Exhibit 99.2

THE POWER WITHIN Building a U.S. Coal Industry Powerhouse — and a World-Class Global Met Franchise

Arch Coal, Inc. Acquisition of International Coal Group, Inc.

May 2011

Forward-Looking Information

This presentation contains “forward-looking statements” — that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation industry; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from operational, geological, permit, labor and weather-related factors; from fluctuations in the amount of cash we generate from operations; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDA. These non-GAAP financial measures are not measures of financial performance in accordance with generally accepted accounting principles and may exclude items that are significant in understanding and assessing our financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income from operations, cash flows from operations, earnings per fully-diluted share or other measures of profitability, liquidity or performance under generally accepted accounting principles. You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies.

We’re building a U.S. coal industry powerhouse —and a world-class global metallurgical coal franchise

Leading Met 2^nd largest U.S. (top 10 global) met producer

1. Coal Supplier Blending synergies will optimize met franchise Significant reserve expansion opportunities Growth 25% reserve boost to create #2 U.S. coal reserve holder

2. Profile 85% increase in met coal volumes by 2015

Build out of thermal platform in new basins and for export

Market Major producer in under-supplied met markets

3. Leverage Highly levered to improving domestic thermal markets

Growing player in robust seaborne thermal markets Shareholder Most Diversified Operations in every major supply basin Value

4. U.S. Producer Strategically balanced met/thermal portfolio #1 or #2 position in core operating regions Culture Shared culture of safety and environmental commitment

5. Fit Low-cost operations in every major domestic supply basin Union-free workforce with minimal legacy liabilities Strategic Accretive to EPS in first full year after close

6. Transaction Estimated annual synergies of $70-80 million Substantial pro forma free cash flow generation

Slide 3

Transaction details

Purchase Price • $14.60 per share in cash

• Total transaction value of $3.4 billion* Structure • Cash tender offer with back end merger

• Shareholders who own 17% of ICG have agreed to tender shares Financing • Committed financing in place to fund acquisition

• Permanent financing will be a mix of debt and sufficient equity to retain existing credit rating

• Majority debt financing

Conditions • Minimum tender condition of 50.1%

• Regulatory approvals and other customary closing conditions Timing • Tender to commence around the middle of May

• Expected to close by mid-year 2011

* Based on conversion of ICG’s convertible senior notes and Slide 4 remaining net debt of approximately $63 million.

Combination Strategic Rationale

Arch will become the 2^nd largest U.S. met coal producer — and a top 10 global met supplier

Top Five U.S. Metallurgical Coal Producers • Arch will have significant scale

(2011 expected sales, in millions of tons)

and leverage in domestic and

25

international met coal markets

11

• With optimal use of Arch’s existing

ICG 8 8 8

export capabilities, the combined

6

company will become a larger met

ANR* ACI* PCX WLT* CNX CLF coal seaborne supplier

• Future growth opportunities at

Top Ten Global Metallurgical Coal Producers

(2011 expected sales, in millions of tons) the combined entity will likely lift

65 met volume levels meaningfully

27 25

over the next five years

17 16 16 • Undeveloped high-vol A met

14 14

11 coal reserves should allow Arch

10

ICG to become an even larger global

BHP TCK ANR* WLT* AAL MTL XTA RIO ACI* BTU supplier of met coal

Sources: ACI, Wall Street Research and Public Data Slide 6 * Pro Forma for ACI, ANR and WLT

WLT in U.S. chart excludes Canadian production

We expect continued strength in world met coal demand driven by growth in global steel consumption

Growth in World Steel Consumption

(in billions of tonnes of finished steel) • Growth in world steel consumption

2.5

is projected to increase

2.0

approximately 60 percent during 1.5 the next decade — with Asia 1.0 expected to drive met coal demand 0.5 going forward 0.0 • With production and transportation

2000 2005 2010P 2014P 2020P

constraints, global met coal

Projected Deficit in Seaborne Coal Supply Trade

(in millions of tonnes) supply will remain tight for the

0 next five years and likely beyond -25 • Internal forecasts suggest that global seaborne coal markets will

-50 be under-supplied through at least 2015

-75 2011P 2012P 2013P 2014P 2015P

Sources: World Steel Association and ACI

Slide 7

The acquisition provides expanded customer offerings through optimal met coal blending opportunities

2010 Seaborne Metallurgical Coal Supply • The U.S. is a significant supplier

(in millions of tonnes) of seaborne metallurgical coal —second only to Australia

159

Met • Blending Arch’s large volume of 40% high-vol coal with ICG’s complementary quality coals: PCI/Met — Maximizes value of combined Blend51 company’s coals in seaborne 18% 26 18 trade via Arch’s existing and

15 expanding port access

Australia U.S. Canada Russia Mongolia

— Creates synthetic mid-vol

Low-Vol Mid-Vol High-Vol coals, which command highest market premium

— Expands product offerings in low, mid and high-vol segments

Slide 8 Sources: Wood-Mac and ACI

The acquisition provides a compelling growth opportunity to double metallurgical coal volumes by 2014

