0001514705FALSE00015147052025-04-302025-04-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

April 30, 2025
Date of Report (date of earliest event reported)
___________________________________
SunCoke Energy, Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State of Incorporation)
001-35243
(Commission File Number)
90-0640593
(IRS Employer Identification Number)
1011 Warrenville Road, Suite 600
Lisle,IL60532
(Address of principal executive offices and zip code)
(630)824-1000
(Registrant's telephone number, including area code)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common stock, par value $0.01SXCNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02 - Results of Operations and Financial Condition.

On April 30, 2025, SunCoke Energy, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter of 2025. A copy of this press release is attached as Exhibit 99.1 and is incorporated herein by reference.

Item 7.01 - Regulation FD Disclosure.

As noted above, on April 30, 2025, the Company issued a press release announcing its financial results for the first quarter of 2025. Additional information concerning the Company’s financial results for the first quarter of 2025 will be presented in a slide presentation to investors during a previously announced teleconference on April 30, 2025. A copy of the slide presentation is attached as Exhibit 99.2 and is incorporated herein by reference.

The information in this report, being furnished pursuant to Items 2.02, 7.01 and 9.01 of Form 8-K, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and is not incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On April 30, 2025, the Company issued a press release announcing the declaration of its quarterly cash dividend. A copy of this press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.

Safe Harbor Statement

Statements contained in the exhibits to this report that state the Company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Company’s actual results could differ materially from those projected in such forward-looking statements. Factors that could affect those results include those mentioned in the documents that the Company has filed with the Securities and Exchange Commission.

Item 9.01 - Financial Statements and Exhibits.

(d): The following exhibits are being filed herewith:

Exhibit No.Description
99.1
99.2
99.3
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 30th day of April, 2025.


SUNCOKE ENERGY, INC.
By:
/s/ Mark W. Marinko
Name:
Mark W. Marinko
Title:
Senior Vice President and Chief Financial Officer




image0a02a01a01a19.jpg



SUNCOKE ENERGY, INC. REPORTS FIRST QUARTER 2025 RESULTS


•First quarter 2025 net income was $19.4 million, compared to $21.1 million in the prior year period; first quarter 2025 net income attributable to SXC was $17.3 million, or $0.20 per diluted share, compared to $20.0 million, or $0.23 per diluted share in the prior year period

•Consolidated Adjusted EBITDA(1) for the quarter was $59.8 million, compared to $67.9 million in the prior year period

•Extended Granite City cokemaking contract with U.S. Steel through September 30, 2025

•Reaffirming full-year 2025 Consolidated Adjusted EBITDA(1) guidance range of $210 million - $225 million

LISLE, Ill. (April 30, 2025) - SunCoke Energy, Inc. (NYSE: SXC) today reported results for first quarter 2025, reflecting solid performance despite challenging market conditions.

"We are pleased with our performance in the first quarter given the headwinds currently facing the steel industry," said Katherine Gates, President and CEO of SunCoke Energy, Inc. "Our logistics business continued to perform well and delivered strong quarterly results. As previously discussed, our domestic coke results were adversely impacted by the Granite City contract extension economics, as well as lower spot blast coke sales volumes." Gates continued, "We have extended our cokemaking contract at Granite City with U.S. Steel through the end of September 2025, with the option to extend for an additional three months. As we continue to navigate through this uncertain environment, we are reaffirming our full-year 2025 Consolidated Adjusted EBITDA guidance range of $210 million - $225 million."




(1)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.

FIRST QUARTER CONSOLIDATED RESULTS
Three Months Ended March 31,
(Dollars in millions)
20252024Increase
(decrease)
Revenues$436.0 $488.4 $(52.4)
Net income attributable to SXC$17.3 $20.0 $(2.7)
Adjusted EBITDA(1)
$59.8 $67.9 $(8.1)
(1)See definition of Adjusted EBITDA and reconciliation to United States generally accepted accounting principles (“GAAP”) elsewhere in this release.

Revenues in the first quarter of 2025 decreased $52.4 million as compared to the same prior year period, primarily driven by lower spot coke sales volumes due to timing and challenging market conditions, the pass-through of lower coal prices on our long-term, take-or-pay contracts, and lower volumes and pricing due to the contract extension economics at Granite City in the Domestic Coke segment.

Net income attributable to SXC decreased $2.7 million from the same prior year period, primarily driven by lower spot coke sales volumes and lower contract extension economics at Granite City in the Domestic Coke segment, partially offset by lower depreciation and amortization expense, lower legacy black lung and employee related costs, and lower income tax expense.

