Site icon Icarus Signals. The home of economic insight

Activist Tries to Shore Up Support for CEO Attempting to Turn Around Troubled Coal Company

Contura is large scale provider of metallurgical (“met”) and thermal coal. The company has mining operations across coal basins in Pennsylvania, Virginia and West Virginia. It supplies both metallurgical coal to produce steel and thermal coal to generate power. The met coal business is the largest producer of coking products, which are critical components of steel production. The met coal business makes up more than 75% of the company’s total revenue. The thermal coal is primarily sold to the domestic power generation industry.

MG Capital is an investment company managed by Michael Gorzynski since 2011. Prior to that Gorzynski was an analyst at Third Point for five years, and now seems to be taking a page out of Dan Loeb’s book. Gorzynski’s only other 13D filing was made in early 2020 where he was able to settle at HC2 Holdings for two board seats on the six person board after nominating a full slate of six directors. Read more…..

Chart of the Day

Icarus TV

Joseph McMonigle, secretary general of the International Energy Forum, discusses how coronavirus has impacted international tourism and aviation, what it will take to see those sectors recover and what a Biden victory in the U.S. would mean for big oil. He speaks exclusively on “Bloomberg Daybreak: Middle East.”

Exit mobile version