Metallurgical Coal Volumes

(in millions of tons) 15.0 12.0 Tygart Valley #1 Baltimore Ports Tygart Valley #2, #3 9.0 Norfolk Ports

6.0

• Build-out of Tygart Valley #1 mine will boost 3.0 future metallurgical coal volumes by 2014

• Portfolio of Mountain Laurel and Tygart coal mines will create world-class metallurgical

0.0

2010 2011E By 2014 By 2015 coal asset base

Arch ICG Expanded Platform • Undeveloped high-vol A reserves (115 million tons) create opportunities for further volume growth over next five years

Slide 9

The acquisition greatly augments Arch’s platform for future growth in the Illinois Basin

• The 2.5 million tpy Viper Mine is a low-Illinois Basin cost and highly competitive operation

• With the addition of ICG, Arch’s coal reserves will climb to 736 million tons in the Illinois Basin

Viper Mine

• Arch owns a 49% equity stake in Knight Macoupin Reserves Hawk, which sold 4 million tons in 2010

• With the construction of Lost Prairie,

Lost Prairie Arch could have 10-12 million tons of

Reserves production in this basin, destined for

Knight Hawk Complex* domestic and export thermal markets

Legend • Arch is building a large portfolio of low-

Arch Assets chlorine assets in the Illinois Basin,

ICG Assets/Reserves which should yield a significant

River Docks ACI Headquarters advantage in the marketplace

Sources: ACI, Ventyx Slide 10 *49% equity interest

Arch will play a growing role in the global seaborne met and thermal coal trade

• Current export capabilities can further liberate ICG’s met and thermal production East Coast • Own 22% interest in DTA in Newport News, VA which has throughput capacity of ~20 million tpy

• Ownership and throughput rights at river Gulf Coast facilities in Kentucky and Illinois

• Ability to blend ILB coals with products from (New Orleans) every major operating region for sale into the seaborne market is unmatched

• Secured 38% interest in Millennium Bulk Terminals in Washington state West Coast • Agreement with Ridley Terminal in Canada

• Commitments to move Western Bituminous coals through ports in California

Slide 11

Around the world, countries are building coal plants to fuel electricity needs

New Coal-Fueled Generation Coming Online by 2015 Under 249 GW (Capacity under construction, in GW, from 2011-2015) Construction 790 million tons Total 425 GW

1.4 billion tons

Europe CIS countries United States            China

4 17

8 83 India 2 97 Latin America 5 27 Africa 6

Other Asia Middle East 425 GW of total coal-fueled capacity is planned to be online by 2015 ... and will be fueled by 1.4 billion tons of coal

Slide 12

Sources: ACI and Platts International, estimates based on plants currently under construction or planned

Acqui sition strengthens Arch’s position as one of the largest coal producers in the U.S. and the world

Top Five U.S. Coal Producers Top Five U.S. Reserve Holders Top Five Global Coal Producers

(in millions of tons) (in billions of tons) (in millions of tons)

246

431

7.8 179

248 246 5.5 122 5.0

4.4 179 97

122

|

64 1.8

BTU ACI * ANR* CLD CNX BTU            ACI * ANR* CNX PCX Coal Shenhua BTU ACI *ANR* India #2 #2 #4 Slide 13 Sources: ACI, Ventyx, Company filings * Pro forma

Arch will be the #1 or #2 producer in each of the major low-sulfur basins

Top Producers in Southern PRB** • PRB: Arch is the second largest

141

128 overall producer in the southern

74 PRB — and the largest producer

49

26 of 8800-Btu coal

Peabody Arch Cloud Peak Alpha Kiewit

Top Producers in Western Bituminous** • WBIT: Arch is the leading

producer in the Western

16

Bituminous Region, where export

9 8

5 opportunities are increasing

Arch Pacificorp Peabody Chevron

Top Producers in CAPP** • CAPP: Arch will be the second largest producer and the low

53 cost leader in the region, with a 22 large volume mix of met coal

17 106 Alpha* Arch* Patriot            Consol James River

Sources: ACI, Ventyx

* Pro forma

Slide 14

** Figures based on 2010 sales data for ACI and MSHA production data for peers, in millions of tons

Acquisition cements Arch’s position as the most diversified U.S. coal producer

5.5-Billion-Ton Reserve Base

Thermal reserves

(pro forma reserves at 12/31/10) Northern Powder Met/PCI reserves

River Basin

1,353 million

Northern Appalachia Southern Powder 189 million River Basin 262 million

1,905 million

Central Appalachia Western Bituminous 464 million

455 million 169 million

Illinois Basin

73

6 million

• Expands operations to every major coal-supply basin

• Extends portfolio to include wholly owned operations in ILB and NAPP

• Creates unmatched U.S. product slate, with representation in all major basins

Slide 15

Arch’s newly expanded platform provides a strategically balanced thermal and met coal portfolio

2010 Pro Forma Tons Sold 2010 Pro Forma Revenues 2010 Pro Forma EBITDA (percent of total tons by region) (percent of revenues by region) (percent of segment EBITDA by region)

