SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                         ----------------------------

                                  FORM 8-K

                              CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                       Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported): April 21, 2003
                                                              (April 21, 2003)

                                 Arch Coal, Inc.
             (Exact name of registrant as specified in its charter)

         Delaware                    1-13105                    43-0921172
(State or other jurisdiction  (Commission File Number)        (I.R.S. Employer
    of incorporation)                                        Identification No.)


            One CityPlace Drive, Suite 300, St. Louis, Missouri 63141
               (Address of principal executive offices)      (Zip code)


       Registrant's telephone number, including area code: (314) 994-2700














                               Page 1 of 4 pages.
                         Exhibit Index begins on page 4.







Item 5. Other  Events.

     On April 21, 2003,  Arch Coal,  Inc. (the  "Company"),  announced via press
release its earnings and operating results for the first quarter of 2003. A copy
of the Company's  press release is attached  hereto and  incorporated  herein by
reference in its entirety.


Item 7.  Financial Statements and Exhibits.

         (c) The following Exhibit is filed with this Current Report on Form
             8-K:

            Exhibit No.               Description
             99                        Press Release dated as of April 21, 2003




























                               Page 2 of 4 pages.
                         Exhibit Index begins on page 4.






                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

Dated:  April 21, 2003                    ARCH COAL, INC.



                                         By:  /s/ Janet L. Horgan
                                                 Janet L. Horgan
                                              Assistant General Counsel and
                                                Assistant Secretary































                               Page 3 of 4 pages.
                         Exhibit Index begins on page 4.







                                  EXHIBIT INDEX


Exhibit No.                 Description
99                         Press Release dated as of April 21, 2003





































                                    Page 4 of 4 pages.




                                                                     Exhibit 99
News from
Arch Coal, Inc.
-------------------------------------------------------------------------------
                                                        FOR FURTHER INFORMATION:

                                                                   Deck S. Slone
                                                                 Vice President,
                                                   Investor and Public Relations
                                                                  (314) 994-2717

                                                           FOR IMMEDIATE RELEASE
                                                                  April 21, 2003

Arch Coal, Inc. Reports First Quarter Results

o Net loss of $14.4 million,  or $.27 per share, before the cumulative effect of
an accounting change, vs. a net loss of $7.4 million, or $.14 per share, in 1Q02
o  Reduction  in debt of $42.5  million and  increase  in cash  balance of $56.2
million
o Total  revenues of $349.6  million,  vs. $368.5 million in 1Q02
o Coal sales of 22.7 million tons,  vs. 24.7 million tons in 1Q02
o Adjusted  EBITDA of $38.7 million, vs. $49.1 million in 1Q02

     St. Louis - Arch Coal,  Inc.  (NYSE:ACI)  today reported that for its first
quarter ended March 31, 2003,  the company had a net loss of $14.4  million,  or
$.27 per  share,  before a $3.7  million,  or $.07 per  share,  non-cash  charge
related to the  cumulative  effect of an accounting  change  resulting  from the
adoption  of FAS 143,  "Accounting  for  Asset  Retirement  Obligations."  These
results include $1.2 million of accumulated  dividends  related to the company's
recently  issued  preferred  stock.  In the same quarter of 2002, Arch had a net
loss of $7.4 million, or $.14 per share.

     "Coal demand was weaker than  anticipated  in the first  quarter,  as power
generators  continued to draw down their coal  stockpiles  in lieu of purchasing
spot coal," said Steven F. Leer,  Arch Coal's  president  and CEO. "As a result,
Arch further  curtailed  production at its mining  operations,  with predictable
consequences for our first quarter results. Nevertheless, we continue to believe
that our strategic decision to leave uncommitted tons in the ground, rather than
sell them at a price that does not provide an adequate return, is sound."

     In addition,  first quarter  results were adversely  affected by previously
announced  post-retirement  medical cost increases,  heavy snows in February and
March that disrupted  production and  shipments,  higher diesel fuel costs,  and
difficult mining conditions at the Mingo Logan mine early in the quarter.  Mingo
Logan has since mined  through the difficult  conditions  and returned to normal
production levels. The increase in diesel fuel costs was partially  mitigated by
the company's hedging program.


     During the first quarter,  Arch produced 1.2 million fewer tons in the east
and 1.5 million  fewer tons in the west when  compared  to the first  quarter of
2002, when production was already constrained.