Adjusted EBITDA decreased $8.1 million as compared to the same prior year period, primarily driven by lower contract extension economics at Granite City and lower spot coke sales volumes due to timing and challenging market conditions in the Domestic Coke segment, partially offset by lower legacy black lung expenses and employee related costs, and higher transloading volumes at CMT in the Logistics segment.

FIRST QUARTER SEGMENT RESULTS

Domestic Coke
Domestic Coke consists of cokemaking facilities and heat recovery operations at our Jewell, Indiana Harbor, Haverhill, Granite City and Middletown plants.
Three Months Ended March 31,
(Dollars in millions, except per ton amounts)
20252024Increase
(decrease)
Revenues
$405.8 $459.5 $(53.7)
Adjusted EBITDA(1)
$49.9 $61.4 $(11.5)
Sales volumes (thousands of tons)
898 996 (98)
Adjusted EBITDA per ton(2)
$55.57 $61.65 $(6.08)
(1)See definition of Adjusted EBITDA elsewhere in this release.
(2)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.

Revenues in the first quarter of 2025 decreased $53.7 million as compared to the same prior year period, primarily driven by lower spot blast coke sales volumes due to timing and challenging market conditions, the pass-through of lower coal costs on our long-term, take-or-pay contracts, and lower volumes and pricing at Granite City due to contract extension economics.
Adjusted EBITDA in the first quarter of 2025 decreased $11.5 million as compared to the same prior year period, primarily driven by lower pricing and volumes at Granite City due to contract extension economics and lower spot blast coke sales volumes due to timing and challenging market conditions.
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Logistics
Logistics consists of the handling and mixing services of coal and other aggregates at our Convent Marine Terminal ("CMT"), Lake Terminal, and Kanawha River Terminals (“KRT”).
Three Months Ended March 31,
(Dollars in millions, except per ton amounts)20252024Increase
(decrease)
Revenues$22.4 $20.6 $1.8 
Intersegment sales$5.6 $5.9 $(0.3)
Adjusted EBITDA(1)
$13.7 $13.0 $0.7 
Tons handled (thousands of tons)(2)
5,724 5,453 271 
(1)See definition of Adjusted EBITDA elsewhere in this release.
(2)Reflects inbound tons handled during the period.

Revenues in the first quarter of 2025 increased $1.8 million as compared to the same prior year period, primarily driven by higher transloading volumes at CMT, partially offset by the absence of an index price adjustment benefit at CMT.

Adjusted EBITDA increased by $0.7 million as compared to the same prior year period, primarily driven by higher transloading volumes at CMT, partially offset by the absence of an index price adjustment benefit at CMT.


Brazil Coke
Brazil Coke consists of a cokemaking facility in Vitória, Brazil, which we operate for an affiliate of ArcelorMittal.
Revenues were $7.8 million and Adjusted EBITDA was $2.3 million during the first quarter of 2025, which was reasonably consistent with $8.3 million and $2.4 million, respectively, in the prior year period.

Corporate and Other
Corporate and Other, which includes activity from our legacy coal mining business, was an expense of $6.1 million during the first quarter of 2025, compared to expense of $8.9 million during the first quarter of 2024, primarily due to lower legacy black lung expenses resulting from the DOL exemption, and lower employee related costs.

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2025 OUTLOOK
Our 2025 guidance is as follows:
•Domestic Coke total production is expected to be approximately 4.0 million tons
•Consolidated Net Income is expected to be between $52 million and $69 million
•Consolidated Adjusted EBITDA is expected to be between $210 million and $225 million
•Capital expenditures are projected to be approximately $65 million
•Operating cash flow is estimated to be between $165 million and $180 million
•Cash taxes are projected to be between $17 million and $21 million

Disclaimer: The Company's 2025 outlook and guidance are based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this outlook and guidance.

RELATED COMMUNICATIONS

We will host our quarterly earnings call at 11:00 am ET (10:00 a.m. CT) today. The conference call will be webcast live at https://event.choruscall.com/mediaframe/webcast.html?webcastid=teq5Djti and archived for replay in the Investors section of www.suncoke.com. Investors and analysts may participate in this call by dialing 1-833-821-7847 in the U.S. or 1-412-652-1261 if outside the U.S., and asking to be joined into the SunCoke Energy, Inc call.

SUNCOKE ENERGY, INC.

SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois, Indiana, Ohio, Virginia and Brazil. Our logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. The 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.

