  We analyze the X-ray spectra of the $\sim$8000 sources detected in the Cygnus
OB2 Chandra Legacy Survey (Drake et al., this issue), with the goals of
characterizing the coronal plasma of the young low-mass stars in the region and
estimating their intrinsic X-ray luminosities. We adopt two different
strategies for X-ray sources for which more or less than 20 photons were
detected. For the brighter sample we fit the spectra with absorbed isothermal
models. In order to limit uncertainties, for most of the fainter Cygnus OB2
members in this sample, we constrain the spectral parameters to characteristic
ranges defined from the brightest stars. For X-ray sources with $<$20 net
photons we adopt a conversion factor from detected photon flux to intrinsic
flux. This was defined, building on the results for the previous sample, as a
function of the 20% quantile of the detected photon energy distributions, which
we prove to also correlate well with extinction. We then use the X-ray
extinction from the spectral fits to constrain the ratio between optical and
X-ray extinction toward Cygnus OB2, finding it consistent with standard
"Galactic"' values, when properly accounting for systematics. Finally we
exploit the large number of sources to constrain the average coronal abundances
of several elements, through two different ensemble analyses of the X-ray
spectra of low-mass Cygnus OB2 members. We find the pattern of abundances to be
largely consistent with that derived for the young stellar coronae in the Orion
Nebula Cluster.