Other developments

     In February,  Arch  completed the sale of 2,875,000  shares of 5% Perpetual
Cumulative  Convertible  Preferred Stock, applying some of the net proceeds from
the sale, which totaled  approximately $139.1 million, to debt reduction and the
repayment of lines of credit.  During the first quarter, Arch reduced total debt
by $42.5 million, while building its cash balance to $65.8 million.

     In  addition,  Arch  announced  in April that it had agreed to terms with a
large  customer  seeking  to buy out of the  remaining  term of an  above-market
contract.  The buyout  resulted in the receipt of  approximately  $52 million in
cash  early  in the  second  quarter.  Arch  will  record  a  deferred  gain  of
approximately $15 million,  which will be recognized  ratably through 2012. Arch
has entered into a new contract  for an  equivalent  number of eastern tons with
the same customer.

     The value of Arch's  equity  investment in Natural  Resource  Partners also
increased  significantly  during the quarter.  In October 2002, Arch contributed
reserves to NRP that had been  valued on the  company's  balance  sheet at $84.9
million. In exchange, Arch received 1.9 million common units of NRP that it sold
in an initial  public  offering for $33.6  million;  an  additional  7.7 million
common and subordinated  units that the company continues to hold; and 42.25% of
the general  partner  interest.  At NRP's  closing  price of $25.05 on April 17,
Arch's 7.7 million units of NRP were worth more than $190 million.

     "The coal industry is in the midst of a dramatic  restructuring,  which has
caused a number of  long-time  industry  participants  to exit the  business and
others to  significantly  pare back  their  operations,"  Leer  said.  "Our much
improved  balance sheet and significant cash reserves have positioned us to take
advantage of attractive opportunities that may arise in the marketplace."

Market conditions

     Despite continuing  weakness in spot coal demand,  there appears to be good
reason for optimism in coming quarters.  Electricity demand increased by as much
as 4%  in  2002,  according  to  Edison  Electric  Institute,  while  U.S.  coal
production fell by an estimated 35 million tons. Furthermore,  both those trends
appear to have carried over into the first quarter of 2003.

     "It appears  that U.S.  power  generators  are  planning to maintain  their
stockpiles at historically low levels, and that has delayed the recovery in U.S.
coal  markets,"  Leer said.  "However,  the current  trends in supply and demand
suggest that a correction is inevitable.  Eventually, power generators will need
to re-enter the market,  and that should  provide an impetus for improving  coal
demand and pricing."


     Stockpiles  were 15% to 20% lower at the end of March compared to 12 months
earlier,  according to Arch's  internal  modeling.  Meanwhile,  competing  fuels
appear to be in short supply.  The U.S.  nuclear  system is running at very near
maximum  output  levels.  Limited  precipitation  in the Pacific  Northwest this
winter has raised  serious  concerns  about  hydroelectric  output  this  coming
summer.  And  natural  gas  storage  levels are at an  all-time  low,  which has
prompted  growing concern about gas supply,  availability  and pricing.  Monthly
NYMEX natural gas prices currently average approximately $5.75 per million Btu's
for the  remainder of 2003,  and do not fall below $4 per million  Btu's for any
month in the forward six-year period.

Operating statistics

     Regional  analysis:  Of the 22.7 million tons of coal that Arch sold during
the first  quarter,  approximately  6.8 million tons  originated  at its eastern
mines and 15.9 million tons  originated at its western  operations.  Arch had an
average  realized sales price of $14.44 per ton and average  operating  costs of
$14.72  per ton  during  the  quarter.  The  eastern  operations  had an average
realized  sales  price of $31.21 per ton and an average  cost of $32.97 per ton.
The western  operations had an average realized sales price of $7.24 per ton and
an average cost of $6.84 per ton. (Western  operations data does not include the
results of 65%-owned  Canyon Fuel Company,  which is accounted for on the equity
method.)

     Capital  spending:  Arch invested  $50.8  million in its mining  operations
during the first  quarter of 2003,  a total  that  included  the fifth and final
annual payment of $31.6 million for the Thundercloud federal coal tract adjacent
to the Black Thunder mine. Arch acquired the 412-million-ton  Thundercloud tract
in 1998. For the full year 2003,  Arch expects  capital  expenditures  to remain
relatively  flat compared to 2002, at  approximately  $160 million.  (Actual and
projected  capital  expenditure  figures include Arch's ownership  percentage in
Canyon Fuel Company.)