SunCoke routinely announces material information to investors and the marketplace using press releases, Securities and Exchange Commission filings, public conference calls, webcasts, sustainability reports, and SunCoke's website at https://www.suncoke.com/en/investors/overview. The information that SunCoke posts to its website may be deemed to be material. Accordingly, SunCoke encourages investors and others interested in SunCoke to routinely monitor and review the information that SunCoke posts on its website, in addition to following SunCoke's press releases, Securities and Exchange Commission filings, sustainability reports, and public conference calls and webcasts.

NON-GAAP FINANCIAL MEASURES

In addition to U.S. GAAP measures, this press release contains certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Additionally, other companies may calculate non-GAAP metrics differently than we do, thereby limiting their usefulness as a comparative measure. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other U.S. GAAP-based financial performance measures, including revenues and net income. Reconciliations to the most comparable GAAP financial measures are included following the presentation of financial and operating results included at the end of this press release.







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DEFINITIONS

•Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, and/or transaction costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under U.S. GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with U.S. GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with U.S. GAAP.

•Adjusted EBITDA attributable to SXC represents Adjusted EBITDA less Adjusted EBITDA attributable to noncontrolling interests.

•Domestic logistics terminals represents Lake Terminal and Kanawha River Terminals.

FORWARD-LOOKING STATEMENTS

This press release and related conference call contain “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 often 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. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this press release or during the related conference call that are not statements of historical fact, including statements about our full-year 2025 outlook and guidance, our 2025 key initiatives, future dividends and the timing of such dividend payments, anticipated amount of 2025 coke sales, challenging market conditions, the expected timing, completion, and budget of the KRT barge expansion project, the extension of our Granite City cokemaking agreement for an additional three months, and future sales commitments, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission (SEC).

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the SEC 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 SunCoke. For information concerning these factors and other important information regarding the matters discussed in this press release and related conference call, see SunCoke's SEC filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com or on the SEC's website at www.sec.gov. All forward-looking statements included in this press release and related conference call are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this press release and related conference call also could have material adverse effects on forward-looking statements.

Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. SunCoke 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.
5


SunCoke Energy, Inc.
Consolidated Statements of Income
(Unaudited)
 Three Months Ended March 31,
 20252024
 (Dollars and shares in millions, except per share amounts)
Revenues
Sales and other operating revenue$436.0 $488.4 
Costs and operating expenses
Cost of products sold and operating expenses
362.3 402.2 
Selling, general and administrative expenses14.7 18.4 
Depreciation and amortization expense28.8 33.3 
Total costs and operating expenses405.8 453.9 
Operating income30.2 34.5 
Interest expense, net5.2 6.3 
Income before income tax expense25.0 28.2 
Income tax expense5.6 7.1 
Net income19.4 21.1 
Less: Net income attributable to noncontrolling interests2.1 1.1 
Net income attributable to SunCoke Energy, Inc.$17.3 $20.0 
Earnings attributable to SunCoke Energy, Inc. per common share:
Basic$0.20 $0.24 
Diluted$0.20 $0.23 
Weighted average number of common shares outstanding:
Basic85.5 85.0 
Diluted85.6 85.3 



6

SunCoke Energy, Inc.
Consolidated Balance Sheets
March 31, 2025December 31, 2024
(Unaudited)
 (Dollars in millions, except
par value amounts)
Assets
Cash and cash equivalents$193.7 $189.6 
Receivables, net80.7 96.6 
Inventories 209.7 180.8 
Other current assets11.7 7.6 
Total current assets495.8 474.6 
Properties, plants and equipment (net of accumulated depreciation of $1,526.0 million and $1,497.6 million at March 31, 2025 and December 31, 2024, respectively)1,122.6 1,143.6 
Intangible assets, net28.9 29.2 
Deferred charges and other assets21.1 20.8 
Total assets$1,668.4 $1,668.2 
Liabilities and Equity
Accounts payable$152.7 $153.2 
Accrued liabilities35.6 51.6 
Interest payable6.1 — 
Income tax payable11.9 1.0 
Total current liabilities206.3 205.8 
Long-term debt492.9 492.3 
Accrual for black lung benefits12.7 12.7 
Retirement benefit liabilities7.2 7.6 
Deferred income taxes194.6 196.8 
Asset retirement obligations17.5 17.2 
Other deferred credits and liabilities22.7 24.8 
Total liabilities953.9 957.2 
Equity
Preferred stock, $0.01 par value. Authorized 50,000,000 shares; no issued shares at both March 31, 2025 and December 31, 2024— — 
Common stock, $0.01 par value. Authorized 300,000,000 shares; issued 100,055,579 and 99,756,420 shares at March 31, 2025 and December 31, 2024, respectively1.0 1.0 
Treasury stock, 15,404,482 shares at both March 31, 2025 and December 31, 2024(184.0)(184.0)
Additional paid-in capital730.2 732.8 
Accumulated other comprehensive loss(7.5)(7.7)
Retained earnings144.9 138.1 
Total SunCoke Energy, Inc. stockholders’ equity684.6 680.2 
Noncontrolling interest29.9 30.8 
Total equity714.5 711.0 
Total liabilities and equity$1,668.4 $1,668.2 


