Income from operations was $126 million in 2003, an increase of 15% over the prior year. The improvement relied on sharply higher coal sales volumes which were up nearly 25% over 2002.

Net income for the fourth quarter was $31 million in contrast to a net loss of $119 million for the same period in 2002. Income from operations for the fourth quarter of 2003 was $38 million.

Fording president Jim Gardiner said the past year had held significant change for Fording. “The consolidation of all of Canada’s senior metallurgical coal operations under a single management was well timed as recent Chinese demand for seaborne hard-coking coal and steel products have confirmed our view of the supply/demand tightness of our principal coal markets,” he said.

“Two decades of oversupply in seaborne hard-coking coal markets have ended, and we will be assessing our options for expanding production. Our near-term focus will be to strengthen our presence in existing markets, while continuing to diversify our customer base in Europe and China.”