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Here are 1-3 brief analogies to describe SunCoke Energy (SXC):

• A specialized industrial materials supplier, like Air Products & Chemicals for the steel industry, but focusing on metallurgical coke.
• The Albemarle (lithium) of the steel industry, providing essential processed coke.
• An industrial commodity processor, akin to Archer-Daniels-Midland (ADM) for agricultural goods, but making coke for steel.

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• Metallurgical Coke: A high-carbon fuel produced from metallurgical coal, primarily used in blast furnace steelmaking.
• Logistics and Terminal Services: Provides comprehensive handling, storage, and transloading services for bulk materials such as coal and iron ore.

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SunCoke Energy (SXC) primarily sells to other companies, specifically large integrated steel manufacturers, who utilize their metallurgical coke in the blast furnace steelmaking process.

The major customer companies for SunCoke Energy are:

• ArcelorMittal (Symbol: MT)
• Cleveland-Cliffs Inc. (Symbol: CLF)
• U. S. Steel Corporation (Symbol: X)
• Gerdau S.A. (Symbol: GGB)

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Katherine Gates, President and Chief Executive Officer

Katherine Gates was appointed Chief Executive Officer of SunCoke Energy, Inc. in May 2024, having served as President and a director since January 2023. She joined SunCoke in February 2013 and has held several leadership positions, including Senior Vice President, Chief Legal Officer and Chief Human Resources Officer, and General Counsel and Chief Compliance Officer. Before joining SunCoke, Ms. Gates was a Partner at Beveridge & Diamond, P.C., where she was a member of the firm's Management Committee.

Mark Marinko, Senior Vice President and Chief Financial Officer

Mark Marinko was appointed Senior Vice President and Chief Financial Officer of SunCoke Energy, Inc. effective March 7, 2022. Prior to joining SunCoke, Mr. Marinko served as Senior Vice President and Chief Financial Officer of Great Lakes Dredge & Dock Corporation from June 2014 until September 2021.

P. Michael “Mike” Hardesty, Senior Vice President, Commercial Operations, Business Development, Terminals and International Coke

P. Michael “Mike” Hardesty holds the title of Senior Vice President, Commercial Operations, Business Development, Terminals and International Coke at SunCoke Energy, Inc.

John Quanci, Vice President, Chief Technology Officer

John Quanci joined SunCoke Energy, Inc. in October 2010 and was appointed Vice President, Chief Technology Officer in May 2019. Before his tenure at SunCoke, Dr. Quanci was the Director, Corporate Technology at Sunoco, Inc.

Sarah Albert, Senior Vice President, Chief Legal and Administrative Officer

Sarah Albert joined SunCoke Energy in January 2020 and was appointed Senior Vice President, Chief Legal and Administrative Officer in June 2025. She oversees SunCoke's Legal, Human Resources, Environmental, Health, and Safety Departments, as well as the company's compliance and government relations.

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The key risks to SunCoke Energy's business are primarily centered around its customer relationships and the broader market dynamics of the steel industry.

1. Customer Concentration and Contractual Issues: SunCoke Energy is highly dependent on a limited number of major customers for its cokemaking and logistics operations. The loss of a significant customer, or a breach or non-renewal of key contracts, can materially and adversely affect the company's financial performance and revenue streams. For instance, a recent breach of contract with Algoma is expected to have a $70 million unfavorable impact on SunCoke's free cash flow for the full year and has led to the deferral of approximately 200,000 tons of coke sales. Additionally, the company faces risks from contract extensions at lower economic terms and the potential for non-renewals of existing contracts at facilities like Granite City and Haverhill. Furthermore, a significant customer, Cliffs, has plans to reduce its external coke needs, directly threatening a major revenue stream for SunCoke and exposing the company to sudden contract losses.
2. Market Demand for Coke and Steel Industry Dynamics: SunCoke Energy's business is vulnerable to fluctuations in the demand for steel and coal, which directly influences the demand for its coke products and logistics services. The broader North American steel market is experiencing shifts, including a move towards alternative steel production technologies, such as electric arc furnaces, which could reduce demand for traditional coke. The company also faces ongoing pressure in the spot market for coke and lower pricing power in domestic markets, contributing to potential revenue contraction. Challenges in logistics volumes further affect performance.
3. Regulatory and Environmental Risks: Compliance with a complex and extensive array of environmental laws and regulations is a significant and costly aspect of SunCoke's operations. Any changes in these regulations could increase operational costs and negatively impact the company's financial results. Additionally, the physical effects of climate change, such as extreme weather events, could disrupt operations and lead to increased costs. Regulatory pressures aimed at reducing greenhouse gas emissions also pose a risk to the business.