7

SunCoke Energy, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 Three Months Ended March 31,
 20252024
 (Dollars in millions)
Cash Flows from Operating Activities
Net income$19.4 $21.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense28.8 33.3 
Deferred income tax (benefit) expense(2.2)0.4 
Share-based compensation expense0.4 1.3 
Changes in working capital pertaining to operating activities:
Receivables, net15.9 (23.0)
Inventories(28.9)(5.6)
Accounts payable(3.3)(8.1)
Accrued liabilities(11.8)(12.0)
Interest payable6.1 6.1 
Income taxes10.9 5.9 
Other operating activities(9.5)(9.4)
Net cash provided by operating activities25.8 10.0 
Cash Flows from Investing Activities
Capital expenditures(4.9)(15.5)
Other investing activities0.3 0.4 
Net cash used in investing activities(4.6)(15.1)
Cash Flows from Financing Activities
Proceeds from revolving facility— 11.0 
Repayment of revolving facility— (11.0)
Dividends paid(10.9)(9.0)
Cash distribution to noncontrolling interests(3.0)(2.2)
Other financing activities(3.2)(3.7)
Net cash used in financing activities(17.1)(14.9)
Net increase (decrease) in cash and cash equivalents4.1 (20.0)
Cash and cash equivalents at beginning of period189.6 140.1 
Cash and cash equivalents at end of period$193.7 $120.1 
Supplemental Disclosure of Cash Flow Information
Interest paid$— $— 
Income taxes paid, net of refunds of $3.8 million and zero, respectively$(3.2)$0.7 
8

SunCoke Energy, Inc.
Segment Financial and Operating Data

The following tables set forth financial and operating data for the three months ended March 31, 2025 and 2024: 
 
Three Months Ended March 31,
 
20252024
 
(Dollars in millions, except per ton amounts)
Sales and Other Operating Revenues:
Domestic Coke$405.8 $459.5 
Brazil Coke7.8 8.3 
Logistics22.4 20.6 
Logistics intersegment sales5.6 5.9 
Elimination of intersegment sales(5.6)(5.9)
Total sales and other operating revenues$436.0 $488.4 
Adjusted EBITDA:
Domestic Coke$49.9 $61.4 
Brazil Coke2.3 2.4 
Logistics13.7 13.0 
Corporate and Other, net(1)
(6.1)(8.9)
Total Adjusted EBITDA(2)
$59.8 $67.9 
Coke Operating Data:
Domestic Coke capacity utilization(3)
91 %100 %
Domestic Coke production volumes (thousands of tons)
905 1,000 
Domestic Coke sales volumes (thousands of tons)
898 996 
Domestic Coke Adjusted EBITDA per ton(4)
$55.57 $61.65 
Brazilian Coke production—operated facility (thousands of tons)
380 371 
Logistics Operating Data:
Tons handled (thousands of tons)
5,724 5,453 
(1)Corporate and Other, net is not a reportable segment.
(2)See definition of Adjusted EBITDA and reconciliation to GAAP elsewhere in this release.
(3)The production of foundry coke tons does not replace blast furnace coke tons on a ton for ton basis, as foundry coke requires longer coking time. The Domestic Coke capacity utilization is calculated assuming a single ton of foundry coke replaces approximately two tons of blast furnace coke.
(4)Reflects Domestic Coke Adjusted EBITDA divided by Domestic Coke sales volumes.
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SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Net Income to Consolidated Adjusted EBITDA
 Three Months Ended March 31,
 20252024
 (Dollars in millions)
Net income$19.4 $21.1 
Add:
Depreciation and amortization expense28.8 33.3 
Interest expense, net5.2 6.3 
Income tax expense5.6 7.1 
Transaction costs(1)
0.8 0.1 
Adjusted EBITDA$59.8 $67.9 
(1)Reflects costs incurred related to potential mergers and acquisitions and the granulated pig iron project with U.S. Steel.








