Arch Coal Inc. on Monday raised its outlook for the full year, citing surging prices for coal used in steel production.

Arch, one of the nation’s largest coal producers, now expects to earn $2.40 to $2.80 per share, compared with a previous prediction of $2 to $2.50 per share.

Analysts polled by Thomson Financial, on average, forecast a profit of $2.43 per share.

The company said its renewed outlook reflects higher prices for international and domestic metallurgical coal, used in steel production.

Shares surged $3.53, or 6.1 percent, to $61.92 in midday trading. The stock hit a year high of $62.99 earlier in the session, topping a previous high of $58.88.

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