     Depreciation, depletion and amortization: DD&A totaled $45.0 million in the
first  quarter  of 2003.  For the full  year  2003,  DD&A is  expected  to total
approximately  $190 million.  (Actual and projected DD&A figures  include Arch's
ownership percentage in Canyon Fuel Company.)

Looking Ahead

     "We continue to be bullish on the future of U.S. coal  markets," Leer said.
"With  approximately  50 millions tons of planned  production as yet uncommitted
for 2004, we have significant  leverage to an improving market  environment.  At
the same time, we are implementing  aggressive steps to reduce both overhead and
operating  costs.  While many of the cost  increases we  experienced  during the
quarter  were tied to lower  volume  levels or are  unlikely  to recur in future
periods,  we  have  identified  a  number  of  areas  where  we  can  cut  costs
significantly."


     Arch expects  second  quarter  results to range from breakeven to a loss of
$.10 per share,  excluding  severance costs  associated with the  aforementioned
cost reduction  efforts.  If coal demand and pricing strengthen this summer, the
company's  financial  performance  should  improve  significantly  in the year's
second half.

     A conference  call concerning  first quarter  earnings will be webcast live
today at 11 a.m.  EDT. The  conference  call can be accessed via the  "investor"
section of the Arch Coal Web site (www.archcoal.com).

     Arch Coal is the nation's  second  largest coal producer,  with  subsidiary
operations in West Virginia,  Kentucky,  Virginia,  Wyoming,  Colorado and Utah.
Through these  operations,  Arch Coal provides the fuel for  approximately 6% of
the electricity generated in the United States.


Forward-Looking  Statements:  Statements  in this  press  release  which are not
statements of historical fact are  forward-looking  statements  within the "safe
harbor" provision of the Private Securities Litigation Reform Act of 1995. These
forward-looking  statements are based on information currently available to, and
expectations and assumptions  deemed  reasonable by, the company.  Because these
forward-looking  statements  are  subject  to various  risks and  uncertainties,
actual results may differ  materially  from those  projected in the  statements.
These  expectations,   assumptions  and  uncertainties  include:  the  company's
expectation  of  continued  growth in the demand for  electricity;  belief  that
legislation  and  regulations  relating to the Clean Air Act and the  relatively
higher costs of competing  fuels will  increase  demand for its  compliance  and
low-sulfur  coal;  expectation  of improved  market  conditions for the price of
coal; expectation that the company will continue to have adequate liquidity from
its cash flow from  operations,  together with  available  borrowings  under its
credit facilities,  to finance the company's working capital needs; a variety of
operational,  geologic,  permitting,  labor and weather related factors; and the
other  risks  and  uncertainties  which are  described  from time to time in the
company's reports filed with the Securities and Exchange Commission.












                        ARCH COAL, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)



                                                                                         Three Months Ended
                                                                                              March 31,
                                                                                ----------------      ----------------
                                                                                     2003                  2002
                                                                                ----------------      ----------------
                                                                                                

Revenues
   Coal sales                                                                   $       327,390       $       358,595
   Income from equity investment                                                         11,110                 1,268
   Other revenues                                                                        11,089                 8,604
                                                                                ----------------      ----------------
                                                                                        349,589               368,467
                                                                                ----------------      ----------------

Costs and expenses
   Cost of coal sales                                                                   333,639               347,211
   Selling, general and administrative expenses                                          11,873                 9,870
   Amortization of coal supply agreements                                                 5,793                 5,114
   Other expenses                                                                         4,549                 7,592
                                                                                ----------------      ----------------
                                                                                        355,854               369,787
                                                                                ----------------      ----------------
     Loss from operations                                                                (6,265)               (1,320)

   Interest expense, net:

     Interest expense                                                                   (11,552)              (12,002)
     Interest income                                                                        332                   268
                                                                                ----------------      ----------------
                                                                                        (11,220)              (11,734)
                                                                                ----------------      ----------------
       Loss before income taxes and cumulative effect of accounting change              (17,485)              (13,054)
   Benefit from income taxes                                                             (4,300)               (5,700)
                                                                                ----------------      ----------------
       Loss before cumulative effect of accounting change                               (13,185)               (7,354)
   Cumulative effect of accounting change, net of taxes                                  (3,654)                    -
                                                                                ----------------      ----------------
       Net loss                                                                 $       (16,839)      $        (7,354)

