NACCO Industries operates as a diversified holding company focusing primarily on natural resources, specialized surface coal mining, and mineral leasing. Through its primary operating subsidiary, The North American Coal Corporation, it provides contract mining services to power generation and industrial companies, managing the heavy extraction of coal and aggregates. Additionally, the company engages in oil and gas royalty leasing, explores alternative energy and green mineral properties, and manages specialty small-scale manufacturing and retail propane distribution businesses through subsidiary divisions.