, consisting of 50 mines supplying 10 coal preparation and blending plants. Alpha and its subsidiaries employ more than 3,600 people.
ANRG
Forward Looking Statements
Information set forth herein contains forward-looking statements, which involve a number of risks and uncertainties. Alpha Natural Resources, Inc. ("Alpha") cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements about the benefits of the business combination transaction involving Alpha and Foundation Coal Holdings, Inc.
