The **Nucor** of industrial coke.

**Albemarle** for coke.

A **Valero Energy** that refines coal into industrial coke.

• Coke (Metallurgical and Thermal): SunCoke Energy is an independent producer of coke, a fuel and reducing agent used primarily in blast furnaces for steelmaking.
• Coal (Metallurgical and Thermal): The company offers both metallurgical and thermal coal to its customers.
• Logistics Services: SunCoke Energy provides handling and/or mixing services to various industrial customers, including steel, coke, electric utility, and coal producing companies.

SunCoke Energy (SXC) primarily sells its products and services to other companies.

Its major customers include:

• U. S. Steel Corporation (NYSE: X)
• Cleveland-Cliffs Inc. (NYSE: CLF)

The major customer for its Brazil Coke segment is not publicly disclosed. Its Logistics segment serves a diversified customer base, including steel, coke, electric utility, coal producing, and other manufacturing-based customers, without specific major individual customers being publicly identified.

• United States Steel Corporation (X)
• ArcelorMittal S.A. (MT)
• Cleveland-Cliffs Inc. (CLF)

Katherine Gates, President and Chief Executive Officer

Katherine Gates became the Chief Executive Officer of SunCoke Energy, Inc. in May 2024, after being appointed as President and a director on SunCoke's Board of Directors in January 2023. Prior to this, she served as SunCoke's Senior Vice President, Chief Legal Officer, and Chief Human Resources Officer from November 2019 until her promotion to President in January 2023. Ms. Gates joined SunCoke in February 2013 as Senior Health, Environment and Safety Counsel and has held leadership positions of increasing responsibility, including General Counsel and Chief Compliance Officer from October 2015 to November 2019. She provides expertise in operations, commercial, legal, regulatory matters, environmental, health, safety, and strategic planning.

Shantanu Agrawal, Senior Vice President and Chief Financial Officer

Shantanu Agrawal was appointed Senior Vice President and Chief Financial Officer, effective March 13, 2026. Mr. Agrawal has over a decade of finance and accounting experience, beginning his career with SunCoke in 2014 as an FP&A Analyst. He has served as Vice President, Finance and Treasurer since 2021, overseeing functions such as budgeting, forecasting, cash management, investor relations, and procurement. He possesses a deep understanding of SunCoke's business and organization.

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

Mike Hardesty joined SunCoke Energy, Inc. in 2011 as Senior Vice President, Sales and Commercial Operations. He has over 30 years of experience in the mining industry. Before joining SunCoke, Mr. Hardesty was Senior Vice President for International Coal Group, Inc. (ICG), where he was responsible for leading the sales and marketing functions and was a key member of the executive management team.

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

Sarah Albert joined SunCoke in January 2020 and was appointed Senior Vice President, Chief Legal and Administrative Officer in June 2025. She has 20 years of legal experience and directly oversees SunCoke's Legal, Human Resources, Environmental, Health, and Safety Departments, as well as the company's compliance and government relations work. Prior to her current position, Ms. Albert served as SunCoke's Vice President, Assistant General Counsel, and Chief Compliance Officer since April 2022. Before joining SunCoke, she was a Partner at Beveridge & Diamond law firm, focusing on litigation.

John Quanci, Vice President, Engineering & Technology and Chief Technology Officer

Dr. John Quanci has managed several major engineering and technology organizations both internal and external to the petroleum industry, including those of Mobil Research, Mobil Oil, BP/Mobil, Exxon/Mobil, Rodel, and Rohm and Haas Electronic Materials (now DuPont Electronic Materials). He holds a Ph.D. in Chemical Engineering from Princeton University and is a registered Professional Engineer with over one hundred U.S. and international patents and patent applications.

1. Dependence on the Cyclical Steel Industry and Market Challenges: SunCoke Energy's business is highly susceptible to the cyclical nature of the steel industry, which directly influences the demand and pricing for metallurgical coke, a key product for the company. Persistent weak steel demand, subdued coke sales, and challenging market conditions can lead to declines in revenue and profitability.

2. Contractual Risks and Customer Relationships: The company faces significant risks related to its customer contracts, including breaches and unfavorable terms. Recent examples include a breach of contract by Algoma, which is projected to have a notable unfavorable effect on free cash flow, and challenging economics from the Granite City contract extension, which has adversely affected financial results. Additionally, major customers increasing their internal coke production poses a risk to market dynamics and future contract renewals.