   Preferred stock dividends                                                             (1,198)                    -
                                                                                ----------------      ----------------

       Net loss available to common shareholders                                $       (18,037)      $        (7,354)
                                                                                ================      ================

   Earnings per common share
   Loss before cumulative effect of accounting change                           $         (0.27)      $         (0.14)
   Cumulative effect of accounting change                                                 (0.07)                    -
                                                                                ----------------      ----------------
   Basic and diluted earnings (loss) per common share                           $         (0.34)      $         (0.14)
                                                                                ================      ================

   Weighted average shares outstanding                                                   52,384                52,356
                                                                                ================      ================

   Common dividends declared per share                                          $        0.0575       $        0.0575
                                                                                ================      ================

   Adjusted EBITDA (A)                                                          $        38,739       $        49,138
                                                                                ================      ================


(A) Adjusted EBITDA is defined as income (loss) from operations  before the
effect of net interest expense;  income taxes; our  depreciation,  depletion and
amortization;   our  equity   interest  in  the   depreciation,   depletion  and
amortization  of  Canyon  Fuel  Company,  LLC,  and  the  cumulative  effect  of
accounting changes. Adjusted EBITDA is not a measure of financial performance in
accordance with generally accepted accounting principles,  and items excluded to
calculate  Adjusted  EBITDA are significant in  understanding  and assessing our
financial  condition.  Therefore,  Adjusted  EBITDA  should not be considered in
isolation nor as an  alternative  to net income,  income from  operations,  cash
flows  from  operations  or as a  measure  of our  profitability,  liquidity  or
performance  under generally  accepted  accounting  principles.  We believe that
Adjusted  EBITDA  presents a useful  measure of our ability to service and incur
debt based on ongoing  operations.  Furthermore,  analogous measures are used by
industry analysts to evaluate operating  performance.  Investors should be aware
that our  presentation  of Adjusted  EBITDA may not be  comparable  to similarly
titled measures used by other companies.


     The table below shows how we calculate Adjusted EBITDA.



                                                                          Three Months Ended
                                                                               March 31
                                                                     ----------------------------
                                                                       2003             2002
                                                                     ------------   -------------
                                                                              

     Loss from operations                                            $   (6,265)    $    (1,320)
     Depreciation, depletion and amortization of Arch Coal, Inc.         39,511          42,741
     Arch Coal's equity interest in depreciation, depletion and
       amortization of Canyon Fuel Company, LLC                           5,493           7,717
                                                                     ------------   -------------
     Adjusted EBITDA                                                 $   38,739     $    49,138
                                                                     ============   =============









                        Arch Coal, Inc. and Subsidiaries
                      Condensed Consolidated Balance Sheets
                                 (in thousands)




                                                                              March 31,               December 31,
                                                                                2003                      2002
                                                                        ----------------------    ----------------------
                                                                             (Unaudited)
                                                                                            

Assets
   Current assets
     Cash and cash equivalents                                          $              65,787     $               9,557
     Trade receivables                                                                127,549                   135,903
     Other receivables                                                                 23,124                    30,927
     Inventories                                                                       75,741                    66,799
     Prepaid royalties                                                                  6,250                     4,971
     Deferred income taxes                                                             27,775                    27,775
     Other                                                                             13,285                    15,781
                                                                        ----------------------    ----------------------
                  Total current assets                                                339,511                   291,713
                                                                        ----------------------    ----------------------
Property, plant and equipment, net                                                  1,335,614                 1,284,968
                                                                        ----------------------    ----------------------

   Other assets
     Prepaid royalties                                                                 67,078                    51,078
     Coal supply agreements                                                            53,447                    59,240
     Deferred income taxes                                                            228,513                   221,116
     Equity investments                                                               231,862                   231,551
     Other                                                                             44,617                    43,142
                                                                        ----------------------    ----------------------
                                                                                      625,517                   606,127
                                                                        ----------------------    ----------------------
                  Total assets                                          $           2,300,642     $           2,182,808
                                                                        ======================    ======================

