Peabody posts loss due to weak prices for steel-making coal
Oct 17 (Reuters) - Peabody Energy Corp reported a third-quarter net loss, compared with a year-ago profit, due to lower demand and prices for metallurgical coal used to make steel.
The company reported a net loss attributable to common shareholders of $26.1 million, or 10 cents per share, for the quarter ended Sept. 30, compared with net income of $42.9 million, or 16 cents per share, a year earlier.
Revenue fell nearly 13 percent to $1.80 billion.
Peabody sells a mixture of higher-margin metallurgical coal, used to make steel, and thermal coal, used by utilities to generate electricity.
A drop in steel demand in the United States and Europe has hammered prices for metallurgical coal.