ARCH - Arch sees Powder River coal production cut 50% by 2023

Arch Resources ([[ARCH]] -4.4%) opens lower after reporting a Q3 loss of $191.5M from net income of $106.8M a year earlier and saying it is finalizing plans to shrink its thermal coal operations.The company booked a $163.1M non-cash impairment charge to write down some of its thermal coal assets.Arch says production at its Powder River Basin mines may drop 27% this year and sees output declining by another 50% over 2-3 years, as the company pursues its plan to shift focus to mining metallurgical coal for making steel.The company says it sold 14.3M tons of Powder River Basin coal in Q3, 35% less than 22.2M tons sold a year earlier; Q3 thermal coal prices fell to $18.09/ton vs. $32.13 a year earlier, while met coal prices fell to $75.18/ton from $105.72.Last month, Arch and Peabody Energy abandoned a plan to combine their operations in the Powder River Basin after a

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Arch sees Powder River coal production cut 50% by 2023