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Suncoke Energy, Inc. (SXC) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Suncoke Energy, Inc.

CIK: 1514705 Ticker: SXC

Exhibit 99.1

 

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Shantanu Agrawal

(630) 824-1907

SUNCOKE ENERGY, INC. REPORTS SECOND QUARTER 2020 RESULTS AND REISSUES 2020 GUIDANCE

 

   

Second quarter 2020 net income attributable to SXC was $6.5 million, or $0.08 per share, compared to $2.3 million, or $0.03 per share, in the prior year period. Adjusted EBITDA was $59.0 million in the current period

 

   

SunCoke continues to operate all facilities as an essential business, emphasizing employee health and safety by adhering to federal and state best practices

 

   

Successfully extended near-term expiring customer contracts and completed near-term coke supply relief agreements

 

   

Revised full-year 2020 Adjusted EBITDA guidance of $190 million to $200 million reflecting near-term coke supply relief provided to customers in exchange for extending existing contracts

 

   

Cost savings initiative, including a reduction in workforce, estimated to result in full year savings of approximately $10 million in 2021

LISLE, Ill. (August 3, 2020) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for the second quarter 2020 and provided updates on

COVID-19 impact on business and result of customer negotiations.

“We recognize that COVID-19 has significantly impacted the steel industry as evident from recent steel capacity utilization rates. In response to the market challenges presented by COVID-19, we have taken proactive actions to work with our customers and provide near-term coke supply relief in exchange for extending existing contracts,” said Mike Rippey, President and Chief Executive Officer of SunCoke Energy, Inc. “We expect the impact of these short-term relief measures, net of cost savings initiatives, will result in a $40 - $50 million reduction in 2020 Adjusted EBITDA. We are pleased to have successfully addressed short-term market challenges with our customers while simultaneously assuring long term stability for our stakeholders.”

Rippey added, “In addition to the significant progress we have made with our customer contracts, we are also evaluating our cost structure to ensure that we remain a low cost coke and logistics service provider. We have taken certain actions, which while difficult during these unprecedented times, will help better position SunCoke for the future. We anticipate that these initiatives will achieve full year savings of approximately $10 million in 2021. We are also working on a transformational project to produce and sell foundry coke beginning in 2021. This alternative product will provide customer diversification and help address current blast furnace coke market dynamics.”


The following information was filed by Suncoke Energy, Inc. (SXC) on Monday, August 3, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Suncoke Energy, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Cash Flows (Unaudited) (Parenthetical)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Equity (Unaudited)
Consolidated Statements Of Income (Unaudited)
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Acquisitions
Acquisitions (Narrative) (Details)
Acquisitions (Schedule Of Non-Controlling Interest) (Details)
Acquisitions (Tables)
Business Segment Information
Business Segment Information (Details Textual)
Business Segment Information (Tables)
Business Segment Information - Adjusted Ebitda (Details)
Business Segment Information - Segment Assets (Details)
Business Segment Information - Segment Profit Or Loss (Details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Details)
Debt And Financing Obligation
Debt And Financing Obligation (Tables)
Debt And Financing Obligation - 2025 Senior Notes Narrative (Details)
Debt And Financing Obligation - Covenants Narrative (Details)
Debt And Financing Obligation - Revolving Facility Narrative (Details)
Debt And Financing Obligation - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities Excluded From Eps Calculation (Details)
Earnings Per Share - Computation Of Eps (Details)
Fair Value Measurement
Fair Value Measurement (Details)
General
General (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Goodwill Narrative (Details)
Goodwill And Other Intangible Assets - Gross And Net Intangible Assets (Details)
Goodwill And Other Intangible Assets - Intangible Assets Narrative (Details)
Income Taxes
Income Taxes (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Disaggregated Sales And Other Operating Revenue (Details)
Revenue From Contracts With Customers - Narrative (Details)
Share-Based Compensation
Share-Based Compensation (Details Textual)
Share-Based Compensation (Tables)
Share-Based Compensation - Compensation Expense And Unrecognized Compensation Costs (Details)
Share-Based Compensation - Performance Share Units (Details)
Ticker: SXC
CIK: 1514705
Form Type: 10-Q Quarterly Report
Accession Number: 0001514705-20-000017
Submitted to the SEC: Mon Aug 03 2020 11:31:03 AM EST
Accepted by the SEC: Mon Aug 03 2020
Period: Tuesday, June 30, 2020
Industry: Steel Works Blast Furnaces And Rolling Mills Coke Ovens

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