Liabilities and stockholders' equity
   Current liabilities
     Accounts payable                                                   $              99,438     $             113,527
     Accrued expenses                                                                 153,090                   133,287
     Current portion of debt                                                            4,650                     7,100
                                                                        ----------------------    ----------------------
                  Total current liabilities                                           257,178                   253,914
   Long-term debt                                                                     700,195                   740,242
   Accrued postretirement benefits other than pension                                 331,169                   324,539
   Asset retirement obligations                                                       145,554                   117,804
   Accrued workers' compensation                                                       81,771                    80,985
   Other noncurrent liabilities                                                       132,792                   130,461
                                                                        ----------------------    ----------------------
                  Total liabilities                                                 1,648,659                 1,647,945
                                                                        ----------------------    ----------------------
   Stockholders' equity
    Preferred stock                                                                        29                         -
    Common stock                                                                          528                       527
    Paid-in capital                                                                   974,877                   835,763
    Retained deficit                                                                 (274,992)                 (253,943)
    Treasury stock, at cost                                                            (5,047)                   (5,047)
    Accumulated other comprehensive loss                                              (43,412)                  (42,437)
                                                                        ----------------------    ----------------------
                  Total stockholders' equity                                          651,983                   534,863
                                                                        ----------------------    ----------------------
                  Total liabilities and stockholders' equity             $          2,300,642     $           2,182,808
                                                                        ======================    ======================


NOTE:  Certain  amounts  in the  December  31,  2002  balance  sheet  have  been
reclassified to conform with the  classifications in the 2003 balance sheet with
no effect on previously reported stockholders' equity.






                            ARCH COAL, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In Thousands)



                                                                                     Three Months Ended
                                                                                         March 31,
                                                                        ---------------------------------------------
                                                                                2003                    2002
                                                                        ---------------------    --------------------
                                                                                         (Unaudited)
                                                                                          
Operating activities
Net loss                                                                $           (16,839)     $            (7,354)
Adjustments to reconcile to cash provided by operating activities:
     Depreciation, depletion and amortization                                        39,511                   42,741
     Prepaid royalties expensed                                                       3,105                    1,874
     Accretion on asset retirement obligations                                        3,442                       -
     Net gain on disposition of assets                                                 (148)                    (187)
     Income from equity investment                                                  (11,110)                  (1,268)
     Net distributions from equity investments                                        9,660                   15,346
     Cumulative effect of accounting change                                           3,654                        -
     Changes in:
       Receivables                                                                   16,157                   11,016
       Inventories                                                                   (8,942)                  (9,994)
       Accounts payable and accrued expenses                                         (8,662)                  11,218
       Income taxes                                                                  (4,438)                  (5,700)
       Accrued postretirement benefits other than pension                             6,630                     (480)
       Asset retirement obligations                                                  (3,266)                   2,313
       Accrued workers' compensation benefits                                           786                      293
       Other                                                                          2,457                    3,440
                                                                        ---------------------    --------------------

     Cash provided by operating activities                                           31,997                   63,258
                                                                        ---------------------    --------------------

Investing activities
Additions to property, plant and equipment                                          (48,085)                 (73,068)
Proceeds from dispositions of property, plant and equipment                             168                    1,706
Additions to prepaid royalties                                                      (20,384)                 (18,812)
                                                                        ---------------------    --------------------

     Cash used in investing activities                                              (68,301)                 (90,174)
                                                                        ---------------------    --------------------

Financing activities
Net (payments on) proceeds from revolver and lines of credit                        (42,497)                  24,999
Deferred financing costs                                                             (1,101)                       -
Reduction of obligations under capital lease                                              -                     (519)
Dividends paid                                                                       (3,012)                  (3,010)
Proceeds from sale of preferred stock                                               139,078                        -
Proceeds from sale of common stock                                                       66                      158
                                                                        ---------------------    --------------------

     Cash provided by (used in) financing activities                                 92,534                  21,628
                                                                        ---------------------    --------------------

Increase (decrease) in cash and cash equivalents                                     56,230                  (5,288)
Cash and cash equivalents, beginning of period                                        9,557                   6,890
                                                                        --------------------    --------------------

Cash and cash equivalents, end of period                                $            65,787     $             1,602
                                                                        =====================   ====================

Canyon Fuel Company cash flow  information  (Arch Coal  ownership
percentage)
   Depreciation, depletion and amortization                                           5,493                  7,717
   Additions to property, plant and equipment                                        (2,666)                (1,634)