US coal producer Corsa Coal has narrowed its first-quarter net loss to $8.29-million, up from a loss of $25.62-million in the comparable quarter ended March 31 a year earlier, despite falling sales and revenues.
The company stated that it believed that January marked a 12-year bottom for metallurgical coal prices and that renewed infrastructure spending and the effects of metallurgical coal production cuts would cause prices to recover to a point on the supply cost curve where producers were cash margin positive again.
