BRISTOL,
Tenn., May 17, 2022 /PRNewswire/ -- Alpha
Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier
of metallurgical products for the steel industry, today issued the
following statement regarding a report from an activist
short-selling firm containing false and misleading
characterizations about Alpha's business.
David Stetson, chair and chief
executive officer, stated: "We have worked hard to earn a strong
reputation for ethical operations and transparent reporting, and
these principles remain critically important to all of us at Alpha.
The document released by an activist short seller today is filled
with inaccuracies and appears to be fueled by an inadequate
understanding of coal mining and our reporting requirements. It is
clear to us that this report was designed for the sole purpose of
negatively impacting Alpha's share price for the short seller's own
benefit. Alpha's management remains focused, as we always are, on
safely running the business and continuing to create long-term
value for our many stakeholders and investors."
Alpha's board of directors affirmed its confidence in the
company's management and strategic direction. Lead independent
director, Michael Quillen, stated:
"On behalf of the entire board, we stand in support of the
exceptional management team running Alpha Metallurgical Resources.
Their collective efforts have produced the company's strong recent
quarterly results, a significantly deleveraged balanced sheet, and
the establishment of robust shareholder return programs – including
our newly increased $600 million
share repurchase plan and the establishment of a quarterly
dividend. Alpha's board believes the short-seller report is the
work of a self-interested activist investor hoping to distort the
company's record for its own gain. It's our view that Alpha remains
well-positioned for long-term success and the board continues to
have great confidence in our strategic direction."
About Alpha Metallurgical
Resources
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations
across Virginia and West Virginia. With customers across the
globe, high-quality reserves and significant port capacity, Alpha
reliably supplies metallurgical products to the steel industry. For
more information, visit www.AlphaMetResources.com.
Forward-Looking
Statements
This press release includes forward-looking
statements. These forward-looking statements are based on
Alpha's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Alpha's
control. Forward-looking statements in this press release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Alpha
to predict these events or how they may affect Alpha. Except
as required by law, Alpha has no duty to, and does not intend to,
update or revise the forward-looking statements in this press
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this press release may not
occur.
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INVESTOR CONTACT: ALEX
ROTONEN
InvestorRelations@AlphaMetResources.com
(423) 956-6882
MEDIA CONTACT: EMILY O'QUINN
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
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SOURCE Alpha Metallurgical Resources, Inc.