10

SunCoke Energy, Inc.
Reconciliation of Non-GAAP Information
Estimated 2025 Net Income
to Estimated 2025 Consolidated Adjusted EBITDA
2025
LowHigh
(Dollars in millions)
Net income$52 $69 
Add:
Depreciation and amortization expense121 117 
Interest expense, net26 24 
Income tax expense11 15 
Adjusted EBITDA$210 $225 





Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907
11
SunCoke Energy, Inc. Q1 2025 Earnings Conference Call

 
2 This presentation should be reviewed in conjunction with the first quarter 2025 earnings release of SunCoke Energy, Inc. (SunCoke) and conference call held on April 30, 2025 at 11:00 a.m. ET. This presentation contains “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 often 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. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Any statements made in this presentation or during the related conference call that are not statements of historical fact, including statements about our full-year consolidated and segment 2025 guidance, our 2025 key initiatives, future dividends and the timing of such dividend payments, anticipated amount of 2025 coke sales, challenging market conditions, the expected timing, completion, and budget of the KRT barge expansion project, the extension of our Granite City cokemaking agreement for an additional three months, and future sale commitments, are forward-looking statements and should be evaluated as such. Forward-looking statements represent only our present beliefs regarding future events, many of which are inherently uncertain and involve significant known and unknown risks and uncertainties (many of which are beyond the control of SunCoke) that could cause our actual results and financial condition to differ materially from the anticipated results and financial condition indicated in such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties described in Item 1A (“Risk Factors”) of our Annual Report on Form 10-K for the most recently completed fiscal year, as well as those described from time to time in our other reports and filings with the Securities and Exchange Commission (SEC). In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings with the SEC 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 SunCoke. For information concerning these factors and other important information regarding the matters discussed in this presentation, see SunCoke’s SEC filings, copies of which are available free of charge on SunCoke's website at www.suncoke.com or on the SEC’s website at www.sec.gov. All forward- looking statements included in this presentation or made during the related conference call are expressly qualified in their entirety by such cautionary statements. Unpredictable or unknown factors not discussed in this presentation also could have material adverse effects on forward-looking statements. Forward-looking statements are not guarantees of future performance, but are based upon the current knowledge, beliefs and expectations of SunCoke management, and upon assumptions by SunCoke concerning future conditions, any or all of which ultimately may prove to be inaccurate. You should not place undue reliance on these forward-looking statements, which speak only as of the date of the earnings release. SunCoke 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 the earnings release except as required by applicable law. Forward-Looking Statements

 
3Q1 2025 Highlights  Delivered Q1 '25 Consolidated Adjusted EBITDA(1) of $59.8M  Extended Granite City cokemaking contract with U.S. Steel through September 30, 2025  Declared cash dividend of $0.12 per share, payable on June 2, 2025  Essentially all spot blast and foundry coke sales finalized for the full year  Ended Q1 with a strong liquidity position of $543.7 million  Gross leverage at 1.89x on a trailing 12 month Adjusted EBITDA(1) basis  Reaffirming FY 2025 Consolidated Adjusted EBITDA(1) guidance range of $210M - $225M (1) See appendix for a definition and reconciliation of Adjusted EBITDA.

 
4Q1 2025 Financial Performance (1) See appendix for a definition and reconciliation of Adjusted EBITDA (2) Coke Adjusted EBITDA includes Domestic Coke and Brazil Coke (3) Corporate and Other Adj. EBITDA includes activity from our legacy coal mining business ($/share) ($ in millions) Adjusted EBITDA(1) $59.8 $67.9 Q1 ’25 Q1 ’24 -$8.1M Q1 2025 Earnings Review • Q1 '25 EPS of $0.20, down $0.03 compared to the prior year quarter • Consolidated Adjusted EBITDA(1) of $59.8M, down $8.1M from the prior year quarter  Coke segment down $11.6M, primarily driven by lower economics on the Granite City contract extension and lower spot blast coke sales volumes due to timing and challenging market conditions  Logistics segment up $0.7M, primarily driven by higher volumes at CMT, partially offset by absence of index price adjustment benefit at CMT during Q1 ‘25  Corporate and Other expenses down $2.8M, primarily driven by lower legacy black lung expenses and lower employee related costs $0.20 $0.23 Q1 ’25 Q1 ’24 -$0.03 Diluted EPS ($ in millions, except volumes) Q1 '25 Q1 '24 Q1 '25 vs Q1 '24 Domestic Coke Sales Volumes 898 996 (98) Logistics Volumes 5,724 5,453 271 Coke Adjusted EBITDA(2) $52.2 $63.8 ($11.6) Logistics Adjusted EBITDA $13.7 $13.0 $0.7 Corporate and Other Adjusted EBITDA (3) ($6.1) ($8.9) $2.8 Consolidated Adjusted EBITDA (1) $59.8 $67.9 ($8.1)

