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Arch Coal Board Declares Quarterly Dividends

ST. LOUIS (July 24, 2003) - The board of directors of Arch Coal, Inc. has declared quarterly dividends for its common and preferred shares. For the company's common stock (NYSE: ACI), the dividend of $.0575 per share is payable September 15, 2003 to shareholders of record on September 5, 2003. For the company's preferred stock (NYSE: ACI_p), the board declared a dividend of $0.625 per share, payable on November 1, 2003 to shareholders of record on October 16, 2003.

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 provides the fuel for approximately 6 percent of the electricity generated in the United States.