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The accelerating global steel industry transition towards decarbonization, specifically the increasing development and adoption of alternative steelmaking technologies such as Direct Reduced Iron (DRI) production (especially green hydrogen-based DRI) used in conjunction with Electric Arc Furnaces (EAFs). This represents a clear emerging threat as it fundamentally shifts steel production away from traditional blast furnaces, which are heavily reliant on metallurgical coke, SunCoke Energy's primary product. Major steel producers are investing significantly in these new methods to reduce carbon emissions, indicating a systemic move that could diminish the long-term demand for metallurgical coke.

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SunCoke Energy (SXC) operates primarily in the production of metallurgical coke and provides logistics services for various bulk materials. The company also utilizes heat recovery in its cokemaking process to generate electricity.

The addressable markets for their main products and services are as follows:

• Metallurgical Coke: The global metallurgical coke market was estimated at approximately USD 346.15 billion in 2023 and is projected to reach USD 534.56 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.7% from 2024 to 2030. Another estimate places the global market at US$ 218.4 billion in 2024, expected to reach US$ 325.78 billion by 2034, with a CAGR of 3.8%. North America's metallurgical coke market is projected to grow, with its market share estimated at 26.4% by 2034. In 2025, the North American metallurgical coke market holds approximately 25.90% of the global market revenue of USD 232.2 billion. The metallurgical coke market in Central & South America is also expected to grow.
• Logistics (Coal and Dry Bulk Material Handling): The global coal logistics market was valued at USD 112.4 billion in 2024 and is projected to reach USD 174.8 billion by 2032, growing at a CAGR of 5.5% from 2026 to 2032. Another report valued the global coal logistics market at USD 18.5 billion in 2023 and anticipates it to reach USD 31.8 billion by 2033, with a CAGR of 5.5% from 2024 to 2033. The broader global mining logistics market, which includes coal movement, was estimated at USD 33.34 billion in 2024 and is projected to surpass USD 133.81 billion by 2034, expanding at a CAGR of 14.91% from 2025 to 2034.
• Heat Recovery (Electricity Generation): SunCoke Energy's heat recovery operations are integrated with their cokemaking facilities, capturing excess heat for steam or electrical power generation. This is primarily a component of their cokemaking process rather than a separate, externally addressable market in the same way as metallurgical coke or logistics services.

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1. Strategic Acquisitions: The acquisition of Phoenix Global is a key driver, expected to enhance SunCoke Energy's market position, particularly in the electric arc furnace sector, with synergies anticipated to begin in 2026. This expansion into new areas is intended to contribute to future revenue.
2. Growth in Logistics Business Volumes and New Business: SunCoke Energy's Logistics business has demonstrated growth through higher transloading volumes and the securing of new business. For example, the logistics business generated increased adjusted EBITDA in Q3 2024 compared to Q3 2023, primarily driven by higher transloading volumes and API2 price adjustments. Additionally, Q2 2024 saw an increase in throughput volumes compared to the prior year, attributed to new business. Continued expansion and new client wins in this segment are expected to drive revenue.
3. Capital Investments in Logistics Infrastructure: Investments in logistics facilities, such as the capital investment project at the Kanawha River Terminal (KRT), are designed to increase volume capabilities. These improvements are expected to lead to higher throughput and, consequently, increased revenue in the logistics segment.
4. Extension and Management of Coke-Making Agreements: While some contract economics may face headwinds, securing extensions for existing coke-making agreements, such as the Granite City contract with US Steel through the end of 2025, helps to maintain a foundational revenue stream. Proactive management and optimization of these core contracts contribute to revenue stability, which is essential for future growth or mitigating declines in a challenging market.

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Share Repurchases

• SunCoke Energy's Board of Directors authorized a new $100 million share repurchase program on November 5, 2019, which was set to commence following the completion of an existing program.
• As of November 1, 2019, approximately 3.8 million shares had been repurchased under the prior program, with $16.5 million remaining from that authorization.

Share Issuance

• The number of common shares issued increased from 99,756,420 at December 31, 2024, to 100,069,991 at June 30, 2025.

Outbound Investments

• SunCoke Energy announced the acquisition of Phoenix Global for $325 million in May 2025, with the transaction closing on August 1, 2025.
• The Phoenix Global acquisition expands SunCoke's portfolio by adding electric arc furnace operations and enhancing its capabilities as an industrial services supplier to steelmaking customers.
• The acquisition was funded through a combination of cash on-hand and borrowings from the revolving credit facility.

Capital Expenditures

• Projected capital expenditures for 2025 are approximately $70 million.
• Actual capital expenditures for the full year 2024 were $50.4 million. The company had projected 2024 capital expenditures to be between $75 million and $80 million.
• Projected capital expenditures for 2023 were approximately $95 million, including investments for a foundry coke expansion project.
• Expected capital expenditures for 2022 and 2021 were approximately $80 million for each year, with 2021 marking a return to normal spending levels after deferred capital spending in 2020.
• Key focuses for capital expenditures include the foundry coke expansion project, preliminary engineering expenses related to a granulated pig iron (GPI) project with U.S. Steel, and a $12 million project for a new barge-to-rail coal handling agreement at the Kanawha River Terminal.