Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of 130millionforQ22023,whichwaslowersequentiallyandcomparedtothepreviousyear′ssecondquarterduetoweakenedmarketpricesforbothmetallurgicalandthermalcoal[19][20]−Operatingcashflowforthequarterwas197 million, an increase of over 56% sequentially, although lower than the previous year's second quarter [20] - Discretionary cash flow for the quarter totaled 151million,withadeclareddividendof3.97 per share [21] Business Line Data and Key Metrics Changes - Coking coal sales for the metallurgical segment totaled 2millionat6.54 per ton for the first half of the year, with Q2 representing the strongest production quarter for Leer South to date [13][14] - The thermal segment contributed total segment-level EBITDA of 29.2million,whichwashigherthaninitiallyanticipated,demonstratingexcellentcostcontrol[14]MarketDataandKeyMetricsChanges−Globalhotmetalproduction,excludingChina,wasdown2.8210 per metric ton on the US East Coast, with demand remaining weak but prices still supporting healthy margins [10] Company Strategy and Development Direction - The company aims to enhance its position in the market by maintaining a strong cash generation capability and a robust capital return program, having returned nearly 1.2billiontoshareholderssincerelaunchingtheprograminFebruary2022[8][12]−ThefocusremainsonexpandingtheAsianmarketpresence,withexpectationsofincreaseddemandforcokingcoaldrivenbygrowthinblastfurnacecapacityinAsia[76][78]Management′sCommentsonOperatingEnvironmentandFutureOutlook−Managementacknowledgedthecurrentmarketweaknessasanopportunitytodifferentiatethecompanybyhighlightingitslow−costpositionandabilitytogeneratesubstantialfreecashflow[83]−ThecompanyexpectstoreturntonormaloperationsatWestElkbyQ4afteraddressinglocalizedgeologicalchallenges[65]OtherImportantInformation−Thecompanyhasmaintainedaperfectperformanceinenvironmentalcompliance,achievingzeroenvironmentalviolationsanda4760 million to $65 million in working capital returns in the back half of the year, potentially skewed towards Q4 [43][45] Question: Performance expectations for West Elk - Management confirmed that West Elk is on track to return to normal operations by Q4, following a longwall move to a higher quality area [64][65] Question: Future market flexibility - Management indicated readiness to shift volumes to the seaborne market if it proves to be the best economic option [80]