LISLE, Ill., Nov. 5, 2019 /PRNewswire/ -- SunCoke Energy, Inc.
(NYSE: SXC) today announced that the Board of Directors has
authorized a new $100 million share
repurchase program for SunCoke's common stock. Repurchases under
the new program may commence following completion of SunCoke's
existing stock repurchase program, previously approved on
July 23, 2014 and amended on
January 26, 2015.
Under this program, shares may be repurchased from time to time
in open market transactions at prevailing market prices, in
privately negotiated transactions, or by other means in accordance
with federal securities laws. Repurchases may be made at
management's discretion and will depend upon a number of factors
including, among other things, the market price of SunCoke common
stock, general market and economic conditions, applicable legal
requirements, and compliance with the terms of SunCoke's
outstanding indebtedness.
Since early August, SunCoke has repurchased approximately 3.8
million shares through November 1 under the existing share
repurchase program, including approximately 2.1 million shares
repurchased during the third quarter.
As of November 1, 2019, SunCoke
had approximately $16.5 million
remaining in its existing stock repurchase program.
RELATED COMMUNICATIONS
We will host our quarterly
earnings call at 10:30 a.m. Eastern Time (9:30 a.m. Central Time) today. The conference
call will be webcast live and archived for replay in the Investors
section of www.suncoke.com. Investors may participate in this
call by dialing 1-833-236-5757 in the U.S. or
1-647-689-4185 if outside the U.S., confirmation code
3267039.
ABOUT SUNCOKE ENERGY, INC.
SunCoke Energy, Inc.
(NYSE: SXC) supplies high-quality coke used in the blast furnace
production of steel, under long-term, take-or-pay contracts that
pass through commodity and certain operating costs to customers. We
utilize an innovative heat-recovery technology that captures excess
heat for steam or electrical power generation. Our cokemaking
facilities are located in Illinois, Indiana, Ohio, Virginia and Brazil. We have more than 55 years of
cokemaking experience serving the integrated steel industry. In
addition, we provide export and domestic material handling services
to coke, coal, steel, power and other bulk and liquids customers.
Our logistics terminals have the collective capacity to mix and
transload more than 40 million tons of material each year and are
strategically located to reach Gulf Coast, East Coast, Great Lakes
and international ports. To learn more about SunCoke Energy, Inc.,
visit our website at www.suncoke.com.
FORWARD-LOOKING STATEMENTS
Some of the statements
included in this press release constitute "forward-looking
statements" (as defined in Section 27A of the Securities Act of
1933, as amended and Section 21E of the Securities Exchange Act of
1934, as amended). Forward-looking statements include all
statements that are not historical facts and may be identified by
the use of such words as "believe," "expect," "plan," "project,"
"intend," "anticipate," "estimate," "predict," "potential,"
"continue," "may," "will," "should" or the negative of these terms
or similar expressions. Forward-looking statements are
inherently uncertain and involve significant known and unknown
risks and uncertainties (many of which are beyond the control of
SXC) that could cause actual results to differ materially.
Such risks and uncertainties include, but are not limited to
domestic and international economic, political, business,
operational, competitive, regulatory and/or market factors
affecting SXC, as well as uncertainties related to: pending
or future litigation, legislation or regulatory actions; liability
for remedial actions or assessments under existing or future
environmental regulations; gains and losses related to acquisition,
disposition or impairment of assets; recapitalizations; access to,
and costs of, capital; the effects of changes in accounting rules
applicable to SXC; and changes in tax, environmental and other laws
and regulations applicable to SXC's businesses.
Forward-looking statements are not guarantees of future
performance, but are based upon the current knowledge, beliefs and
expectations of SXC management, and upon assumptions by SXC
concerning future conditions, any or all of which ultimately may
prove to be inaccurate. The reader should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. SXC does not intend, and
expressly disclaims any obligation, to update or alter its
forward-looking statements (or associated cautionary language),
whether as a result of new information, future events or otherwise
after the date of this press release except as required by
applicable law.
In accordance with the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, SXC has included in its
filings with the Securities and Exchange Commission cautionary
language identifying important factors (but not necessarily all the
important factors) that could cause actual results to differ
materially from those expressed in any forward-looking statement
made by SXC. For information concerning these factors, see
SXC's Securities and Exchange Commission filings such as its annual
and quarterly reports and current reports on Form 8-K, copies of
which are available free of charge on SXC's website at
www.suncoke.com. All forward-looking statements included in
this press release are expressly qualified in their entirety by
such cautionary statements. Unpredictable or unknown factors
not discussed in this release also could have material adverse
effects on forward-looking statements.
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SOURCE SunCoke Energy, Inc.