Steel, not energy, is key to coal’s future growth. Here’s why.

Commodities Corner

Thermal coal may retire for good in the U.S., but metallurgical coal could see ‘healthy’ growth, says analyst

Published: May 14, 2025 at 11:13 a.m. ET

President Donald Trump’s “America First” agenda seeks to promote coal and other fossil fuels as a cheap energy source and to help bring old-school manufacturing back to the U.S.

The hitch for investors has been that opportunities to wager on any new “coal rush” have become fewer and may ultimately be fleeting — but not if you consider the commodity’s somewhat overlooked role in industrial applications, particularly in the production of steel.