 
5 Domestic Coke Performance Domestic Coke Business Summary 118 115 126 127 108 311 306 322 325 303 264 260 266 248 200 162 164 169 167 146 145 133 148 156 148 $61.4M Q1 ’24 $57.9M Q2 ’24 $58.1M Q3 ’24 $57.3M Q4 ’24 $49.9M Q1 ’25 1,000 978 1,031 1,023 905 Adjusted EBITDA ($M)(1) Middletown Granite City Haverhill Indiana Harbor Jewell Sales Tons (Coke Production, Kt) • Delivered Adjusted EBITDA of $49.9M in Q1 ‘25 vs $61.4M in Q1 ‘24  Granite City contract extension at lower economics and volumes  Lower spot blast coke sales volumes driven by timing and challenging market conditions • Essentially all spot blast and foundry coke sales finalized for the full year • Reaffirming FY 2025 Domestic Coke Adjusted EBITDA guidance range of $185M - $192M  Granite City cokemaking contract extended through September 30, 2025 (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix 1,032K996K 898K1,027K Domestic Coke performance impacted by lower Granite City contract economics and lower spot blast coke sales volumes 973K

 
6Logistics Business Summary (Tons Handled, Kt) • Logistics segment contributed $13.7M to Q1 ‘25 Adjusted EBITDA vs $13.0M in Q1 ‘24  Higher volumes at CMT, partially offset by absence of index price adjustment benefit during Q1 ‘25 • KRT barge unloading expansion project is on time and on budget • Reaffirming FY 2025 Logistics Adjusted EBITDA guidance range of $45M - $50M (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix Higher volumes driving CMT performance Logistics Performance $13.0M $12.2M $13.7M $11.5M $13.7M Adjusted EBITDA ($M) (1) 1,841 2,498 2,013 1,915 2,447 3,612 3,484 3,830 3,347 3,277 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 5,453 5,982 5,843 5,262 5,724 Logistics (ex. CMT) CMT (coal, bulk products, liquids)

 
7 $189.6 $193.7 $25.8 Cash @ Q4 2024 Net Cash Provided by Ops. Activities ($4.9) CapEx ($10.9) Dividends ($5.9) Other Cash @ Q1 2025 (1) Gross leverage and net leverage calculated using Last Twelve Month (LTM) Adjusted EBITDA Q1 2025 Liquidity Maintained strong liquidity position of $543.7M ($ in millions) Dividend of $0.12 per share Revolver Availability: $350M (Consolidated) Q1 '25 Total Debt $500M Gross Leverage(1) 1.89x Net Leverage(1) 1.15x

 
8 • Further develop foundry and spot blast coke customer books • Continue work on adding customers and products in the Logistics segment Strengthen Customer Bases for Coke and Logistics Businesses 2025 Key Initiatives • $210M - $225M Adjusted EBITDA(1) Achieve 2025 Financial Objectives Continued Safety and Environmental Excellence • Continue to deliver strong safety and environmental performance • Successfully execute on operational and capital plan • Continue to provide reliable, high-quality products and services to our customers Deliver Operational Excellence and Optimize Asset Utilization • Continue to pursue balanced capital allocation including growth opportunities and returning capital to shareholders Execute on Well-Established Capital Allocation Priorities (1) See appendix for a definition and reconciliation of Adjusted EBITDA

