- Alpha Natural Resources is exposed both to metallurgical coal and thermal coal.
- Metallurgical coal seems destined for a long slog of unprofitability.
- Thermal coal has favorable near-term prospects, and stagnant long-term prospects.
- Alpha Natural Resources has insolvency risk, but it's not a near-term problem.
- Putting it all together, Alpha Natural Resources might be a buy on an insolvency scare, but doesn't look like a long-term investment right now.