3. Financial Health and Leverage: SunCoke Energy exhibits warning signs in its financial health, including an Altman Z-Score that suggests potential financial instability. The company also faces financial risks associated with significant debt maturities and potential inflationary pressures that could increase costs. Low trading volume and financial leverage also pose risks to the company.

The emergence and increasing adoption of green steel production technologies, particularly those utilizing hydrogen-based direct reduced iron (H2-DRI), which aim to significantly reduce or eliminate the need for metallurgical coke in primary steelmaking.

SunCoke Energy, Inc. operates in several key addressable markets:

Metallurgical Coke Market

• The global metallurgical coke market was valued at approximately USD 394.09 billion in 2025 and is projected to grow to USD 710.84 billion by 2034.
• In North America, the metallurgical coke market was valued at USD 12 billion in 2024 and is projected to reach USD 16 billion by 2035.
• While a specific market size for Brazil's metallurgical coke was not readily available, the Central & South America metallurgical coke market is expected to grow in the coming years. Brazil was also a major importer of coke in 2023, with a value of USD 1.54 billion.

Thermal Coal Market

• The global thermal coal market was valued at approximately USD 655.89 billion in 2025 and is projected to reach USD 799.11 billion by 2034.
• The United States coal market, which includes thermal coal, was valued at USD 70.35 billion in 2024 and is expected to reach USD 76.94 billion by 2034.

Coal Logistics Market

• The global coal logistics market was valued at US$42.9 billion in 2024 and is projected to reach US$49.3 billion by 2030.

Here are 3-5 expected drivers of future revenue growth for SunCoke Energy (SXC) over the next 2-3 years:

1. Full-Year Contribution and Synergies from Phoenix Global Acquisition: The acquisition of Phoenix Global, completed in 2025, is a significant driver. SunCoke Energy's 2026 guidance includes the full-year impact of Phoenix Global, which is expected to contribute approximately $60 million in annual Adjusted EBITDA, with initial synergy realization of $5 million to $10 million in 2026 and continuing into 2027. This acquisition also diversifies the company into new industrial services and targets the electric arc furnace (EAF) sector, expanding its market reach.
2. Improvement in Industrial Services Segment and Terminals Handling Volumes: The Industrial Services segment is projected to show substantial growth, with adjusted EBITDA expected to rise significantly in 2026. This improvement is primarily driven by the full-year contribution from Phoenix Global and an anticipated recovery in market conditions for the company's terminals, with guidance contemplating 24 million tons in terminal handling volume for 2026.
3. Extended Contracts and Optimized Domestic Coke Fleet Utilization: SunCoke Energy has secured key contract extensions, including the Granite City coke making contract through December 2026 and the Haverhill II contract through December 2028. The domestic coke fleet is expected to operate at full utilization in 2026, with approximately 3 million tons secured under long-term take-or-pay agreements. The optimization of the coke fleet, following the closure of Haverhill I operations (due to the Algoma contract breach), is also expected to result in a modest increase in domestic coke adjusted EBITDA per ton in 2026 by removing lower-margin tons.

Capital Allocation Decisions (2021-2025 and 2026 Outlook)

Share Issuance

• Between December 31, 2024, and September 30, 2025, SunCoke Energy issued 313,571 shares of common stock, increasing outstanding shares from 99,756,420 to 100,069,991.

Outbound Investments

• In 2025, SunCoke Energy acquired Phoenix Global.
• The net consideration for the Phoenix Global acquisition was $295.8 million.
• SunCoke invested $325 million in the acquisition, utilizing existing cash reserves and a credit line. This acquisition expanded the company's industrial services segment, adding electric arc furnace production and international markets.

Capital Expenditures

• Capital expenditures in 2025 were $66.8 million.
• For 2024, capital expenditures amounted to $72.9 million.
• Capital expenditures in 2023 were approximately $95 million, which included a foundry coke expansion project.
• Expected capital expenditures for 2026 are projected to be between $90 million and $100 million, partly driven by a full year of Phoenix Global's capital expenditure requirements.