 
APPENDIX

 
10 NON-GAAP FINANCIAL MEASURES In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non-GAAP measures referenced in this presentation below. In addition to U.S. GAAP measures, this presentation contains certain non-GAAP financial measures. These non-GAAP financial measures should not be considered as alternatives to the measures derived in accordance with U.S. GAAP. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. Additionally, other companies may calculate non-GAAP metrics differently than we do, thereby limiting their usefulness as a comparative measure. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other U.S. GAAP-based financial performance measures, including revenues and net income. Reconciliations to the most comparable GAAP financial measures are included at the end of this Appendix. DEFINITIONS Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted for any impairments, restructuring costs, gains or losses on extinguishment of debt, and/or transaction costs ("Adjusted EBITDA"). EBITDA and Adjusted EBITDA do not represent and should not be considered alternatives to net income or operating income under GAAP and may not be comparable to other similarly titled measures in other businesses. Management believes Adjusted EBITDA is an important measure in assessing operating performance. Adjusted EBITDA provides useful information to investors because it highlights trends in our business that may not otherwise be apparent when relying solely on GAAP measures and because it eliminates items that have less bearing on our operating performance. EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, and they should not be considered a substitute for net income, or any other measure of financial performance presented in accordance with GAAP. EBITDA represents earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA/Ton represents Adjusted EBITDA divided by tons sold/handled. Free Cash Flow (FCF) represents operating cash flow adjusted for capital expenditures. Management believes FCF is an important measure of liquidity. FCF is not a measure calculated in accordance with GAAP, and it should not be considered a substitute for operating cash flow or any other measure of financial performance presented in accordance with GAAP. Domestic logistics terminals represents Lake Terminal and Kanawha River Terminals.

 
112025 Guidance Summary Expect 2025 Consolidated Adjusted EBITDA(1) of $210M - $225M; 2025 Free Cash Flow(2) of $100M - $115M (1) See definition and reconciliation of Adjusted EBITDA elsewhere in the appendix. (2) See definition and reconciliation of Free Cash Flow (FCF) elsewhere in the appendix. (3) Domestic Coke Adjusted EBITDA/ton calculated as Domestic Coke EBITDA/Domestic Coke Sales. * The Company's 2025 guidance is based on the Company's current estimates and assumptions that are subject to change and may be outside the control of the Company. If actual results vary from these estimates and assumptions, the Company's expectations may change. There can be no assurances that SunCoke will achieve the results expressed by this guidance. 2025 Guidance* Adjusted EBITDA Consolidated(1) $210M - $225M Domestic Coke EBITDA $185M - $192M Logistics EBITDA $45M - $50M Domestic Coke Sales ~4.0M tons Domestic Coke Adjusted EBITDA/ton(3) $46 - $48/ton Total Capital Expenditures ~$65M Operating Cash Flow $165M - $180M Cash Taxes $17M - $21M Metric ($ in millions) Low End High End Adjusted EBITDA(1) $210 $225 Cash interest, net ($23) ($21) Cash taxes ($17) ($21) Total capex ($65) ($65) Non-cash items and working capital changes ($5) ($3) Free Cash Flow (FCF)(2) $100 $115 Adjusted EBITDA to FCF Walk 2025E

 
12Coke Facility Capacity and Contract Duration/Volume (1) Capacity represents blast furnace equivalent production capacity (2) Represents production capacity for blast-furnace sized coke, however, customer takes all on a “run of oven” basis, which represents >600k tons per year (3) Will operate in a turn-down mode in 2025 as part of the contract extension Facility Capacity (1) Customer Contract Expiry Contract Volume Indiana Harbor 1,220 Kt Cliffs Steel Sep. 2035 Capacity Middletown 550 Kt (2) Cliffs Steel Dec. 2032 Capacity Haverhill II 550 Kt Cliffs Steel Jun. 2025 Capacity Granite City 650 Kt US Steel Sep. 2025 Capacity (3) Haverhill I/JWO 1,270Kt Cliffs Steel Algoma Steel Dec. 2025 Dec. 2026 400 Kt 150 Kt

 
13Balance Sheet & Debt Metrics ($ in millions) As of 3/31/2025 As of 12/31/2024 Cash 194$ 190$ Available Revolver Capacity 350$ 350$ Total Liquidity 544$ 540$ Gross Debt (Long and Short-term) 500$ 500$ Net Debt (Total Debt less Cash) 306$ 310$ LTM Adjusted EBITDA 265$ 273$ Gross Debt / LTM Adjusted EBITDA 1.89x 1.83x Net Debt / LTM Adjusted EBITDA 1.15x 1.14x Adjusted EBITDA (Guidance) Gross Leverage (Guidance) Net Leverage (Guidance) $210M - $225M 2.22x - 2.38x 1.36x - 1.46x 2025 2026 2027 2028 2029 Consolidated Total Sr. Notes -$ -$ -$ -$ 500.0$ 500.0$ Revolver - - - - - - Total -$ -$ -$ -$ 500.0$ 500.0$ As of 3/31/2025 ($ in millions)