83% 50% 50% Western Eastern*

Sources: ACI, ICG company filings Slide 16 * Eastern operations include Illinois Basin

In terms of compatibility, we make a good match

Safety and Environmental Low-Cost Operator

Existing safety and environmental values Strong operational management team that provide a solid foundation on which to build mirrors Arch’s philosophy of operating large-scale, low-cost mines; production mix skews heavily underground in Appalachia

Coal Industry Powerhouse

Similar Workforce Clean Balance Sheet

High-performing, productive and union-free Low level of legacy liabilities will allow Arch workforce that is focused on creating to maintain one of the cleanest balance shareholder value sheets in the U.S. coal industry

Slide 17

Arch has a proven management team with a record of highly successful transactions

• Highly experienced senior management team

— Top 10 officers have an average of 25+ years experience in the industry

• Exceptional track record of integrating assets

• Proven ability to de-lever balance sheet following acquisitions

— Nearly $3 billion in acquisitions since formation as public company

9 Ashland Coal 9 ARCO Coal Company 9 North Rochelle 9 Jacobs Ranch

• Completed major organic mine developments over the past decade

• Recognized as one of industry’s most skillful operators

Slide 18

ICG offers significant synergies with Arch; Arch has a history of exceeding synergy targets

Synergies with ICG

Marketing Creating synthetic mid-vol product Leveraging broader product slate

Unlocking export value via logistics network Operating Purchasing savings Insurance / bonding cost savings SG&A Administrative savings

Total $70 million — $80 million

History of Exceeding Targets

Transaction Announced Synergies Captured Synergies

North Rochelle $15 — $20 million ~$30 million Jacobs Ranch $45 — $55 million ~$60 million

Slide 19

Deal Dynamics

The combined company presents a strong pro forma estimated financial outlook

Revenues (in $ billions)

$5.0+ • Pro forma revenues of $3.8+ $5+ billion

• Expected growth in EBITDA

Arch Arch pro forma of nearly 40 percent

Adjusted EBITDA (in $ millions) $1,370 • Improved EBITDA margin to

$75^* ~27 percent of revenues $990

• Prudent management of capital expenditures

Arch Arch pro forma • Significant cash flow

Capital Spending (in $ millions) generation capabilities

$625 $390

Notes: Arch Arch pro forma

2011 estimated data represents mid-point of provided guidance by respective companies in Q1 earnings releases.

Estimated revenues based on production and average price guidance Slide 21 * Represents average yearly run-rate synergies

Fully committed acquisition financing

• Fully committed bridge facility by Morgan Stanley and PNC

— Sufficient to fund acquisition and redeem ICG’s debt

• Permanent financing —Mix of debt and equity —Majority of financing in debt securities —Objective to retain current credit rating

• Targeting new revolver of $1.5 billion

• Prudent financing to retain flexibility and sound liquidity position going forward

Slide 22

Arch maintains one of the cleanest balance sheets in the U.S. coal industry Legacy Liabilities of Largest U.S. Coal Companies• Lowest level of legacy liabilities (at 12/31/10 pro forma, in $ millions) versus largest public U.S. coal 4,451companies •Low legacy liabilities at ICG •Approximately two-thirds of Arch’s pro forma legacy liabilities 1,951are comprised of reclamation 1,7921,657 liabilities 640 CNX PCX ANR* BTU ACI* Workers’ CompPost-Retirement Medical PensionReclamation Sources: ACI and Public Data Slide 23* Pro Forma

Acquisition creates a U.S. coal industry powerhouse —and a world-class met coal franchise

1. No. 2 U.S. (Top 10 Global) Met Coal Producer

2. Compelling Future Growth Profile

3. Significant Leverage to Met/Thermal Markets

Shareholder Value

4. Most Diversified and Balanced U.S. Producer

5. Right Culture Fit

6. Financially Strong, Strategic Transaction

Slide 24

Building a U.S. Coal Industry Powerhouse — and a World-Class Global Met Franchise

Arch Coal, Inc. Acquisition of International Coal Group, Inc.

May 2011

Important Additional Information

This presentation is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any shares of International Coal Group’s (“ICG”) common stock. The tender offer described herein has not yet been commenced. On the commencement date of the tender offer, an offer to purchase, a letter of transmittal and related documents will be filed with the Securities and Exchange Commission (SEC). The solicitation of offers to buy shares of ICG’s common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents. Investors and ICG securityholders are strongly advised to read both the tender offer statement and the solicitation/recommendation statement that will be filed by ICG regarding the tender offer when they become available as they will contain important information. Investors and securityholders may obtain free copies of these statements (when available) and other documents filed with respect to the tender offer at the SEC’s website at www.sec.gov. In addition, copies of the tender offer statement and related materials (when available) may be obtained for free by directing such requests to the information agent for the tender offer or by directing such requests to Arch investor relations at the phone number or e-mail address below. The solicitation/recommendation statement and related documents (when available) may be obtained by directing such requests to ICG investor relations at the phone number or e-mail address below.

Arch Coal 314/994-2897 cinchiostro@archcoal.com Ross Mazza rmazza@intlcoal.com 304/760-2526

Slide 26