Peabody Energy reported a fourth-quarter loss of $1 billion compared with a profit of $194 million in the prior-year quarter, as prices fell for metallurgical coal used in steel making. Prices for metallurgical coal used in steel making have been pushed down by weak demand from China and Europe and increased exports from Australia, Reuters reports.
For the quarter ended Dec. 31, Peabody reported revenue of nearly $2.02 billion, down 9.5 percent compared with the fourth quarter of 2011.
Peabody saw a full-year 2012 loss of $575.1 million, compared with a profit of $946.3 million in 2011. The company’s revenue was $8.1 billion in 2012, what Peabody officials called a record, up 2.3 percent from 2011 on increased Australian volume and higher realized pricing in the United States that offset a decline of 10 million tons due to lower demand.