 
142025 Guidance Reconciliation Free Cash Flow Guidance Reconciliation Low High Net Income $52 $69 Depreciation and amortization expense 121 117 Interest expense, net 26 24 Income tax expense 11 15 Adjusted EBITDA (Consolidated) $210 $225 ($ in millions) ($ in millions) Low High Operating Cash Flow $165 $180 Capital Expenditures (65) (65) Free Cash Flow (FCF) $100 $115 2025E

 
15Net Income to FCF Reconciliation Low End High End Net Income $52 $69 Depreciation and amortization expense 121 117 Interest expense, net 26 24 Income tax expense 11 15 Adjusted EBITDA (Consolidated) $210 $225 Cash interest, net (23) (21) Cash taxes (17) (21) Total capex (65) (65) Working capital changes (5) (3) Free Cash Flow (FCF) $100 $115 ($ in millions) 2025E

 
16Reconciliation to Adjusted EBITDA (1) Reflects costs incurred related to potential mergers and acquisitions and the granulated pig iron project with U.S. Steel ($ in millions) Q1 '24 Q2 '24 Q3 '24 Q4 '24 FY '24 Q1 '25 Net Income 21.1$ 23.3$ 33.3$ 25.8$ 103.5$ 19.4$ Depreciation and amortization expense 33.3 28.7 28.1 28.8 118.9 28.8 Interest expense, net 6.3 5.8 5.7 5.6 23.4 5.2 Income tax expense 7.1 5.6 8.2 4.1 25.0 5.6 Transaction costs (1) 0.1 0.1 - 1.8 2.0 0.8 Adjusted EBITDA 67.9$ 63.5$ 75.3$ 66.1$ 272.8$ 59.8$

 
17Adjusted EBITDA and Adjusted EBITDA per ton (1) Corporate and Other includes the results of our legacy coal mining business. Reconciliation of Segment Adjusted EBITDA and Adjusted EBITDA per Ton ($ in millions, except per ton data) Domestic Coke Brazil Coke Logistics Corporate and Other(1) Consolidated Q1 2025 Adjusted EBITDA $49.9 $2.3 $13.7 ($6.1) $59.8 Sales Volume (thousands of tons) 898 380 5,724 Adjusted EBITDA per Ton $55.57 $6.05 $2.39 FY 2024 Adjusted EBITDA $234.7 $9.9 $50.4 ($22.2) $272.8 Sales Volume (thousands of tons) 4,028 1,579 22,540 Adjusted EBITDA per Ton $58.27 $6.29 $2.24 Q4 2024 Adjusted EBITDA $57.3 $2.5 $11.5 ($5.2) $66.1 Sales Volume (thousands of tons) 1,032 388 5,262 Adjusted EBITDA per Ton $55.52 $6.48 $2.18 Q3 2024 Adjusted EBITDA $58.1 $2.5 $13.7 $1.0 $75.3 Sales Volume (thousands of tons) 1,027 423 5,843 Adjusted EBITDA per Ton $56.57 $5.97 $2.35 Q2 2024 Adjusted EBITDA $57.9 $2.5 $12.2 ($9.1) $63.5 Sales Volume (thousands of tons) 973 397 5,982 Adjusted EBITDA per Ton $59.51 $6.42 $2.03 Q1 2024 Adjusted EBITDA $61.4 $2.4 $13.0 ($8.9) $67.9 Sales Volume (thousands of tons) 996 371 5,453 Adjusted EBITDA per Ton $61.65 $6.59 $2.39

 

 

image0a02a01a01a19a.jpg

SUNCOKE ENERGY, INC. DECLARES CASH DIVIDEND


Lisle, IL (April 30, 2025) – Today, SunCoke Energy, Inc. (NYSE: SXC) announced that its Board of Directors declared a cash dividend of $0.12 per share of the Company’s common stock to be paid on June 2, 2025 to stockholders of record at the close of business on May 16, 2025.


ABOUT SUNCOKE ENERGY, INC.

SunCoke Energy, Inc. (NYSE: SXC) supplies high-quality coke to domestic and international customers. Our coke is used in the blast furnace production of steel as well as the foundry production of casted iron, with the majority of sales under long-term, take-or-pay contracts. We also export coke to overseas customers seeking high-quality product for their blast furnaces. Our process utilizes an innovative heat-recovery technology that captures excess heat for steam or electrical power generation and draws upon more than 60 years of cokemaking experience to operate our facilities in Illinois, Indiana, Ohio, Virginia and Brazil. Our logistics business provides export and domestic material handling services to coke, coal, steel, power and other bulk customers. The 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.

Investor/Media Inquiries:
Sharon Doyle
Manager, Investor Relations
(630) 824-1907

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